This document discusses how mobile banking can improve access to capital markets in developing countries and promote more equitable international development. It finds that while entrepreneurship and mobile phone usage are high in Africa, Asia, and Latin America, access to financial services is low. Mobile banking has the potential to increase access, but faces barriers related to regulations, operations, and fraud. The document recommends governments embrace innovative regulations and standardize platforms to address these issues. It also recommends mobile banking providers partner with other organizations to penetrate new markets and educate customers to make mobile banking exceptionally successful at alleviating poverty.
Financial inclusion is a powerful enabler of inclusive economic growth. Studies show that access to finance and financial services empowers people in many ways -- they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks. It also helps help reduce income inequality and thereby accelerate economic growth.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Benchmarking g...spirecorporate
This document discusses global remittances and the role of mobile payments. It notes that mobile money deployments have grown to 129 worldwide with more planned. Mobile payments are disrupting traditional remittance models. The mobile remittance market is anticipated to reach $65 billion by 2014. However, full potential requires an open, interoperable ecosystem involving banks, mobile network operators, money transfer organizations, and regulators. A hub model providing standardized integration and connectivity could help create such an ecosystem.
The Journey to Customer Centricity in Financial InclusionCGAP
Most microfinance institutions provide a narrowly focused product range, usually only microcredit. Until recently, this was the major focus of Janalakshmi
Financial Services, a microfinance institution in India serving over 2 million customers in urban areas. Janalakshmi built its portfolio around a Grameenstyle group loan product. In 2011, Janalakshmi took the first steps toward customer-centricity, segmenting its customer base and designing the “Jana-One” delivery channel to offer a full range of financial services to the owners of high-growth potential microenterprises, a segment they called “accelerators.” While this move was an innovation for Janalakshmi’s business model, the institutional mechanisms were still set up to deliver credit. Recognizing this tension between the vision and execution, Janalakshmi partnered with CGAP to explore new approaches in understanding its customers and to implement the principles of customer-centricity throughout the operational
structures of the organization. The Janalakshmi journey toward embedded and internalized customer-centricity will span three broad phases (Understanding Customers, Designing Effective Organizational Delivery, and Making the Business Case Work). This brochure shares the learnings from the first phase of work to understand customers. Janalakshmi, CGAP, and Innovation Labs (a Bangalore-based design-innovation consultancy) worked together over six months on this project.
This PPT gives the Introduction to the financial services, their strengths, weakness, opportunities as well as Trends in Banking & Financial Services.
This presentation also includes the Recent developments in the finance field and the strategies to manage demand and capacity within the Financial Service Industry. It also presents the information about the major types of financial services and 7Ps of the same.
The document provides an overview of the transformation taking place in the lending market. It discusses the large amount of startup activity and funding in lending technologies. While traditional lenders are still dominant, cracks are starting to appear as lending startups adopt new approaches to assessing credit risk and directly connecting borrowers and lenders. The document predicts that alternative credit assessment methods will become mainstream and that banks will be forced to partner with startups to improve customer experience and returns. It also suggests that many phase 2 lending startups are likely to fail or be acquired.
A primer on the Fintech market in India, with infographics on the market landscape, size and evolution paths. Includes estimates on penetration levels of digital banking and category specific growth expectations.
SAS - A Unified Front- Making the Case for Integrating Fraud and Anti-Money L...Vivastream
This white paper discusses the growing threats of financial crime like fraud and money laundering due to increasing sophistication of criminals and new payment technologies. It notes that losses from fraud have cost companies billions and that criminals are exploiting new electronic channels like mobile payments which are expected to grow rapidly. The paper argues that traditional approaches to combating financial crime are insufficient for these new threats and that integrated fraud and anti-money laundering systems with advanced analytics are needed.
The Global Landscape of Digital Finance InnovationsCGAP
More than half of the world’s adult population, nearly 2.5 billion people, remain unbanked. Technology – particularly the mobile phone – has been used in recent years to extend financial services past the limits of bank branches and reach new consumers in traditionally underserved segments. Initial efforts focused on payments but have now grown to include savings, insurance and credit products delivered by digital channels, known as “products beyond payments.” Despite a dramatic expansion in the number of digital financial service deployments, the offering of these financial services are not new services. Rather, they are existing services migrated to a lower-cost digital channel, therefore offering greater scale potential. And even then, use of these channels currently remain low.
This research seeks to accomplish four objectives:
Catalog the ways in which technology, especially mobile, can enhance access or use of financial services
Provide a comprehensive landscape of the latest innovations in digital finance
Consider the current and potential impact of these innovations on financial inclusion
Identify enabling conditions and investments needed to unlock the potential of the sector
Financial inclusion is a powerful enabler of inclusive economic growth. Studies show that access to finance and financial services empowers people in many ways -- they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks. It also helps help reduce income inequality and thereby accelerate economic growth.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Benchmarking g...spirecorporate
This document discusses global remittances and the role of mobile payments. It notes that mobile money deployments have grown to 129 worldwide with more planned. Mobile payments are disrupting traditional remittance models. The mobile remittance market is anticipated to reach $65 billion by 2014. However, full potential requires an open, interoperable ecosystem involving banks, mobile network operators, money transfer organizations, and regulators. A hub model providing standardized integration and connectivity could help create such an ecosystem.
The Journey to Customer Centricity in Financial InclusionCGAP
Most microfinance institutions provide a narrowly focused product range, usually only microcredit. Until recently, this was the major focus of Janalakshmi
Financial Services, a microfinance institution in India serving over 2 million customers in urban areas. Janalakshmi built its portfolio around a Grameenstyle group loan product. In 2011, Janalakshmi took the first steps toward customer-centricity, segmenting its customer base and designing the “Jana-One” delivery channel to offer a full range of financial services to the owners of high-growth potential microenterprises, a segment they called “accelerators.” While this move was an innovation for Janalakshmi’s business model, the institutional mechanisms were still set up to deliver credit. Recognizing this tension between the vision and execution, Janalakshmi partnered with CGAP to explore new approaches in understanding its customers and to implement the principles of customer-centricity throughout the operational
structures of the organization. The Janalakshmi journey toward embedded and internalized customer-centricity will span three broad phases (Understanding Customers, Designing Effective Organizational Delivery, and Making the Business Case Work). This brochure shares the learnings from the first phase of work to understand customers. Janalakshmi, CGAP, and Innovation Labs (a Bangalore-based design-innovation consultancy) worked together over six months on this project.
This PPT gives the Introduction to the financial services, their strengths, weakness, opportunities as well as Trends in Banking & Financial Services.
This presentation also includes the Recent developments in the finance field and the strategies to manage demand and capacity within the Financial Service Industry. It also presents the information about the major types of financial services and 7Ps of the same.
The document provides an overview of the transformation taking place in the lending market. It discusses the large amount of startup activity and funding in lending technologies. While traditional lenders are still dominant, cracks are starting to appear as lending startups adopt new approaches to assessing credit risk and directly connecting borrowers and lenders. The document predicts that alternative credit assessment methods will become mainstream and that banks will be forced to partner with startups to improve customer experience and returns. It also suggests that many phase 2 lending startups are likely to fail or be acquired.
A primer on the Fintech market in India, with infographics on the market landscape, size and evolution paths. Includes estimates on penetration levels of digital banking and category specific growth expectations.
SAS - A Unified Front- Making the Case for Integrating Fraud and Anti-Money L...Vivastream
This white paper discusses the growing threats of financial crime like fraud and money laundering due to increasing sophistication of criminals and new payment technologies. It notes that losses from fraud have cost companies billions and that criminals are exploiting new electronic channels like mobile payments which are expected to grow rapidly. The paper argues that traditional approaches to combating financial crime are insufficient for these new threats and that integrated fraud and anti-money laundering systems with advanced analytics are needed.
