Abstract
This chapter analyses challenges of setting up an autonomous agency and how these can be overcome. It also outlines issues which are likely to affect mobile money, post-financial inclusion, such as service interoperability, competition and collaboration. It examines whether interest may be payable on mobile money accounts. It also looks at how the mobile money service may diversify and scale up after attaining saturation. Already there are cross links between the mobile money services and other financial products including bank accounts. The regulatory environment also needs to be ready for the emergence of multi-sector players, such as a telecommunication provider diversifying into the banking sector or vice versa. The chapter also considers consumer protection and proposes setting up a form of deposit insurance scheme.
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Notes
- 1.
Heyer and Mas (2009), p. 18.
- 2.
Di Castri (2013), p. 34.
- 3.
Klein and Mayer (2011), p. 27.
- 4.
Ibid., p. 14.
- 5.
Di Castri (2013), p. 34.
- 6.
Skinner (2015).
- 7.
- 8.
Quintyn and Taylor (2002), p. 29.
- 9.
Section 4(h) Financial Crimes Act (Malaŵi, 2017).
- 10.
James Nthondo (2016) ‘Exclusive: New Cashgate in Malawi, How Macra Funds Are Abused’ Nyasa Times (12 September 2016), http://www.nyasatimes.com/exclusive-new-cashgate-malawi-macra-funds-abused/#sthash.efL9KDSw.dpuf. 27 February 2018.
- 11.
Established under the Technical, Entrepreneurial and Vocational Education and Training Act, 1999 (Act No. 6 of 1999).
- 12.
TEVETA (2017) ‘About Us’ (Technical, Entrepreneurial and Vocational Education and Training [TEVET] Authority), http://www.teveta.mw/index.php/about-us. 27 February 2018.
- 13.
Jabulani Kamngoya (2015) ‘Teveta to Harmonise Vocational Curricula and Certification’ (1 June 2015), http://allafrica.com/stories/201506011690.html. 27 February 2018.
- 14.
Klein and Mayer (2011), p. 22.
- 15.
Part XVIII, Communications Act (Malaŵi, 2016).
- 16.
The author’s experience in Malaŵi.
- 17.
Authors personal experience.
- 18.
- 19.
Porteous (2006), p. 48.
- 20.
Chimbe (2015).
- 21.
Klein and Mayer (2011), p. 22.
- 22.
Ibid., p. 26.
- 23.
The State v Malaŵi Communications Regulatory Authority (MACRA) Ex Parte TNM and Airtel, Misc. Civil Cause No. 4 of 2010.
Chikondi Chiyembekeza (2015) ‘Court Rebuffs TNM, Airtel Over MACRA Decision’ The Nation (1 April 2015), http://mwnation.com/court-rebuffs-tnm-airtel-over-macra-decision/. 22 February 2018.
- 24.
Di Castri (2013), p. 32.
- 25.
Interpretive Note to recommendation 10 (Customer Due Diligence) para 16: FATF (2012), p. 65.
- 26.
Jentzsch (2012), p. 611.
- 27.
Malaŵi Government (2015).
- 28.
Herring and Santomero (2000), p. 56.
- 29.
Porteous (2006), p. 35.
- 30.
Ibid.
- 31.
Ibid.
- 32.
Di Castri (2013), p. 28.
- 33.
Ibid.
- 34.
Ibid.
- 35.
Mkoloma (2015).
- 36.
Ibid., Mbekeani (2015).
- 37.
Klein and Mayer (2011), p. 27.
- 38.
Ibid.
- 39.
Ignacio Mas (2010) ‘M-KESHO in Kenya’ (GSMA) (27 May 2010), http://www.gsma.com/mobilefordevelopment/programme/mobilelectronicmoney/m-kesho-in-kenya. 23 February 2018.
- 40.
Robert Cull (2010) ‘M-PESA: Mobile Payments, Improved Lives for Kenyans’ (The World Bank), http://econ.worldbank.org/external/default/main?theSitePK=469382&contentMDK=22594763&menuPK=476752&pagePK=64165401&piPK=64165026. 23 February 2018.
- 41.
Ibid.
- 42.
EBL (2017) ‘M-Kesho’ (Equity Bank Limited), http://ke.equitybankgroup.com/business/products/ways-to-bank/mobile-banking/m-kesho. 23 February 2018.
