Top

Published in:

2019 | OriginalPaper | Chapter

9. An Alternative Regulatory Framework for Mobile Money

Author : Sunduzwayo Madise

Published in: The Regulation of Mobile Money

Publisher: Springer International Publishing

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

This chapter proposes an alternative regulatory framework for mobile money. It emphasises the need to first delineate and delimit the regulatory arena and the key participants (mobile network operators, mobile money issuers, banks, regulators, consumers, the legal and political institutions). The chapter also argues that having a plethora of regulators is not ideal. It calls for a coherent regulatory framework where regulation can be an enabler to achieve financial inclusion. The chapter provides two possible solutions, an independent agency or streamlining existing regulators, and undertakes an analysis of the advantages and disadvantages of each. The chapter proposes setting up an autonomous agency within the central bank to regulator not only mobile money, but all forms of electronic money which are outside banking supervision.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

previous chapter Malaŵi’s Existing Regulatory Framework of Mobile Money

next chapter Conclusions

Córdova-Novion and Hanlon (2002), p. 62

Scott (2001), p. 330.

Ibid.

Venkatesen Mauree and Gaurav Kohli (2013) The Mobile Money Revolution—Part 2: Financial Inclusion Enabler (ITUT Technology Watch, International Telecommunications Union), p. 19, https://www.itu.int/dms_pub/itu-t/oth/23/01/T23010000200002PDFE.pdf. 1 May 2018.

Porteous (2006), p. 13.

José Gabriel Palma (2012) How the Full Opening of the Capital Account to Highly Liquid Financial Markets Led Latin America to Two and a Half Cycles of ‘Mania, Panic and Crash’ (Cambridge Working Papers in Economics 1201), p. 2, http://www.econ.cam.ac.uk/dae/repec/cam/pdf/cwpe1201.pdf. 19 May 2014.

Jenkins (2008), p. 11.

Omwansa (2009), p. 121.

Lyman (2016).

Scott (2001), p. 330.

Ibid., p. 337.

Ibid., p. 332.

Jenkins (2008), p. 7.

Maurer (2012), p. 306.

Mkoloma (2015).

Mbekeani (2015).

Mkoloma (2015).

Mbekeani (2015).

Klein and Mayer (2011), p. 27.

Ibid.

Phiri (2015).

Chimbe (2015).

RBM HQ (RBM 2015).

Phiri (2015).

Chimbe (2015).

RBM (2013), pp. 11–2.

In the 2008 census, 41% of women were illiterate. 36% of the population was illiterate—NSO (2009), p. 14.

Anon (2013), p. 1.

CAMA (2016).

Anon (2010) ‘Consumers Demonstrate Over High Bank Rates in Malawi’ (21 April 2010), http://maravi.blogspot.co.uk/2010/04/nyasatimes-consumers-demonstrate-over.html. 11 March 2014.

Khombe (2014).

Such as:

Financial Services Act (Malaŵi, 2010).

Payment Systems Act (2016).

Electronic Transactions Act (Malaŵi, 2016).

Communications Act (Malaŵi, 2016).

Financial Crimes Act (Malaŵi, 2017).

Consumer Protection Act (Malaŵi, 2003).

Competition and Fair Trading Act (Malaŵi, 1998).

Payment Systems Act (Malaŵi, 2016).

Electronic Transactions Act (Malaŵi, 2016).

Guidelines for Mobile Payment Systems (Malaŵi, 2011).

Ngwira (2017).

Section 12 Constitution of the Republic of Malaŵi (1994), http://www.malawi.gov.mw/images/Publications/act/Constitution%20of%20Malawi.pdf. 21 December 2016.

Section 67, ibid.

Section 7, ibid.

Karine Nyborg (2000) ‘Homo economicus and homo politicus: Interpretation and Aggregation of Environmental Values’ 42 (3) Journal of Economic Behavior & Organization 305, p. 309, http://www.sciencedirect.com/science/article/pii/S0167268100000913. 21 December 2018.