The Global Landscape of Digital Finance InnovationsCGAP
More than half of the world’s adult population, nearly 2.5 billion people, remain unbanked. Technology – particularly the mobile phone – has been used in recent years to extend financial services past the limits of bank branches and reach new consumers in traditionally underserved segments. Initial efforts focused on payments but have now grown to include savings, insurance and credit products delivered by digital channels, known as “products beyond payments.” Despite a dramatic expansion in the number of digital financial service deployments, the offering of these financial services are not new services. Rather, they are existing services migrated to a lower-cost digital channel, therefore offering greater scale potential. And even then, use of these channels currently remain low.
This research seeks to accomplish four objectives:
Catalog the ways in which technology, especially mobile, can enhance access or use of financial services
Provide a comprehensive landscape of the latest innovations in digital finance
Consider the current and potential impact of these innovations on financial inclusion
Identify enabling conditions and investments needed to unlock the potential of the sector
The document discusses 10 key global technology trends impacting financial services: CIO as venture capitalist, cognitive analytics, industrialized crowdsourcing, digital engagement, wearables, technical debt reversal, social activation, cloud orchestration, in-memory revolution, and real-time DevOps. It provides examples of each trend being adopted by companies in various industries and countries. The trends are driving digital-led changes in the end-client ecosystem, including businesses, government, and consumers. Transaction banks need to understand and react to these trends to meet the increasing digital demands of end-clients, especially from digital native generations.
FinTech refers to using technology to disrupt traditional financial systems through startups that solve financial challenges. Financial technology companies offer services like online banking, money transfers, online wallets, lending, and investment. In lending, FinTech helps facilitate credit to those not served by traditional banks and disrupt lending through more efficient and transparent means. The FinTech landscape in India includes players in payments, lending, and personal finance that utilize technologies like mobile wallets, payment gateways, crowdfunding, and investment apps.
201404 Retail-Banking-2020-Evolution-or-Revolution by PwCFrancisco Calzado
Powerful forces are reshaping the banking industry towards 2020. Global macro-trends like the rise of state-directed capitalism through increased regulation, rapid technological changes, shifting demographics, and changing social/customer expectations are creating challenges and opportunities for banks. Banks must develop a clear strategy to address priorities like enhancing their customer focus, optimizing distribution, simplifying operations, gaining an information advantage, enabling innovation, and proactively managing risks to succeed in the changing landscape.
This document discusses how financial technology (fintech) can help promote greater financial inclusion. It finds that while mobile money has increased access to financial services, especially in East Africa, fintech has even greater potential to drive digital financial transformation and inclusion. The best approach is a strategic four pillar framework that establishes: 1) digital identification and eKYC, 2) digital payment infrastructure, 3) government digitization and payments, and 4) design of digital financial markets. Together these pillars can provide a foundation for broader access to finance by supporting access, payments, savings and more sophisticated financial functions through an enabling policy environment.
Digital Financial Inclusion in Bangladesh: Planning Better, Executing Faster...Anir Chowdhury
Bangladesh is rapidly including people financially: 30 million plus MFS accounts. However, the financial inclusion is limited to P2P only. Comprehensive and aggressive efforts are needed to digitize G2P, P2G, B2P and P2B payments. BTCA's toolkits will be used to plan better, execute faster and move together.
This document summarizes a presentation by Professor David Lee on predicting the endgame of the blockchain revolution. Some key points:
- The endgame or desired outcome is difficult to predict but could include market domination through an ingenious business strategy or the secret objective of a supervillain.
- Blockchain is most valuable when establishing trust is expensive, such as in finance, trade, security, and communication. It is less valuable without associated tokens to incentivize desired outcomes.
- For blockchain to be truly valuable, it needs to be interoperable, interconnected, and borderless rather than exclusive.
- Crises that undermine trust, wealth inequality, financial reform, business motivations, geopol
M-Shwari is a mobile-based banking service in Kenya that allows customers to save money and take out small loans through their M-PESA accounts. It has been very popular among low-income Kenyans as it provides easy and convenient access to savings and small amounts of short-term credit. M-Shwari's success is largely attributed to its ability to simplify banking for customers with minimal requirements, clear rules, and a user-friendly process that is well-integrated with M-PESA. It also addresses the liquidity needs of the poor by providing a way for them to access small loans on demand to help manage irregular income and unexpected expenses. M-Shwari has demonstrated
Financial Technology (Financial Management) by Atishay JainAtishay Jain
Objective: Study and analyse any current trend in the field of Financial Management with the use of case studies and research papers.
Case Study taken: Citizens Access by Citizens Bank USA.
Flow of the PPT:
1. Introduction - Meaning of Fintech
2. About Citizens Bank
3. Use of Citizens Access by Citizens Bank
4. Need Analysis and Success Metrics
5. Notable Start-ups in Fintech
6. Conclusion
7. Research Paper references
This document provides an overview of the fintech ecosystem and industry. It discusses the key elements of the fintech ecosystem, including fintech startups, technology developers, government regulators, financial customers, and traditional financial institutions. It also outlines various fintech business models and investment types. The growth of investment in fintech has increased significantly in recent years. Both fintech startups and traditional financial institutions face challenges related to investment management, customer management, regulation, technology integration, security, and risk management in this evolving industry.
This document provides information about Biniyog Briddhi, a multi-year partnership in Bangladesh that provides catalytic funding and support to impact enterprises. It discusses three key pillars: capacity building for incubators and entrepreneurs, catalytic financing to increase investment, and advocacy work. It then profiles several impact enterprises that have received funding and support from Biniyog Briddhi, including Apon Wellbeing, Hello Task, iFarmer, iPage, Joikko, Light of Hope, Romoni, and Safewheel Limited.
The document discusses digital financial services (DFS) for underserved populations. It provides an overview of various DFS models including bank-led models where banks partner with non-banks to expand reach, and non-bank led models where mobile network operators (MNOs) provide financial services. The document compares the advantages and disadvantages of different technology options for DFS like SMS banking, mobile banking, POS devices, and voice IVR. It also discusses factors that affect the uptake of DFS like the presence of alternate financial channels, demographic characteristics, and socio-economic conditions of the target population.
This document summarizes a research paper that proposes a radical restructuring of the Federal Reserve's balance sheet to democratize access to money and credit allocation. It argues the Fed should operate as a "People's Ledger" that directly serves individuals and businesses, replacing private bank deposits. On the liability side, it envisions universal "FedAccounts" to empower new monetary policy tools. On the asset side, it proposes the Fed invest in public infrastructure projects and stabilize markets. This would redirect credit to productive uses, reduce speculative trading, and make finance serve economic and social needs rather than private interests. The proposal aims to advance the debate on transforming the financial system in a democratic manner.
P2P Lending Business Research by Artivatic.aiArtivatic.ai
Financial Lending or P2P Lending is going to play important role in the economy of entire world including India. Artivatic conducted Lending (P2P) research to understand the sector specific problems, growth and opportunities and also the use of technologies.
