UNDER SERVICE – the regulatory compliance
MNO management and Regulatory Framework
Mobile money transactions have presented regulatory challenges that could potentially hinder maximum development benefits. This is because firstly, mobile money blurs the traditionally distinct and independent sectors of regulation (most notably, the telecommunications and financial banking sectors). It often involves an overlap between multiple ministries and Government agencies, thus adding to the complexity of oversight needed.
Secondly, due to the rapid growth in technological advancement, MNOs and other stakeholders are exploring emerging business opportunities like mobile banking. This in effect is changing the traditional business models and the financial landscape. Thirdly, there is limited legislative and regulatory experience in other countries and regions to draw lessons from when drafting relevant legislation and regulations. As is the case in most other developing regions, national regulations have not kept pace with developments in the field. It is therefore imperative that Regulators identify and address the gaps and potential overlaps between their existing legislative and regulatory frameworks.
With the increasing number of mobile financial services by MNOs, there will soon be massive competition between the banks and MNOs in the provision of mobile banking and mobile money transfer services respectively. The banks have resulted in innovative integration of mobile banking and mobile money transfer and payment services, so as to add value to the services offered by banks to their banking customers, and MNOs to their subscribers.
Sibton Switch Systems together with her partners have developed systems software that will integrate, monitor and regulate banks, MNOs and/or other third parties partner to offer mobile financial services that combine mobile banking services and mobile money transfer services. This is what we do and are ever ready to assist banks and financial institutions with our infrustruture, technologies and expertise, as they seek to navigate the ever changing world of interoperability and switch systems.