Download or read book Consumer Protection for Mobile Payments In Kenya an Examination of the Fragmented Legislation and the Complexities it Presents for Mobile Payments written by Joy Malala-Scholz and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation has been at the forefront of development in Kenya, primarily through the integration of mobile telephony and retail financial services. Mobile payments have transformed the way financial services have been delivered in Kenya, through bringing a large number of 'unbanked' and 'under banked' 1 persons into the financial realm. These new technologies have almost always outpaced governments' regulatory responses to them. The lack of specific legislation in this area has consequently left the Kenyan regulatory environment open to various risks to consumers. As mobile payments comprise both banking and telecommunications activities, differing perspectives exist on the appropriate regulatory framework as well as which authority should regulate it. To enhance the potential benefits from innovations in this area, governments need to make complementary adjustments to domestic banking and financial regulations by offering specific regulation for mobile payments. In so doing, certain questions should be asked in establishing a strong consumer protection regime as the mobile payments system has brought forth new entrants and various stakeholders. Among these questions include whether the stored value held in banks by consumers is a deposit, therefore subject to bank supervision, oversight and protection. Therefore this paper discusses consumer protection as a major justification for establishing a specific and appropriate regulatory framework for mobile payments in Kenya.
Download or read book Law and Regulation of Mobile Payment Systems written by Joy Malala and published by Routledge. This book was released on 2017-11-28 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last ten years mobile payment systems have revolutionised banking in some countries in Africa. In Kenya the introduction of M-Pesa, a new financial services model, has transformed the banking and financial services industry. Giving the unbanked majority access to the financial services market it has attracted over 18 million subscribers which is remarkable given that fewer than 4 million people in Kenya have bank accounts. This book addresses the legal and regulatory issues arising out of the introduction of M-Pesa in Kenya and its drive towards financial inclusion. It considers the interaction between regulation and technological innovation with a particular focus on the regulatory tools, institutional arrangements and government decisional processes through the examination as a whole of its regulatory capacity. This is done with a view to understanding the regulatory capacity of Kenya in addressing the vulnerabilities presented by technological innovation in the financial industry for consumers after financial inclusion. It also examines the way that mobile payments have been regulated by criticising the piecemeal approach that the Central Bank of Kenya has taken in addressing the legal and regulatory issues presented by mobile payments. The book argues there are significant gaps in the regulatory regime of mobile banking in Kenya.
Download or read book Mobile Payments Consumer Policy and the Law written by Nwanneka Ezechukwu and published by Routledge. This book was released on 2023-03-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mobile technology offers an innovative and cost-effective channel for delivering a range of financial services, including mobile payments. In some jurisdictions, mobile payments simply provide a convenient option for facilitating payment transactions. In other jurisdictions, mobile payments are viewed as potentially transformative because they present an opportunity to expand access to financial services. However, as with other innovations, mobile payments raise consumer protection concerns and require robust regulatory mechanisms to address such concerns. Against this backdrop, the book adopts a typology of consumer policy tools which can be used to address the identified consumer concerns. This typology guides the enquiry into the existing consumer protection frameworks applying to mobile payments in selected jurisdictions (Canada, Kenya, and the United Kingdom). The main objective of this endeavour is to identify best practices that national authorities seeking to leverage mobile payments and similar innovations can emulate. This book will be of interest to policymakers, regulators, industry stakeholders, students and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective.
Download or read book Mobile Payments Consumer Policy and the Law written by Nwanneka V. Ezechukwu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book will be of interest to policymakers, regulators, industry stakeholders, students and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective"--
Download or read book Impact of Mobile Payment Applications and Transfers on Business written by Opati, Thaisaiyi Zephania and published by IGI Global. This book was released on 2019-12-20 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.
Download or read book Law and Regulation of Mobile Payment Systems written by Joy Malala and published by Routledge Research in Finance and Banking Law. This book was released on 2019-12-12 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on author's thesis (doctoral - University of Warwick, England, 2014) issued under title: Mobile payments systems in Kenya: a new era or a false dawn?: an examination of the legal and regulartory issues arising 'post' financial inclusions.