#lending #p2p #fintech #banking #insurance #payments #accounts #bfsi #deeptech #artivatic #startups #technology
Enabling Mobile Money Policies in Sri Lanka : The Rise of eZ CashAndrew Ariaratnam
The Central Bank of Sri Lanka spent 5 years developing a regulatory framework for mobile money that allowed both banks and non-banks like mobile network operators to provide services. This enabled the launch of eZ Cash by Dialog, Sri Lanka's largest mobile operator, which signed up over 1 million customers in its first year. The Central Bank's progressive approach helped expand financial access to Sri Lanka's unbanked, demonstrating how enabling policies can facilitate inclusive digital finance. eZ Cash is highly successful due to Dialog's investment and the regulatory framework, which sets risk-based know-your-customer rules and ensures customer funds in custodial bank accounts are protected. The Sri Lankan model provides lessons for both regulators seeking financial inclusion and mobile
2 billion people globally have no bank account, but 1 billion of them have a mobile phone. Markets for digital financial services are expanding worldwide.
CGAP has conducted quantitative research on the challenge of inactive customers in branchless banking. In culmination of this research, we have released this report that helps providers understand and develop strategies to address low customer activity in their services.
FII Ghana 2015: The state of financial inclusion and mobile financial servicesPeter Zetterli
This presentation gives an overview of the findings from CGAP's nationally representative survey of financial inclusion in Ghana 2015, with an emphasis on the role played by mobile financial services.
Current trends in banking sector (2015) EditionIsha Desai
The document discusses current trends in the Indian banking sector. It outlines that banks play an important role in capital formation by mobilizing savings and channeling them into productive investment. It then discusses trends in key sectors such as industry, small businesses, agriculture, e-commerce, and foreign exchange. Recent union budgets have increased caps on foreign investment and recapitalized public sector banks. The Reserve Bank of India helps implement monetary policy and focus development in different sectors. Overall, the banking sector is growing and adapting to increasing technology and customer needs.
This document summarizes a report on expanding access to banking services in Bihar. It finds that Bihar has very limited exposure to banking and the lowest availability of financial services in India. It recommends a two-pronged strategy: 1) Developing high-quality local financial institutions like microfinance institutions (MFIs) that partner with national banks; 2) Building technology-enabled low-cost direct service channels. Other recommendations include strengthening self-help groups, adopting cluster-based lending, revitalizing cooperatives, utilizing business correspondents, and improving cash infrastructure like currency chests. The goal is to make financial services more ubiquitous, comprehensive, and cost-effective in rural Bihar.
The document discusses 10 key global technology trends impacting financial services: CIO as venture capitalist, cognitive analytics, industrialized crowdsourcing, digital engagement, wearables, technical debt reversal, social activation, cloud orchestration, in-memory revolution, and real-time DevOps. It provides examples of each trend being adopted by companies in various industries and countries. The trends are driving digital-led changes in the end-client ecosystem, including businesses, government, and consumers. Transaction banks need to understand and react to these trends to meet the increasing digital demands of end-clients, especially from digital native generations.
FinTech refers to using technology to disrupt traditional financial systems through startups that solve financial challenges. Financial technology companies offer services like online banking, money transfers, online wallets, lending, and investment. In lending, FinTech helps facilitate credit to those not served by traditional banks and disrupt lending through more efficient and transparent means. The FinTech landscape in India includes players in payments, lending, and personal finance that utilize technologies like mobile wallets, payment gateways, crowdfunding, and investment apps.
201404 Retail-Banking-2020-Evolution-or-Revolution by PwCFrancisco Calzado
Powerful forces are reshaping the banking industry towards 2020. Global macro-trends like the rise of state-directed capitalism through increased regulation, rapid technological changes, shifting demographics, and changing social/customer expectations are creating challenges and opportunities for banks. Banks must develop a clear strategy to address priorities like enhancing their customer focus, optimizing distribution, simplifying operations, gaining an information advantage, enabling innovation, and proactively managing risks to succeed in the changing landscape.
This document discusses how financial technology (fintech) can help promote greater financial inclusion. It finds that while mobile money has increased access to financial services, especially in East Africa, fintech has even greater potential to drive digital financial transformation and inclusion. The best approach is a strategic four pillar framework that establishes: 1) digital identification and eKYC, 2) digital payment infrastructure, 3) government digitization and payments, and 4) design of digital financial markets. Together these pillars can provide a foundation for broader access to finance by supporting access, payments, savings and more sophisticated financial functions through an enabling policy environment.
Digital Financial Inclusion in Bangladesh: Planning Better, Executing Faster...Anir Chowdhury
Bangladesh is rapidly including people financially: 30 million plus MFS accounts. However, the financial inclusion is limited to P2P only. Comprehensive and aggressive efforts are needed to digitize G2P, P2G, B2P and P2B payments. BTCA's toolkits will be used to plan better, execute faster and move together.
This document summarizes a presentation by Professor David Lee on predicting the endgame of the blockchain revolution. Some key points:
- The endgame or desired outcome is difficult to predict but could include market domination through an ingenious business strategy or the secret objective of a supervillain.
- Blockchain is most valuable when establishing trust is expensive, such as in finance, trade, security, and communication. It is less valuable without associated tokens to incentivize desired outcomes.
- For blockchain to be truly valuable, it needs to be interoperable, interconnected, and borderless rather than exclusive.
- Crises that undermine trust, wealth inequality, financial reform, business motivations, geopol
M-Shwari is a mobile-based banking service in Kenya that allows customers to save money and take out small loans through their M-PESA accounts. It has been very popular among low-income Kenyans as it provides easy and convenient access to savings and small amounts of short-term credit. M-Shwari's success is largely attributed to its ability to simplify banking for customers with minimal requirements, clear rules, and a user-friendly process that is well-integrated with M-PESA. It also addresses the liquidity needs of the poor by providing a way for them to access small loans on demand to help manage irregular income and unexpected expenses. M-Shwari has demonstrated
Financial Technology (Financial Management) by Atishay JainAtishay Jain
Objective: Study and analyse any current trend in the field of Financial Management with the use of case studies and research papers.
Case Study taken: Citizens Access by Citizens Bank USA.
Flow of the PPT:
1. Introduction - Meaning of Fintech
2. About Citizens Bank
3. Use of Citizens Access by Citizens Bank
4. Need Analysis and Success Metrics
5. Notable Start-ups in Fintech
6. Conclusion
7. Research Paper references
This document provides an overview of the fintech ecosystem and industry. It discusses the key elements of the fintech ecosystem, including fintech startups, technology developers, government regulators, financial customers, and traditional financial institutions. It also outlines various fintech business models and investment types. The growth of investment in fintech has increased significantly in recent years. Both fintech startups and traditional financial institutions face challenges related to investment management, customer management, regulation, technology integration, security, and risk management in this evolving industry.
This document provides information about Biniyog Briddhi, a multi-year partnership in Bangladesh that provides catalytic funding and support to impact enterprises. It discusses three key pillars: capacity building for incubators and entrepreneurs, catalytic financing to increase investment, and advocacy work. It then profiles several impact enterprises that have received funding and support from Biniyog Briddhi, including Apon Wellbeing, Hello Task, iFarmer, iPage, Joikko, Light of Hope, Romoni, and Safewheel Limited.
The document discusses digital financial services (DFS) for underserved populations. It provides an overview of various DFS models including bank-led models where banks partner with non-banks to expand reach, and non-bank led models where mobile network operators (MNOs) provide financial services. The document compares the advantages and disadvantages of different technology options for DFS like SMS banking, mobile banking, POS devices, and voice IVR. It also discusses factors that affect the uptake of DFS like the presence of alternate financial channels, demographic characteristics, and socio-economic conditions of the target population.