Ibid., p. 310.

Porteous (2006), p. 5.

Ibid.

Lelieveldt (1996), pp. 1165–6.

Colin Scott (2017) ‘The Regulatory State and Beyond’ in Peter Drahos (ed) Regulatory Theory: Foundations and Applications (Australian National University Press, Canberra), p. 269.

Ibid., p. 267.

Ibid., p. 269.

Ibid.

Matthew D McCubbins, Roger G Noll and Barry R Weingast (1989) ‘Structure and Process, Politics and Policy: Administrative Arrangements and the Political Control of Agencies’ 75 Virginia Law Review 431, p. 433, http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5950&context=faculty_scholarship. 20 February 2018.

Ibid., pp. 433–4.

Quintyn and Taylor (2002), p. 31.

Mark Thatcher (2002) ‘Delegation to Independent Regulatory Agencies: Pressures, Functions and Contextual Mediation’ 25 (1) West European Politics 125, p. 125, http://0-dx.doi.org.pugwash.lib.warwick.ac.uk/10.1080/713601588. 16 February 2018.

Thatcher (2002), p. 125.

Scott (2017), p. 267.

Ibid., p. 268.

Ibid., p. 269.

Quintyn and Taylor (2002), p. 9.

Córdova-Novion and Hanlon (2002), p. 71.

Quintyn and Taylor (2002), pp. 4, 8.

Córdova-Novion and Hanlon (2002), p. 73.

Quintyn and Taylor (2002), p. 9.

Scott (2017), p. 271.

Baldwin and Black (2008), pp. 32, 34.

Scott (2017), p. 272.

Ibid.

Ayres and Braithwaite (1992), p. 4.

Baldwin and Black (2008), pp. 18, 19.

Quintyn and Taylor (2002), p. 22.

Ibid., pp. 17, 19.

Polizatto (1992), pp. 303–8.

Quintyn and Taylor (2002), p. 20.

Ibid., p. 21.

Polizatto (1992), p. 310.

Quintyn and Taylor (2002), p. 21.

Córdova-Novion and Hanlon (2002), pp. 89–97.

Ibid., p. 89.

Robert Phillips (2003) ‘Stakeholder Theory and Organizational Dogma’ in Robert Phillips (ed) Stakeholder Theory and Organizational Ethics (Berrett-Koehler Publishers, San Francisco, CA), p. 3.

Edward R Freeman (1984) ‘Stakeholder Theory of the Modern Corporation’ in General Issues in Business Ethics (HarperCollins, New York), p. 39.

Phillips (2003), p. 3.

John Argenti (1997) ‘Stakeholders: The Case Against’ 30 (3) Long Range Planning 442, p. 445, http://www.sciencedirect.com/science/article/pii/S0024630197000046. 16 February 2018.

Ibid., p. 442.

Phillips (2003), p. 3.

Andrew Campbell (1997) ‘Stakeholders: The Case in Favour’ 30 (3) Long Range Planning 446, p. 448, http://www.sciencedirect.com/science/article/pii/S0024630197000034. 16 February 2018.

Ibid., p. 445.

Ibid., p. 446.

Ibid.

Ibid., p. 449.

Quintyn and Taylor (2002), p. 5.

Ibid., pp. 3, 5.

Stigler (1971).

Córdova-Novion and Hanlon (2002), p. 82.

Quintyn and Taylor (2002), pp. 9–10.

Eva Hüpkes, Marc Quintyn and Michael W Taylor (2006) ‘Accountability Arrangements for Financial Sector Regulators’ 39, p. 1 IMF Economic Issues, https://www.imf.org/external/pubs/ft/issues/issues39/ei39.pdf. 27 February 2018.

Córdova-Novion and Hanlon (2002), p. 89.

Public Law Project (2013) An Introduction to Judicial Review (Public Law Project, London).

Córdova-Novion and Hanlon (2002), p. 96.

