Home Social Science and Humanities Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik...

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik pdf

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf free download. A key pillar to sustainable development is expanding access to finance. Until recently, no one had envisaged that mobile phones could be such a powerful medium to achieve this objective. Private sector initiatives in utilizing mobile technologies to facilitate payments have successfully brought financial services to the doorsteps of billions of unbanked poor around the world.

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

Today, almost half the world owns a cell phone and an estimated 1.4 billion will use cell phones to remit money domestically and across borders by 2015. The promise of mobile phone financial services lies in their delivery platform. Mobile phones are unrestrained by the infrastructural and cost requirements that have traditionally hindered banks and others from reaching the impoverished. In order that mobile technology can facilitate access to finance for the poor, policymakers, faced with emergence of new and non-traditional service providers and changing market structures, are challenged to create an enabling environment for the sustainable growth of mobile financial services.

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

This includes the design of a balanced regulatory framework that both supports innovation and mitigates risks that threaten its development. Concerns on money laundering and terrorist financing risks have made identifying the actual risks an even more daunting task. The need to comply with international standards to mitigate these risks has further created market fears that the cost of regulatory compliance could be prohibitive, creating a disincentive to expand mobile financial services and, resultantly, undermine development.

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

This Working Paper, based on fieldwork in a variety of markets, is the first of its kind to specifically evaluate these concerns. Initial results have substantiated findings in recent analyses that market practices to mitigate prudential risks often coincide with those for money laundering or terrorist financing. Consequently and contrary to perceptions, mobile service providers’ risk mitigation measures are consistent with international AML/CFT standards.

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

Possibilities of sharing of information among bank and non-bank mobile service providers offer potential to reduce compliance costs, an important factor in the expansion of mobile financial services to promote access to finance and development. Greater cooperation among regulators of financial services and TelCos to facilitate the convergence of regulations of financial services and payments systems can further reduce regulatory cost.

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf

Integrity in Mobile Phone Financial Services by Pierre Laurent Chatain, Kamil Borowik and Andrew Zerzan pdf


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