This document summarizes a research paper that proposes a radical restructuring of the Federal Reserve's balance sheet to democratize access to money and credit allocation. It argues the Fed should operate as a "People's Ledger" that directly serves individuals and businesses, replacing private bank deposits. On the liability side, it envisions universal "FedAccounts" to empower new monetary policy tools. On the asset side, it proposes the Fed invest in public infrastructure projects and stabilize markets. This would redirect credit to productive uses, reduce speculative trading, and make finance serve economic and social needs rather than private interests. The proposal aims to advance the debate on transforming the financial system in a democratic manner.
P2P Lending Business Research by Artivatic.aiArtivatic.ai
Financial Lending or P2P Lending is going to play important role in the economy of entire world including India. Artivatic conducted Lending (P2P) research to understand the sector specific problems, growth and opportunities and also the use of technologies.
#lending #p2p #fintech #banking #insurance #payments #accounts #bfsi #deeptech #artivatic #startups #technology
Enabling Mobile Money Policies in Sri Lanka : The Rise of eZ CashAndrew Ariaratnam
The Central Bank of Sri Lanka spent 5 years developing a regulatory framework for mobile money that allowed both banks and non-banks like mobile network operators to provide services. This enabled the launch of eZ Cash by Dialog, Sri Lanka's largest mobile operator, which signed up over 1 million customers in its first year. The Central Bank's progressive approach helped expand financial access to Sri Lanka's unbanked, demonstrating how enabling policies can facilitate inclusive digital finance. eZ Cash is highly successful due to Dialog's investment and the regulatory framework, which sets risk-based know-your-customer rules and ensures customer funds in custodial bank accounts are protected. The Sri Lankan model provides lessons for both regulators seeking financial inclusion and mobile
2 billion people globally have no bank account, but 1 billion of them have a mobile phone. Markets for digital financial services are expanding worldwide.
CGAP has conducted quantitative research on the challenge of inactive customers in branchless banking. In culmination of this research, we have released this report that helps providers understand and develop strategies to address low customer activity in their services.
FII Ghana 2015: The state of financial inclusion and mobile financial servicesPeter Zetterli
This presentation gives an overview of the findings from CGAP's nationally representative survey of financial inclusion in Ghana 2015, with an emphasis on the role played by mobile financial services.
Current trends in banking sector (2015) EditionIsha Desai
The document discusses current trends in the Indian banking sector. It outlines that banks play an important role in capital formation by mobilizing savings and channeling them into productive investment. It then discusses trends in key sectors such as industry, small businesses, agriculture, e-commerce, and foreign exchange. Recent union budgets have increased caps on foreign investment and recapitalized public sector banks. The Reserve Bank of India helps implement monetary policy and focus development in different sectors. Overall, the banking sector is growing and adapting to increasing technology and customer needs.
This document summarizes a report on expanding access to banking services in Bihar. It finds that Bihar has very limited exposure to banking and the lowest availability of financial services in India. It recommends a two-pronged strategy: 1) Developing high-quality local financial institutions like microfinance institutions (MFIs) that partner with national banks; 2) Building technology-enabled low-cost direct service channels. Other recommendations include strengthening self-help groups, adopting cluster-based lending, revitalizing cooperatives, utilizing business correspondents, and improving cash infrastructure like currency chests. The goal is to make financial services more ubiquitous, comprehensive, and cost-effective in rural Bihar.
Financial inclusion plans of banks in india an opportunity for prod devvijayrkm
Financial inclusion in India remains a challenge despite policy initiatives since the 1950s. The main challenges are developing products tailored to the needs of the unbanked rural population and overcoming high impediments to basic financial transactions in rural areas. Banks are encouraged to form ecosystems with other organizations to facilitate product innovation through financial inclusion labs that test ideas through small pilots prior to wider rollout.
The document provides a vision for the Indian banking industry by the year 2010. It summarizes key aspects of the emerging economic scene in India as outlined in the India Vision 2020 document by the Planning Commission.
The vision sees India becoming a developed nation with annual GDP growth of 8.5-9%, urban population rising to 40%, services becoming a major economic driver, and international trade rising to 35% of GDP. It expects the banking industry to evolve into a strong, globally competitive system providing integrated services leveraging technology to support the growing economy and changing demographics. The banking system will need to raise more capital and find new ways of financing infrastructure and trade to meet the funding needs of high economic growth.
The document discusses the rise of digital banking and the threat it poses to traditional banks. It notes that fintech investments have doubled in recent years and there are now 19 fintech "unicorns" valued over $1 billion globally. Fintech firms have made inroads in areas like lending, payments and wealth management. The document examines how banks can respond, including by digitizing their own services to lower costs and improve the customer experience, or adopting a more holistic "customer ecosystem" approach to integrate banking into customers' daily lives. It also discusses how smaller banks can collaborate with fintech firms to help scale their operations and better compete with larger incumbents.
The expansion of the microfinance market is driven by several significant factors. These include the growth of small and medium-sized businesses, along with increased access to loan facilities for low-income economic groups. The market's growth is further propelled by the offering of financial services that encourage aspiring entrepreneurs to act on their ideas. As a result, the microfinance sector is expanding, and the roles of governments and financial institutions are becoming more pronounced in both developing and underdeveloped countries.
The mobile money movement: jumpstart to emerging marketsMenekse Gencer
This presentation will be used for an upcoming webinar where the author of the publication "The Mobile Money Movement: Catalyst to Jumpstart Emerging Markets" will present the findings. This article was published by The Innovations Magazine in June 2011. To register for the event, go to: www.mpayconnectseries6.eventbrite.com
A Descriptive Study on Trends in Indian Banking Sectorijtsrd
Banking sector assumes an essential job in the improvement of one nations economy. The development of the banking segment relies on the administrations given by them to the clients in different viewpoints. The developing pattern of banking administrations is discovered huge after the new financial changes in India. Today, India has a genuinely very much created financial framework with various classes of banks open part banks, outside banks, private area banks both old and new age, local country banks and co employable manages an account with the Reserve Bank of India as the wellspring Head of the framework. These days the banking area goes about as a spine of Indian economy which reflects as a supporter during the time of blast and subsidence. From 1991 different patterns and improvements in the banking division are credited. It likewise mirrors the different changes were caused to improve their administrations to fulfill the clients. S. Lyrics Miruna "A Descriptive Study on Trends in Indian Banking Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25234.pdfPaper URL: https://www.ijtsrd.com/management/other/25234/a-descriptive-study-on-trends-in-indian-banking-sector/s-lyrics-miruna
This document provides an overview of the key trends and opportunities in the Indian banking sector over the next decade. It summarizes that financial inclusion and infrastructure spending will be the two main growth drivers. Recent regulatory reforms around new banking licenses and savings rate deregulation are expected to increase competition. Innovation in payment systems, like real-time gross settlement (RTGS) and mobile wallets, will also be important for transforming banking. Lastly, banks will need to develop customized branchless banking models and reengineer branch roles to effectively serve customers across rural and urban areas.
Risk and technology management in banking industryiaemedu
This document discusses risk and technology management in the Indian banking industry. It provides context on the diverse banking landscape in India, including numerous cooperative banks, regional rural banks, large state-owned banks, private banks, and foreign banks. Technology first began gaining ground in Indian banks in the 1980s. Today, core banking technology and networked banking systems have been widely implemented. The Reserve Bank of India has established risk management frameworks that most banks have adopted. Mergers and acquisitions are increasingly common as banks seek greater efficiency and scale to compete in the changing financial environment.
This document discusses risk and technology management in the banking industry in India. It provides context on the diversity of the Indian financial system and banking sector. It then discusses how the banking industry is undergoing changes due to factors like competition, technology adoption, and increased focus on risk management. The document highlights how Indian banks have increasingly adopted technologies over the past few decades, from basic computerization to core banking systems. It also discusses the large investments banks make in technology. Finally, it examines the concepts of risk management and how the banking industry is working to develop robust risk management frameworks and processes.