- 43.
Aptantech (2013a) ‘M-Pesa & Its “OffSpring”—A Look at 5 “M” Payments Solutions Developed after M-Pesa’, http://aptantech.com/2013/08/m-pesa-its-offsprings-a-look-at-5-m-payments-solutions-developed-after-m-pesa/. 23 February 2018.
- 44.
Ibid.
- 45.
Ibid.
- 46.
Ibid.
- 47.
Aptantech (2013b) ‘What Does Equity’s Deal with Bharti’s Airtel Money Mean for Orange Money and Safaricom’s M-Kesho?’, http://aptantech.com/2013/07/what-does-equitys-deal-with-bhartis-airtel-money-mean-for-orangelectronicmoney-and-safaricoms-m-kesho/. 23 February 2018.
- 48.
Ibid.
- 49.
- 50.
Di Castri (2013), p. 15.
- 51.
Mbekeani (2015).
- 52.
Muhammad Aslam Hayat (2009) ‘Mobile Payments: Will Colombo Keep Its Leadership in South Asia?’ Sunday Times (Colombo, Sri Lanka), http://www.sundaytimes.lk/090712/FinancialTimes/ft323.html. 14 February 2018.
- 53.
Mkoloma (2015).
- 54.
Sultana (2009), p. 16.
- 55.
Ibid., p. 15.
- 56.
Ibid., p. 14.
- 57.
Ibid., p. 15.
- 58.
Mpamba also have a spin-off called and Mpamba Fesa, later in the next section.
- 59.
Tarazi and Breloff (2010), p. 7.
- 60.
Guidelines for Mobile Payment Systems (Malaŵi, 2011).
- 61.
Tarazi and Breloff (2010), p. 7.
- 62.
Ibid.
- 63.
Tilman Ehrbeck and Michael Tarazi (2011) Putting the Banking in Branchless Banking: Regulation and the Case for Interest-Bearing and Insured Electronic Money Savings Accounts (Mobile Financial Services Development Report, World Economic Forum, Geneva, Switzerland), p. 38, http://www3.weforum.org/docs/WEF_MFSD_Report_2011.pdf. 20 February 2018.
- 64.
Ibid.
- 65.
Heyer and Mas (2009), p. 3.
- 66.
Ibid.
- 67.
FSA (2011) ‘Going to School with M-PESA’ (Financial Services Assessment), http://www.fsassessment.umd.edu/notes/education-through-mpesa.html. 23 February 2018.
- 68.
Heyer and Mas (2009), p. 6.
- 69.
Ibid.
- 70.
Ibid.
- 71.
Airtel (2017b) ‘Airtel Money Cross Border Transfer’ (Airtel Malawi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/malawi/airtel_money/home/airtel-money-cross-border. 23 February 2018.
- 72.
Anon (2016) ‘TNM Mpamba Partners Mukuru International Money Transfer Service: Partnership Provides for Investment in Mpamba Fesa’ Nyasa Times (31 May 2016), http://www.nyasatimes.com/tnm-mpamba-partners-mukuru-international-money-transfer-service-partnership-provides-investment-mpamba-fesa/#sthash.Lx0BOj2H.dpuf. 23 February 2018.
- 73.
Ibid.
- 74.
Ibid. Fesa is a Cheŵa word which meanings plant or sow as in “plant or sow seeds”.
- 75.
TNM (2018) ‘TNM Mpamba’, www.tnm.co.mw/mpamba. 30 December 2018.
- 76.
Porteous (2006), p. 36.
- 77.
Ibid.
- 78.
Ibid., p. 37.
- 79.
Mkoloma (2015).
- 80.
Twea (2015).
- 81.
Mary O’Connell and others (2016) Case Study: Malawi (Low-income Customer Support Units, WaterAid), p. 2, http://www.wateraidamerica.org/sites/default/files/publcations/LICSU%20Malawi%20case%20study.pdf. 23 February 2018.
Heyer and Mas (2009), p. 7.
- 82.
Deogracias Kalima (2016) ‘Mobile Payment in Malawi: Integrating and Cost Reducing: The Mobile Money Revolution’ (Journ Africa), http://journafrica.de/en/banking-economy-finance-innovation-malawi-45312. 23 February 2018.
- 83.