Download or read book Mobile Payments written by Elizabeth Eraker and published by . This book was released on 2017 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ubiquity of mobile phones has long promised to spell the success of mobile payment platforms -- a world in which the phone is a universal currency and no one needs plastic. While such predictions have proven mostly fruitless in the past, there is increasing evidence that the next few years may bring a fundamental shift towards mobile payment systems. The emergence of mobile payments promises substantial benefits for consumers. In the developed world, where the market for mobile telephony is mature, mobile payment systems have the potential to upset the existing balance between merchants and payment companies and provide new conveniences to consumers. For instance, m-payments may give merchants more ability to interact directly with the consumer, through in-store promotions and rewards that are delivered directly to the mobile device. In developing countries, the explosive growth of mobile payment systems demonstrates the potential for such systems to transition unbanked and poor communities into mainstream financial services. Along with the hype accompanying this trend, some caution may be warranted. The shift to mobile payments has enormous implications for privacy, as unregulated entities, or businesses traditionally regulated under some other sectoral scheme, such as telecommunications, will have access to increasing amounts of financial and transactional data once only held by banks and transaction processors. In addition, regulators charged with overseeing mobile payment platforms face the challenge of identifying a framework that effectively regulates nonbank entities -- ones without the culture or deep experience with security found in other sectors -- that are nevertheless offering financial services bordering on those provided by traditional banking institutions.Ensuring an adequate level of consumer safeguards while allowing for experimentation and innovation in a burgeoning industry was the topic of a conference that we helped organized with colleagues from the University of Washington School of Law entitled, Mobile Payments: Global Markets, Empowered Consumers and New Rules? This article summarizes the consumer protection and innovation issues raised by mobile payments and discussed at the conference.
Download or read book Oversight Issues in Mobile Payments written by Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2014-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
Download or read book Fintech Inclusive Growth and Cyber Risks Focus on the MENAP and CCA Regions written by Ms.Inutu Lukonga and published by International Monetary Fund. This book was released on 2018-09-11 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. This paper reviews the fintech landscape in the MENAP and CCA regions, identifies the constraints to the growth of fintech and its contribution to inclusive growth and considers policy options to unlock the potential.
Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Download or read book FinTech and RegTech in a Nutshell and the Future in a Sandbox written by Douglas W. Arner and published by CFA Institute Research Foundation. This book was released on 2017-07-31 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 global financial crisis represented a pivotal moment that separated prior phases of the development of financial technology (FinTech) and regulatory technology (RegTech) from the current paradigm. Today, FinTech has entered a phase of rapid development marked by the proliferation of startups and other new entrants, such as IT and ecommerce firms that have fragmented the financial services market. This new era presents fresh challenges for regulators and highlights why the evolution of FinTech necessitates a parallel development of RegTech. In particular, regulators must develop a robust new framework that promotes innovation and market confidence, aided by the use of regulatory "sandboxes." Certain RegTech developments today are highlighting the path toward another paradigm shift, which will be marked by a reconceptualization of the nature of financial regulation.
Download or read book Fintech written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-06-27 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Download or read book Consumer Protection Law written by Geraint Howells and published by Routledge. This book was released on 2017-09-08 with total page 667 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fully revised and updated second edition of Consumer Protection Law introduces the reader to the substantive law of consumer protection in the United Kingdom, the emphasis being on the place of United Kingdom law within an evolving European legal system and also on the need to draw upon comparative experience. The book not only seeks to place consumer protection in its purely black-letter context but also draws upon wider readings to show that consumer protection law is a complex area of law which reflects and shapes the individual citizen's position within the modern economy.
Download or read book Digital finance and inclusion in the time of COVID 19 written by Benni, N. and published by Food & Agriculture Org.. This book was released on 2021-01-04 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has impacted digital financial inclusion trends across the world in many and complex ways. In developing and emerging contexts, this crisis also holds the potential to propel an unprecedented acceleration in the process of financial digitization and turn out to be a game-changer for digital financial inclusion. The aim of this study is to illustrate the opportunities and risks associated with the surge in uptake and use of digital financial service, providing ideas on how to leverage the paradigm changes affecting the overall approach and perspective towards digital financial services – on the part of various stakeholders – to advance financial inclusion and development. It also seeks to showcase how digital financial services have been used – in both traditional and innovative ways – to mitigate the impact of the COVID-19 crisis on economies and societies, by both public and private actors.
Download or read book Survey of Developments in Electronic Money and Internet and Mobile Payments written by and published by . This book was released on 2004 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Financial Development Report 2014 written by World Bank Group and published by World Bank Publications. This book was released on 2013-11-07 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second issue in a new series, Global Financial Development Report 2014 takes a step back and re-examines financial inclusion from the perspective of new global datasets and new evidence. It builds on a critical mass of new research and operational work produced by World Bank Group staff as well as outside researchers and contributors.