Change is now the common narrative for retail bankers, with three interlocking "Rs" affecting all retail banks. "Regulate" still resonates as authorities finalise efforts to police the systems without stymieing economic growth. Equally challenging is "Revise" as traditional players work out their roles as customer expectations change rapidly. Further impetus comes from the start-ups and non-banking disruptors who aim to "Re-envisage" banking.
Implementation of basel ii in microfinance sector of pakistanAlexander Decker
This document discusses implementing Basel II in the microfinance sector of Pakistan. It provides background on Basel II and its three pillars for regulating bank capital requirements and risk management. It then discusses microfinance in Pakistan, the risks microfinance institutions face there like credit, operational, and market risk, and how implementing Basel II could help managers and supervisors address these risks. Specifically, Pillar I could help set standardized capital requirements for different types of risk, and Pillar II emphasizes the importance of strong supervisory review and oversight of microfinance institutions' risk management and capital adequacy practices. The document concludes Basel II has the potential to strengthen regulation and risk management in Pakistan's microfinance sector if properly implemented.
Emerging Trends in Financial Market for 2022ijtsrd
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Mobile Banking for Equitable International Development
1. Mobile Banking for Equitable International Development 1
MOBILE BANKING
FOR EQUITABLE
INTERNATIONAL
DEVELOPMENT:
Improving Access to
Capital Markets for the Unbanked
MOBILE BANKING
FOR EQUITABLE
INTERNATIONAL
DEVELOPMENT:
Improving Access to
Capital Markets for the Unbanked
Justin Bean, Jake Blackshear, SeMe Sung
A Capital Markets White Paper
May 12, 2011
2. Mobile Banking for Equitable International Development 2
Table of Contents
1.0 Executive Summary 3
2.0 Introduction 4
2.1 Capital Markets in the Developing World 4
2.2 Mobile Phones and Mobile Banking 6
2.3 Entrepreneurship Rates 6
3.0 Capital Markets and Sustainability 7
4.0 Regional History and Current Context 9
4.1 Africa 9
4.2 Asia 11
4.3 Latin America 12
5.0 Analysis 14
5.1 Regulatory Environment 14
5.1.1 Issues in India 14
5.1.2 Success in Kenya 14
5.1.3 Regulatory Questions 15
5.2 Operations in Mobile Banking 16
5.2.1 Liquidity Management 16
5.2.2 Interoperability 18
5.3 Fraud 18
6.0 Recommendations 19
6.1 Organizational Recommendations 19
6.1.1 Regulation Innovation 19
6.1.2 Operational Innovation 19
6.1.3 Misrepresentation Innovation 20
6.2 Strategic Recommendations 20
6.2.1 Partner with ATM Networks 20
6.2.2 Penetrate Impoverished Economies 20
6.2.3 Leverage Trends in Socially Responsible Investing 21
6.2.4 Educate Potential Customers 21
6.2.5 Promote Sustainable Phones 21
6.2.6 Allow Interchange of Foreign Currency 21
6.2.7 Get Involved in Political Lobbying and Advocacy 22
6.2.8 Create a Dedicated Organization 22
7.0 References 23
8.0 Additional Resources 27
3. Mobile Banking for Equitable International Development 3
1.0 Executive Summary
Access to capital markets is essential for economic development. Mobile communications technology has
the potential to increase access to capital markets and mobile financial services (mobile banking) in the
developing world. High entrepreneurship rates in emerging markets represent potential for growth with
increased access to capital. This growth creates a more sustainable world by increasing social and
financial equity.
The regions of Africa, Asia and Latin America are all representative of the developing world. In these
regions, entrepreneurship and mobile penetration rates are high, but access to financial services is low.
Capital markets exist in these regions, but the majority of individuals and entrepreneurs lack the basic
financial infrastructure necessary for adequate access.
While mobile banking represents a significant opportunity for increased access to financial services and
capital markets, there are substantial barriers to successful worldwide implementation. These barriers can
be divided into three categories: regulatory, operational and fraud.
In order to overcome these barriers, it is recommended that governments:
1. Embrace innovative regulations to encourage and allow widespread access to mobile banking
2. Require standardization of operating platforms and procedures
3. Create and enforce anti-fraud, anti-theft and privacy legislation
In order for mobile banking to be exceptionally successful, it is recommended that key players:
1. Partner with ATM networks
2. Penetrate markets in impoverished economies
3. Leverage trends in socially responsible investing
4. Educate potential customers
5. Promote sustainable phones
6. Allow interchange of foreign currency
7. Get involved in political lobbying and advocacy
8. Create a dedicated organization to address mobile banking and poverty alleviation
4. Mobile Banking for Equitable International Development 4
2.0 Introduction
2.1 Capital Markets in the Developing World
Access to capital markets has given developed countries an edge in creating business markets,
economic prosperity, and equity. However, in the developing world access to capital markets has been
expensive and troublesome for entrepreneurs and owners of small to medium-sized enterprises (SME’s).
This has been reported to be one of the most, if not the most detrimental barrier to launching and scaling
local businesses, and differences in access to capital can have an enormous impact on the ability to grow
business and production (World Bank, 2008).
Figure 1. Percentage of Firms Reporting Finance as a Problem. Source: World Bank (2008).
5. Mobile Banking for Equitable International Development 5
Figure 2. Most Frequently Cited Barriers to Scaling for African Companies, by Percentage.
Source: Dalberg (2010).
Figure 3. Counting the world’s unbanked. Source: McKinsey Quarterly (2009)).
6. Mobile Banking for Equitable International Development 6
2.2 Mobile Phones and Mobile Banking
Figure 4. Mobile cellular subscriptions per 100 inhabitants, 2010. Source: ICT (2010).
Over a billion people in Africa, Asia, and Latin America are currently without bank accounts. But, those
billion people do have mobile phones. The number of people with access to mobile phones reached 5.3
billion in 2010. Mobile phone subscription rates in the developed world have reached 116% on average
(1.16 cell phone subscriptions per person), but in developing countries rates are still well below this, at
68% (ITC, 2010). However, subscription rates in developing countries are growing much faster than in
developed countries (estimated at 17.0% and 1.6%, respectively in 2010), providing a new platform for
communication, education, and more recently, access to finance via mobile banking. According to
Menekse Gencer, an industry leader in mobile payment and mobile banking strategies, mobile banking
can be leveraged to jump-start GDP growth in developing countries. This represents an opportunity to
gain 1.7 billion new customers in 2012 alone, and can have an enormous impact on global GDP growth
and equity (Menekse Gencer, personal communication, 2011).
2.3 Entrepreneurship Rates
Emerging markets represent a majority of the world’s population. As the world becomes a smaller place
due to improvements in technology, trade, and globalization, many of these countries desire the same
living standards and wealth that developed countries enjoy. Many emerging economies have high rates
of entrepreneurship when compared to developed economies. This may indicate a high level of
resourcefulness of the populations in these emerging countries. However, high entrepreneurship rates
may also indicate the existence of barriers to formal business creation, or a lack of employment
opportunities (Acs, 2006). Despite this possibility, in combination with access to finance via mobile
7. Mobile Banking for Equitable International Development 7
banking, these substantial entrepreneurship rates in developing countries can be leveraged to create
local economic growth and equity (World Bank, 2008).
Figure 5. Global Entrepreneurship Rates. Source: Global Entrepreneurship Monitor
(2009).