Quintyn and Taylor (2002), p. 32.

Ibid., p. 32 and Thatcher (2002), p. 144.

FOSL (2017) ‘Financial Ombudsman Service’ (Financial Ombudsman Service Limited), http://www.financial-ombudsman.org.uk/. 13 March 2018.

Singh (2007), p. 196.

Ibid.

Section 5 Ombudsman Act, Act No. 17 of 1996, Chpater 3:07 of the Laws of Malaŵi (Malaŵi, 1996), http://www.africanchildforum.org/clr/Legislation%20Per%20Country/Malawi/malawi_ombudsman_1996_en.pdf. 27 February 2018.

Singh (2007), p. 199.

Ibid., pp. 199–200.

Section 98 Financial Services Act (Malaŵi, 2010).

Singh (2007), pp. 186–90.

100

Three Rivers DC v Bank of England (2001) 2 All ER 513 HOL, https://www.publications.parliament.uk/pa/ld199900/ldjudgmt/jd000518/rivers-1.htm. 27 February 2018.

In the Matter of Citizen Insurance Company Limited Exparte the Registrar of Financial Services.

101

Hüpkes et al. (2006), p. 9.

102

Thatcher (2002), p. 140.

Ibid.

Ibid., p. 143.

Ibid.

Ibid.

Ibid.

Córdova-Novion and Hanlon (2002), p. 97.

109

Airtel had contemplated buying or setting up a bank during the exploratory phase of its mobile money service—Mkoloma (2015).

110

Córdova-Novion and Hanlon (2002), pp. 78, 79.

Ibid.

Ibid., p. 72.

Ibid., p. 81.

RBM MicroFinance Division (2015).

115

Herbert A Simon (1972) ‘Theories of Bound Rationality’ in C B McGuire and Roy Radner (eds) Decision and Organization: A Volume in Honor of Jacob Marschak (North-Holland Publishing Company, Amsterdam).

116

Córdova-Novion and Hanlon (2002), p. 76.

Ibid.

Ibid.

Ibid., p. 83.

Quintyn and Taylor (2002), p. 31.

121

Ibid.

122

Córdova-Novion and Hanlon (2002), p. 81.

Ibid.

Ibid., p. 82.

Ibid., pp. 84–85.

Quintyn and Taylor (2002), p. 23.

Ibid.

Ibid., p. 25.

Ibid.

Ibid., p. 26.

RBM (2017).

RBM (2015), p. 14.

RBM MicroFinance Division (2015).

134

Communications Act, Malaŵi (Malaŵi, 1998).

135

Preamble, ibid.

136

Part III, ibid.

137

Data transmissions channels now include audio-video channels.

138

Part XVIII, Communications Act (Malaŵi, 2016).

139

Money Laundering Act (Malaŵi, 2006).

140

Phiri (2015).

141

Financial Crimes (Suppression of Terrorist Financing and Proliferation) Regulations, 2017 (Malaŵi Government, 2017).

142

Consumer Protection Act (Malaŵi, 2003).

143

Section 8(2), ibid.

144

United Democratic Front (UDF) 1994–2005; Democratic Progressive Party (DPP) 2005–2012; People’s Party (PP) 2012–2014; DPP 2014- present.

145

Elijah Phimbi (2016) ‘Kapito Faults APM on “Buy Malawi” Campaign: “Establish Consumer Protection Council”’ Nyasa Times (18 April 2016), http://www.nyasatimes.com/kapito-faults-apm-on-buy-malawi-campaign-establish-consumer-protection-council/#sthash.DbigqXjh.dpuf. 28 December 2018.

146

Ibid.

Note: The Malaŵi Bureau of Standards is not a price monitoring agency but a standard setting and regulating agency - Malaŵi Bureau of Standards Act, Act No. 17 of 2012, (Malaŵi, 2012), http://www.rbm.mw/documents/legislation/RBM%20ACT%20JUNE%202013.pdf. 10 February 2018.