KRA (2017) ‘KRA M-Service: Mobile E-Slip General & Payment User Guide’ (Kenya Revenue Authority), http://www.kra.go.ke/notices/pdf2015/KRA%20m-Service%20User%20Guide%20-%20Mobile%20E-slip%20Generation%20&%20Payment.pdf. 23 February 2018.
- 84.
Airtel (2017a) ‘What Is Airtel Money? How to Pay Bills’ (Airtel Malawi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/home/personal/airtel-money/about-airtel-money. 23 February 2018.
TNM (2017) ‘How to Use Mpamba: Pay Bills’ (Telekom Networks Malawi), https://www.tnmmpamba.co.mw/index.php/user-guide. 23 February 2018.
- 85.
Payment Systems Act (Malaŵi, 2016).
- 86.
Heyer and Mas (2009), p. 7.
- 87.
AFI (2010), p. 4.
- 88.
Heyer and Mas (2009), p. 7.
- 89.
Ibid., p. 7.
- 90.
Ibid., p. 7.
- 91.
Ibid., p. 20.
- 92.
MACRA (2016), p. 12.
- 93.
Campbell and Lastra (2009), p. 454.
- 94.
- 95.
- 96.
Di Castri (2013), p. 29.
- 97.
Ibid.
- 98.
Samuel H Talley and Ignacio Mas (1992) ‘Prudential regulation and Banking Supervision’ in Dimitri Vittas (ed) Financial Regulation: Changing the Rules of the Game (The World Bank, Washington, DC), p. 340.
- 99.
Ibid., p. 325.
- 100.
Andrew Campbell and others (2009) ‘A New Standard for Deposit Insurance and Government Guarantees after the Crisis’ 17 (3) Journal of Financial Regulation and Compliance 210, http://dx.doi.org/10.1108/13581980910972214. 20 February 2018.
See also Herring and Santomero (2000), p. 62.
- 101.
Talley and Mas (1992), pp. 323–4.
- 102.
Schooner and Taylor (2010), p. 57.
- 103.
Campbell and others (2009), p. 215.
- 104.
Ibid., p. 212.
- 105.
[1848] 11 H.L.C 28, p. 1005.
- 106.
Schooner and Taylor (2010), p. 57.
- 107.
Ibid.
- 108.
Singh (2007), p. 192.
- 109.
Ibid., pp. 191–2.
- 110.
Ibid., p. 192.
- 111.
Di Castri (2013), p. 30.
- 112.
Tarazi and Breloff (2010), p. 8.
- 113.
Di Castri (2013), p. 30.
- 114.
Ibid.
- 115.
FSVC (2016) ‘Malawi Program Overview’ (Financial Services Volunteer Corps), http://www.fsvc.org/node/99. 20 July 2018.
Chikondi Chiyembekeza (2014) ‘Depositors’ Protection Scheme in the Offing’ The Nation (1 May 2014), http://mwnation.com/depositors%E2%80%99-protection-scheme-in-the-offing/. 24 February 2018.
- 116.
Goodall Gondwe (2015) ‘Economic and Fiscal Policy Statement 2015’ (Malaŵi Government), https://www.africanbondmarkets.org/fileadmin/uploads/afdb/Countries/Malawi/Ministry_of_Finance_of_Malawi/Malawi-Eco___Fiscal_Pol_2015.pdf. 24 February 2018.
Arthur Peter Mutharika (2016) ‘Towards Recovery and Sustainable Socio-Economic Development’ (Malaŵi Government), http://www.manaonline.gov.mw/index.php/analysis/item/380-state-of-the-nation-address-president-mutharika. 24 February 2018.
- 117.
Campbell and others (2009), p. 219.
- 118.
Chiyembekeza (2014).
- 119.
IADI (2016) ‘IADI Members and Participants’ (International Association of Deposit Insurers), http://www.iadi.org/en/about-iadi/iadi-members-and-participants/list-of-members/. 1 May 2018.
- 120.
Porteous (2006), p. 15.
- 121.
Ibid.
- 122.
Ibid.
- 123.
Córdova-Novion and Hanlon (2002), p. 108.
- 124.
Ogus (2009), p. 344.
- 125.
Tarazi and Breloff (2010), p. 6.
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Madise, S. (2019). Conclusions. In: The Regulation of Mobile Money. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-13831-8_10
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