3.0 Capital Markets and Sustainability
Developing economies, as described above, often face severe inequality. While the wealthiest individuals
in these regions are active in capital markets, the majority of people have little access to basic financial
services. This is represented by the high rates of the unbanked populations cited above. This gap in
access exacerbates social inequality. Reducing this gap by increasing access to financial services and
capital markets has the potential to create a more sustainable future for the developing world (World
Bank, 2008). Other benefits of regionally-integrated, functional, and accessible capital markets to
developing countries include (Mensah, n.d.):
· Insulation from risks and damages of shocks
· Efficiency increases and price assessment
· Transaction cost reduction
· Increase in investment opportunities for developing country investors
· Risk-reduction through diversification of country-specific risk
8. Mobile Banking for Equitable International Development 8
Figure 6. Finance and Income Inequality. Source: Finance for All, World Bank (2008).
Even as these developing regions are struggling with wealth inequality, individuals are taking it upon
themselves to create businesses, add value and improve the standard of living in their communities. The
entrepreneurship rates cited above are a prime example of how these communities are helping
themselves. Entrepreneurship has been cited as one of the primary methods by which economies can
improve (Acs, 2006). While recent years have shown an uptick in micro-lending to the developing world,
these loans are relatively small and often intended for specific situations (such as women-owned, etc.).
Entrepreneurs with bigger ideas (requiring an investment of $5,000 to $500,000) are often ineligible for
these micro-loans, and are often overlooked, leading them to be called the “missing middle”. Large
amounts of capital are available for multi million-dollar projects and investments, and microloans are also
a source of funding for very small business funding. However, there is a distinct lack of funds available
for the middle range of entrepreneurs and businesspeople hoping to scale a successful business or start
a medium-sized enterprise. Increasing access to capital for the missing middle in developing countries
has the potential to spark economic development (Center for International Development, 2011).
9. Mobile Banking for Equitable International Development 9
Figure 7. The Missing Middle. Source: Center for International Development (2011).
The progress of mobile technologies has created a unique situation that may help connect developing
world entrepreneurs with the financial services and capital resources they need to make significant
economic improvement in their communities. Mobile banking is quickly gaining traction in many parts of
the world. By reducing geographic constraints and bypassing the bureaucracy of traditional banks, mobile
banking has the potential to increase economic involvement in even remote areas of the developing
world. The mobile penetration rates above are testament to the rapid developments in this area. The
following section analyzes the barriers to widespread adoption of mobile banking as a means to increase
global economic and social equity.
4.0 Regional History and Current Context
Capital markets in Western society have had years to grow in terms of technology, reach, locations, and
fundamentals. However, emerging markets such as Ecuador or Bhutan do not have the luxury of the
same kind of infrastructure for trade and finance. The following section discusses three developing
regions and the challenges and opportunities for entrepreneurs wanting to access capital markets.
4.1 Africa
Launching and sustaining an entrepreneurial venture in Africa comes with considerable challenges. Only
20% of African families have bank accounts, and Uganda, Ethiopia, and Tanzania each have under one
bank branch per every 100,000 people(Spain boasts one per 100 people) (Ondiege, 2010). This makes
the storage and management of money problematic for business owners. These challenges can become
even more restrictive when attempting to scale the company from a small operation to a medium-sized
enterprise. African banks are very conservative with lending and often charge high interest rates on loans
(19 - 21% in Rwanda) and high transaction fees, making the use of debt to scale a company
10. Mobile Banking for Equitable International Development 10
burdensome on its future revenues (Ondiege, 2010). The “missing middle” problem is also very rampant
in Africa.
Despite significant hurdles facing the African entrepreneur, there are many opportunities and strengths
that can be leveraged on the continent. Africa generates 15% of it’s GDP from entrepreneurial activities,
with Uganda ranking as the most entrepreneurial country in the world in 2003 and 2009 (the US was
ranked twelfth), with over one-third of citizens creating wealth from entrepreneurial activities (Global
Entrepreneurship Monitor, (2009). This shows that many African citizens have the drive and local
knowledge needed to start businesses, but much of their potential may be unrealized due to the financial
and regulatory challenges facing them. Mobile banking specifically has the ability to catalyze wealth
creation in African economies, with exploding mobile phone penetration rates, which grew from 0.53 to
41.4 per 100 people in the twelve year period of 1998 to 2010 (ITU, 2010).
Figure 8. Entrepreneurship, Mobile Subscriptions and Unbanked Rates in Africa.
Sources: ITU (2010); Global Entrepreneurship Monitor (2009); World Bank (2008).
11. Mobile Banking for Equitable International Development 11
4.2 Asia
While some countries in Asia have developed economies, many countries in East, Central, and South
Asia do not share the same access to capital markets and are considered emerging markets. Many
countries have a simple stock exchange or two, such as Bhutan and Nepal, but this does not mean that
all of these countries’ people have access to banking or other financial services. As mentioned in the
sections above, low access to banking correlates with a greater divide in wealth equality and does not
allow the poorest people access to funds for entrepreneurial endeavors. According to a study by the
Financial Access Initiative, almost 60% of Asia (East, South, and Central) is unbanked (Chaia, 2009). In
2009, the world average entrepreneurial rate was 10.6%. The Asian average was 11.2%. Developing
nations, such as the Philippines, Thailand, and Indonesia had the highest rates of entrepreneurial activity
at around 20%, while developed nations Japan and Singapore were very low at around 4% (International
Entrepreneurship, 2010). Clearly, the access to funds would make a great impact on the entrepreneurial
intentions of the poor.
Mobile phones are becoming the new way to bank and receive financing for people in both urban and
remote areas, because the access to mobile phones has skyrocketed. Asia accounts for more than half
of worldwide mobile banking (Ho, 2010). By the end of 2010, there were 2.6 billion mobile subscribers in
Asia, which is over half of the world’s adult population (TransWorldNews, 2010). China currently has
almost 900 million mobile subscribers, and India comes in 2nd with 791 million subscribers (Kan, 2011).
Subscription rates are also climbing in the emerging nations, which correlates to more mobile banking
customers. Greater access to low-cost, reliable financial services promotes greater savings,
entrepreneurship, and economic development (World Bank, 2008).
12. Mobile Banking for Equitable International Development 12
Figure 9. Entrepreneurship, Mobile Subscriptions and Unbanked Rates in Asia.
Sources: ITU (2010); Global Entrepreneurship Monitor (2009); World Bank (2008).
4.3 Latin America
Latin America has a storied history of colonization and has suffered many economic troubles since
gaining independence in the 20th Century (Bulmer-Thomas, 2003). More recently, Latin America has
been called one of the most inequitable regions of the world. The absolute number of people below the
poverty line in Latin America has doubled in the last 40 years (Jochnick & Green, 1998). In addition,
100% of the countries in Latin America are considered “developing”, according to the Australian
department for foreign aid (“NGOs - List of Developing Countries,” n.d.). In spite of these economic
struggles, Latin America has shown signs of growth over recent decades, maintaining an 8% growth rate
since 1990. However, this growth has been closely tied to worldwide commodity prices. Latin America’s
dependence on commodities subjects its economy to the extreme volatility of this market (“Latin America
and Caribbean - Latin America and the Caribbean Regional Brief,” n.d.).
13. Mobile Banking for Equitable International Development 13
There is a great opportunity for economic development in Latin America. The entrepreneurship rate is
nearly double the worldwide average, which sets the stage for job creation and increases in gross
domestic product (Global Entrepreneurship Monitor, 2009). However, much of Latin America lacks the
financial infrastructure for the average entrepreneur to access the capital markets mentioned above. This
lack of infrastructure is represented by the high rate of unbanked individuals in the region ( Mobile
Commerce Daily, n.d.). A potential solution to the disconnect between Latin America’s entrepreneurs and
the capital they need to grow lies in the region’s mobile penetration data. Latin America’s mobile
penetration rate is significantly higher than the worldwide average and set to break 100% this year
(Mansfeild, Cellular News, 2011). Perhaps innovations in the field of mobile banking can help bridge the
capital access gap.