147

Section 3 Consumer Protection Act (Malaŵi, 2003).

148

Section 8, ibid.

149

Section 3, ibid.

150

Sale of Goods Act, Act No. 14 of 1967, Chapter 48:01 of the Laws of Malaŵi (Malaŵi, 1967), http://www.malawilii.org/mw/consolidatedlegislation/4801/48_2001_20sale_20of_20goods_1_docx_12176.pdf. 3 May 2018.

151

Section 2 Consumer Protection Act (Malaŵi, 2003).

Section 2, ibid.

Section 56, ibid.

Section 10(2), ibid.

Section 4 Competition and Fair Trading Act (Malaŵi, 1998).

CFTC (2016b).

156

Competition and Fair Trading Act (Malaŵi, 1998).

157

Section 8(1), ibid.

158

CFTC (2016b).

159

CFTC (2016a) ‘Competition and Fair Trading Commission of Malaŵi’, https://www.facebook.com/CompetitionAndFairTradingCommissionOfMalawi/. 29 December 2018.

160

Mbekeani (2015).

161

Section 53 Competition and Fair Trading Act (Malaŵi, 1998).

162

CFTC (2016b).

163

Nankhumwa MP (Minister of Information, 2015).

Soko (2015).

Khunga (2015).

164

Section 36, Competition and Fair Trading Act (Malaŵi, 1998).

165

Malonda (2016).

166

Thatcher (2002), p. 138.

167

Section 12(1)(a) Communications Act, Malaŵi (Malaŵi, 1998).

168

Clarke et al. (2003), p. 21.

169

Córdova-Novion and Hanlon (2002), p. 85.

170

Collins Mtika (2015) ‘Malawi Struggles with End of Western donations’ African Independent (3 December 2015), http://www.africanindy.com/business/malawi-struggles-with-end-of-western-donations-1435026. 20 December 2018.

171

Córdova-Novion and Hanlon (2002), p. 82.

Ibid., p. 86.

Ibid.

Ibid., p. 87.

Ibid.

Chibba (2009), pp. 214–6.

177

Section 8 Financial Services Act (Malaŵi, 2010).

178

Di Castri (2013), p. 25.

179

Chimbe (2015).

Phiri (2015).

180

The cases of the Anti-Money Launderings Bills for example:

Jai Banda (2007) ‘Money Laundering Developments in Malawi, 2004 to 2006’ Confronting the Proceeds of Crime in Southern Africa: An Introspection (Institute for Security Studies, Pretoria), https://www.issafrica.org/chapter-1-money-laundering-developments-in-malawi-2004-to-2006. 22 December 2018.

Wisdom Gwede (2016) ‘Malawi Parliament Rejects Financial Crimes Bill: Goodall Wants Committee Meet Weekend for Fast-Track Scrutiny’ Nyasa Times, http://www.nyasatimes.com/malawi-parliament-rejects-financial-crimes-bill-goodall-wants-committee-meet-weekend-fast-track-scrutiny/#sthash.MZ5CaRjv.dpuf. 22 December 2018.

181

Malswitch (2015) ‘About Malswitch’ (Malswitch Ltd), http://www.malswitch.mw/malswitch/index.php?option=com_content&view=article&id=30&Itemid=140. 14 December 2015.

182

Ibid.

183

Section 8 Financial Services Act (Malaŵi, 2010).

184

Quintyn and Taylor (2002), pp. 3, 5.

185

Ibid.

186

Chimbe (2015).

RBM HQ (2015).

Phiri (2015).

RBM MicroFinance Division (2015).

187

Section 13 Financial Services Act (Malaŵi, 2010).

188

Massimo Cirasino and Mariachiara Malaguti (2012) From Remittances to M-Payments: Understanding “Alternative” Means of Payment Within the Common Framework of Retail Payments System Regulation (Financial Infrastrucre Series, The World Bank), p. 17, http://siteresources.worldbank.org/EXTPAYMENTREMMITTANCE/Resources/WB2012_Mobile_Payments.pdf. 20 February 2018.

189

Ibid.

190

Ibid., pp. 18–20.

Andrew Campbell (1997) ‘Stakeholders: The Case in Favour’ 30 (3) Long Range Planning 446, http://www.sciencedirect.com/science/article/pii/S0024630197000034. 16 February 2018.

Anon (2010) ‘Consumers Demonstrate Over High Bank Rates in Malawi’ (21 April 2010), http://maravi.blogspot.co.uk/2010/04/nyasatimes-consumers-demonstrate-over.html. 11 March 2014.

Anon (2013) ‘Malawian Snapshot: 2013 Quarter 2’ (KPMG, Malawi), https://www.kpmg.com/Africa/en/KPMG-in-Africa/Documents/2013%20African%20Country%20Reports/KPMG_Malawi%202013Q2.pdf. 13 September 2018.

Beth Jenkins (2008) ‘Developing Mobile Money Ecosystems’ (Washington, DC: International Finance Corporation and Harvard Kennedy School), http://ww.gsma.com/mobilefordevelopment/wp-content/uploads/2012/06/report_30_mobilemoney.pdf. 13 December 2018.

Bill Maurer (2012) ‘Regulation as Retrospective Ethnography: Mobile Money and the Arts of Cash’ 27 (2) Banking and Finance Law Review 299, http://www.imtfi.uci.edu/files/docs/2012/bankingfinance_law_review_27.2_maurer.pdf. 15 December 2018.

CAMA (2016) ‘Consumers Association of Malawi’, https://www.facebook.com/Consumers-Association-of-Malawi-104178233025786/. 20 December 2018.

César Córdova-Novion and Deirdre Hanlon (2002) ‘Regulatory Governance: Improving the Institutional Basis for Sectoral Regulators’ 2 (3) OECD Journal on Budgeting, https://www.oecd.org/gov/budgeting/43505850.pdf. 15 February 2018.

CFTC (2016a) ‘Competition and Fair Trading Commission of Malaŵi’, https://www.facebook.com/CompetitionAndFairTradingCommissionOfMalawi/. 29 December 2018.

CFTC (2016b) ‘Competition and Fair Trading Commission (Malaŵi)—History’ Competition and Fair Trading Commission, http://www.cftc.mw/index.php/about-us/history.html. 29 December 2018.

Charlotte Wezi Malonda (2016) Approval of the Merger Between FDH Financial Holdings and Malaŵi Savings Bank (MSB) (Competition and Fair Trading Commission 2016).

Colin Scott (2001) ‘Analysing Regulatory Space: Fragmented Resources and Institutional Design’ Public Law 329, http://researchrepository.ucd.ie/bitstream/handle/10197/6785/AnalysingRegSpace.pdf?sequence=2. 1 December 2018.

Colin Scott (2017) ‘The Regulatory State and Beyond’ in Peter Drahos (ed) Regulatory Theory: Foundations and Applications (Australian National University Press, Canberra).

Collins Mtika (2015) ‘Malawi Struggles with End of Western Donations’ African Independent (3 December 2015), http://www.africanindy.com/business/malawi-struggles-with-end-of-western-donations-1435026. 20 December 2018.

Communications Act, Malaŵi (Malaŵi, 1998).

Communications Act (Malaŵi, 2016).

Competition and Fair Trading Act (Malaŵi, 1998).

Consumer Protection Act (Malaŵi, 2003).

Constitution of the Republic of Malaŵi (1994), http://www.malawi.gov.mw/images/Publications/act/Constitution%20of%20Malawi.pdf. 21 December 2016.

Dalvinder Singh (2007) Banking Regulation of UK and US Financial Markets (Ashgate Publishing, Aldershot, Hampshire).