Figure 10. Entrepreneurship, Mobile Subscriptions and Unbanked in Latin America.
Sources: ITU (2010); Global Entrepreneurship Monitor (2009); World Bank (2008).
14. Mobile Banking for Equitable International Development 14
5.0 Analysis
Mobile banking, as a proposed solution to capital markets access in developing countries faces several
barriers. This new model is the product of innovation in two industries: banking and telecommunications.
These industries are both highly regulated and ingrained in historical practices. The regulatory
environment, operational issues, and security issues are the most significant barriers to the success of
mobile banking and its worldwide adoption.
5.1 Regulatory Environment
As an emerging technology, mobile banking exists in a contentious regulatory environment. The main
parties involved in this debate are banks and mobile services operators. Generally, banks feel that mobile
service operators are invading their territory and providing financial services without adhering to financial
services industry regulations. In order to more closely examine this dynamic, two case studies will be
discussed. The first is a country that has yet to see significant benefits from mobile banking. And the
second is a country that has widespread adoption and high usage rates of mobile banking.
5.1.1 Issues in India
As with most of the world, mobile banking in India is on the rise. However, regulatory structures in India
create a situation in which mobile banking does little to increase financial inclusion or bank the unbanked.
The main issue that prevents mobile banking from increasing financial equity in India is that only licensed
banks can provide mobile banking services. This means that the players are still the same, they are just
on a different field. Furthermore, the services are only available to existing customers, and these
customers must register in-person. This creates a significant barrier to mobile banking access as a way to
extend financial services to the unbanked. Further issues that hamper mobile banking’s effectiveness to
spur economic development in India include low transaction limits, inflexible domestic currency rules and
a restrictive settlement infrastructure (Reserve Bank of India, n.d.).
5.1.2 Success in Kenya
Kenya’s M-Pesa is frequently cited as a positive example of mobile banking due to its rapid adoption rate,
especially among unbanked populations. Whereas India’s regulatory environment makes it difficult for
unbanked and rural populations to benefit from mobile banking, Kenya provides the necessary flexibility
to increase financial inclusion and access to financial markets.
15. Mobile Banking for Equitable International Development 15
Contrary to India, Kenya allows non-bank companies to provide “payment services”. M-Pesa is a service
provided by the telecommunications company, Safaricom. While Safaricom is allowed to run this payment
service and maintain its non-bank classification, the Kenyan government regulates this portion of
Safaricom’s business through the Financial Institution Supervision Department. One significant distinction
due to Safaricom’s non-bank status is that the telecommunications provider is not allowed to benefit from
any interest earned on customer balances. Kenya’s ability to provide regulatory flexibility has enabled
widespread adoption of mobile banking and is increasing access to financial services. Additional issues
that have contributed to M-Pesa’s success include ease of registration, higher transaction limits and a
payment infrastructure willing to experiment (Sultana, 2009).
Figure 11. M-Pesa Growth and Volume. (Safaricom Annual Report, 2010)
5.1.3 Regulatory Questions
While M-Pesa has shown early signs of success, many unanswered questions remain when it comes to
world-wide mobile banking regulation. Since every country has its own regulations of both the
telecommunications and banking industries, it can be difficult to find one-size-fits-all answers.
Some of the regulatory questions to be considered include: Who can carry payment instructions? Who
can help dispense cash? Which institutions are liable and what are the limits? And finally, what types of
transactions should be permitted? Governing bodies seeking the benefits of mobile banking will need to
evaluate and provide solutions to these questions and others to ensure effective implementation of their
mobile banking program.
16. Mobile Banking for Equitable International Development 16
5.2 Operations in Mobile Banking
The intricacies of the mobile banking process can be as complicated as the regulatory environment. One
barrier is within the distribution channels and it concerns liquidity. The infrastructure, logistics, and
operations of mobile banking cause significant costs and risks to the retail agents, because they are not
actually banks. Another barrier lies in the interoperability of the mobile technology and its platforms.
5.2.1 Liquidity Management
A brief explanation of how mobile banking works will help illustrate how the money isdistributed. When a
registered customer transfers real cash into the system, it must be converted to virtual cash, called e-
float. The e-float is then credited to her mobile money account, also known as an e-wallet, and can
simply be transferred to any other registered customer via text message. All of these cash transactions
are done by agents, such as local stores, that also have e-wallets (or tills) with higher maximum account
balances. If the agent performs too many cash-in transactions (the deposit of real cash) it will eventually
run out of e-float, and if it performs too many cash-out transactions (as is typical in the rural locations) it
will run out of cash. In either case, the retailer needs to rebalance its liquidity – to convert the excess e-
float into cash, and vice versa (Eijkman, 2010).
Figure 12. Follow the money. Source: The Economist (2010).
17. Mobile Banking for Equitable International Development 17
In the case of M-Pesa, cash-in and cash-out transaction balances are different for different locations (see
Figure 12 above). Customers of rural agents are in need of more cash-out than cash-in, so the agents
must have enough real money on hand to do business. To do this liquidity rebalance, agents must go to
the next rung up the cash distribution hierarchy, which is liquidity managers or distributors, who then, in
turn, operate with the network provider (Safaricom in the case of M-Pesa). The network provider then
makes the final transactions with its custodian banks. This process can take days and has many
consequences for the agents.
Liquidity rebalancing causes significant costs and risks to agents. There are 4 main obstacles for stores
in keeping enough cash and e-float on hand to satisfy customers. First, increased travel times and travel
costs are incurred for each rebalancing. Second, agents are at risk of personal harm or robbery because
of the amount of cash they may have in the store or en route to a liquidity manager. Third, employee
malfeasance is a concern because agents must trust them with large sums of money, and the employee
turnover rate is high. Finally, because of the long processing times, the agent needs to have a sufficient
balance of e-float to accommodate the potential liquidity needs of their stores for up to two days. This
imposes a high working capital requirement cost on agents who must invest anywhere from US$2,000-
$4,000 in e-float and cash. This is a significant sum to generate for many small business owners
(Eijkman, 2010). These obstacles must be remedied for mobile banking to effectively operate in
emerging nations.
5.2.2 Interoperability (Distribution Channels)
The next big concern for the success of mobile banking is that of interoperability. This is where banking
platforms don’t work together, either because of the banks or the mobile devices’ programming.
Subscribers to different mobile payment networks should be able to make payments to subscribers on
other networks. A workable solution must solve technological problems; clearing and settlement
challenges; legal and regulatory concerns; and consumer protection (including mechanisms to cater for
disputes, warranties, and claims) (Mas, 2011).
Successful mobile banking interoperability promises to improve financial inclusion for many. But currently
clients cannot transfer funds between e-wallets associated with different telecom companies, which
reduces liquidity in the financial system. In Ghana alone, there are 5 different mobile banking platforms
competing with one another (Ajao, 2009). The technology of the mobile phones is another barrier in
effective m-banking. This is called handset interoperability. There are many different types of phones
with different operating systems that support Java ME, SIM Application Toolkit, or SMS (Mas, 2011). This
language must be standardized soon for effective expansion.
18. Mobile Banking for Equitable International Development 18
5.3 Fraud
Fraud is a concern for the mobile banking industry and has the potential to have a major impact on
various actors within the mobile banking system. However, at this point only .006% of all M-Pesa
transactions have been fraudulent (Telecompaper, 2010). Although this amounts to over 21 million
Kenyan Shillings (KES; $331,787 USD as of 5/12/2011 market rates) for MPESA alone, total transactions
in the month of March, 2010 were 28.59 billion KES ($331.79m USD), and Safaricom has annual
revenues of nearly 84 billion KES ($974m USD) (Safaricom Annual Report, 2010).
The most common forms of fraud are “tumbling” and impersonation, or “subscription fraud”. Tumbling
involves creating a program which constructs a database of stolen serial numbers and matching phone
numbers. Normally a system can trace the fraudulent account using unique serial numbers, but due to a
supply of phones from a cheap Chinese source without unique serial numbers, investigators cannot trace
the fraudulent accounts. M-Pesa inspectors are impersonated using extremely accurate badges and IDs,
inspecting logbooks and extracting account information, which is then used by another fraudster to
complete a counterfeit transaction (van Heeden, 2005;gmeltdown, 2010). In order to protect agents and
reduce the risks of theft, steps should be taken to reduce the risk of fraud. These steps will be highlighted
in the recommendations section below.
6.0 Recommendations
In order for mobile banking to live up to its potential for increasing access to financial services and capital
markets, the following actions will be necessary to address the previously mentioned barriers.
6.1 Organizational Recommendations
The following recommendations are best implemented by a governing or regulatory body that desires the
economic benefits associated with mobile banking.
6.1.1 Regulation Innovation
The real opportunity with mobile banking is to leverage the pre-existing network established by mobile
communications companies. It is often the telecommunications company that is best positioned to run the
mobile banking service. Regardless of what type of institution runs the service, mobile banking operators
will be functioning in two highly regulated industries: banking and telecommunications. Therefore it is
imperative that governments work to adapt existing regulatory structures to the innovative banking model.
As shown by the example of Kenya above, innovative regulatory structures can lead to quick adoption of
mobile banking. This opens the door to increased access to the financial services and capital markets
that can drive economic development.
19. Mobile Banking for Equitable International Development 19
6.1.2 Operational Innovation
As discussed in section 5.2 above, there are two areas in the operations side of mobile banking that must
be addressed to create a smooth and successful system.
Liquidity management (getting money to and from the e-wallets) creates extra costs and risks to the
agents as well the customers. Telecoms and banks should work together to protect the cash, the agents,
and therefore, the health of the m-banking system. This could be done by creating a secure infrastructure
to manage the large cash transactions in high-risk areas that would protect the agents from the danger of
theft or harm. Security trucks could be one option to address this. The concern of high working capital
requirements for agents could be addressed by providing registered agents with secured loans to make
the initial investment.
Interoperability within banking platforms is crucial. Customers must have equal access to different m-
banks so they can make transfers to subscribers on other networks. Mobile banks must work with each
other to create policies that solve these platform problems. These policies will address technological
problems; clearing and settlement challenges; legal and regulatory concerns; and consumer protection.
For handset interoperability, a standardized handset programming language must be created to support
the different types of mobile phone operating systems.
6.1.3 Misrepresentation Innovation
While fraud poses a nuisance to mobile banking companies, agents can bear a greater share of the
burden. Agents should be provided with information about how to identify fraudulent transactions, as well
as insurance and incentives to turn in fraudsters. Coalitions of mobile service providers, mobile banking
companies, and local governments and law enforcement agencies can also provide assistance. These
entities can mandate that cell phone with unique serials be used to prevent tumbling, provide support for
agents who are victims of fraud, install surveillance systems (which have recently become very
affordable), and provide community incentives to turn in violators.
6.2 Strategic Recommendations for the Future
The following recommendations are best implemented by companies or non-governmental organizations
that are interested in participating in mobile banking or encouraging mobile banking as a means to
achieve social equity.
20. Mobile Banking for Equitable International Development 20
6.2.1 Partner with ATM Networks
The operational aspects of cash deposits and withdrawals are one of the most difficult aspects of the
mobile banking model. Firms should follow the lead of M-Pesa and partner with ATM networks in order to
facilitate this process and eliminate much of the inter-personal cash handling risk. M-Pesa’s current model
allows mobile banking customers to deposit and withdraw cash from affiliated network ATMs by using a
one-time access code (“Safaricom -Withdraw Cash - M-PESA,” n.d.).
6.2.2 Penetrate Impoverished Economies, Pre-load Mobile Banking Apps
Partner with banks and governments to convey the social and economic benefits of mobile banking and
create policies that encourage the use of mobile banking. One such policy would be to mandate that
phones come pre-loaded with mobile banking apps or at least have the ability to conduct mobile banking.
Developing partnerships with banks based on a shared value approach can help bank see the financial
opportunities available for them in improving access to finance (Kramer, Porter, 2011).
6.2.3 Leverage Trends in Socially Responsible Investing
Since the latent potential in developing countries is in the “missing middle” class of entrepreneurs, mobile
banking stakeholders should strive to facilitate investment. Mobile banking firms and NGOs should
advocate for partnerships with organizations such as Kickstarter (crowdfunding platform) or Kiva (micro-
lending platform) to extend their services. These partnerships have twofold benefits. On the investor side
there is an opportunity to direct capital to areas of high need. On the recipient side, the increased capital
creates jobs and contributes to the community’s economic well-being.
6.2.4 Educate Potential Customers
Many potential customers in remote areas may not know or understand what mobile banking is, how to
use it, and why it is important for them. Telecoms, NGOs, and governments that are into social equity
and/or mobile banking should create entrepreneurship education campaigns for the targeted markets
where they feel will have the biggest impact. Potential customers in regions with high unbanked rates
and high entrepreneurial rates must be made aware of how they can empower themselves with mobile
banking.
6.2.5 Promote Sustainable Phones
One cannot speak of sustainability measures involving mobile phones without at least a nod to the
environmental impacts of the phones themselves. The average lifespan of a mobile handset is less than
twelve months and, in the U.S. alone, over 140 million handsets end up in the landfill each year
(mobiThinking, 2011). Additionally, the one billion handsets manufactured each year contribute nearly
sixty million metric tons of CO2, of which 95% is from manufacturing and 5% from use. Design for
21. Mobile Banking for Equitable International Development 21
Environment (DfE) principles in their handset guidelines can influence manufacturers to design handsets,
chargers and other phone accessories for disassembly, reuse or recycling rather than for obsolescence.
Finally, mobile service providers can play a key role in influencing the industry to adopt a service-and-flow
based business model whereby consumers “lease” phones; enabling complete take-back of phones and
therefore a closed-loop life cycle.
6.2.6 Allow Interchange of Foreign Currencies
Allowing the inflow of foreign currencies can facilitate investment from abroad. These foreign currencies
can purchase local products and virtual services, opening markets in developing countries to global
opportunities. Resources must be made available to prevent and combat fraud, but the benefits of such
an open system of exchange would far outweigh the risks of occasional fraud.
6.2.7 Get Involved in Political Lobbying and Advocacy
Many of the barriers to successful implementation of mobile banking as a means to achieve access to
financial services, access to capital markets and increase social equity are beyond the control of the
individual firms. Therefore, it is important that these firms prioritize political lobbying and collaborating with
NGOs to advocate for the appropriate regulatory changes noted above.
6.2.8 Create a Dedicated Organization
In addition to lobbying at the individual firm level, mobile banking providers and advocates should create
a dedicated organization. This organization would campaign for political and societal changes to increase
mobile banking’s acceptance and effectiveness worldwide.
22. Mobile Banking for Equitable International Development 22
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