David Porteous (2006) The Enabling Environment for Mobile Banking in Africa (Report Commissioned by Department for International Development [DFID], Boston), http://bankablefrontier.com/wp-ontent/uploads/documents/ee.mobil_.banking.report.v3.1.pdf. 14 September 2018.

Edward R Freeman (1984) ‘Stakeholder Theory of the Modern Corporation’ in General Issues in Business Ethics (HarperCollins, New York).

Electronic Transactions and Cybersecurity Act (Malaŵi, 2016).

Eva Hüpkes, Marc Quintyn and Michael W Taylor (2006) ‘Accountability Arrangements for Financial Sector Regulators’ 39 IMF Economic Issues, https://www.imf.org/external/pubs/ft/issues/issues39/ei39.pdf. 27 February 2018.

Financial Crimes Act (Malaŵi, 2017).

Financial Crimes (Suppression of Terrorist Financing and Proliferation) Regulations, 2017 (Malaŵi Government, 2017).

Financial Services Act (Malaŵi, 2010).

FOSL (2017) ‘Financial Ombudsman Service’ (Financial Ombudsman Service Limited), http://www.financial-ombudsman.org.uk/. 13 March 2018.

George J Stigler (1971) ‘The Theory of Economic Regulation’ The Bell Journal of Economics and Management Science 3, http://hsecon.tripod.com/stigler-regulation.pdf. 1 February 2018.

George RG Clarke, Frew A Gebreab and Henry R Mgombelo (2003) Telecommunications Reform in Malawi (Policy Research Working Papers, The World Bank), http://dx.doi.org/10.1596/1813-9450-3036. 2 December 2018.

Grace Khombe (2014) ‘CAMA to Name and Shame Traders on Receipt Guarantee and Warranty’ Zodiak Online (Lilongwe), http://zodiakmalawi.com/top-stories/cama-to-name-and-shame-traders-on-receipt-guarantee-and-waranty. 14 November 2018.

Guidelines for Mobile Payment Systems (Malaŵi, 2011).

Happy Soko (2015) ‘Malaŵi Government Drilled Over MSB Sale’ Malaŵi24 (18 March 2015), http://allafrica.com/stories/201503190408.html. 18 November 2018.

Ian Ayres I and John Braithwaite (1992) Responsive Regulation: Transcending the Deregulation Debate (Oxford University Press, Oxford).

In the Matter of Citizen Insurance Company Limited Ex parte The Registrar of Financial Services Commercial Case No. 55 of 2011 HC (Malaŵi), http://www.malawilii.org/mw/judgment/high-court-commercial-division/2012/5/. 27 February 2018.

Interview at Reserve Bank of Malaŵi (RBM) MicroFinance Division on 19 August 2015.

Interview at Reserve Bank of Malaŵi Headquarters (RBM HQ) on 6 August 2015.

Interview with Atuweni Tupochire Phiri, Director, Financial Intelligence Unit (FIU) (7 August 2015).

Interview with Bigboy Mkoloma Product and Development Manager, Airtel Money (7 August 2015).

Interview with Thokozani Chimbe Deputy Director—Legal (Consumer Affairs); Malaŵi Communications Regulatory Authority (3 August 2015).

Interview with Webster Mbekeani Head, Mobile Money Division, TNM (20 August 2015).

John Argenti (1997) ‘Stakeholders: the Case Against’ 30 (3) Long Range Planning 442, http://www.sciencedirect.com/science/article/pii/S0024630197000046. 16 February 2018.

José Gabriel Palma (2012) ‘How the Full Opening of the Capital Account to Highly Liquid Financial Markets Led Latin America to Two and a Half Cycles of “Mania, Panic and Crash”’ Cambridge Working Papers in Economics 1201, http://www.econ.cam.ac.uk/dae/repec/cam/pdf/cwpe1201.pdf. 19 May 2014.

Karine Nyborg (2000) ‘Homo economicus and homo politicus: Interpretation and Aggregation of Environmental Values’ 42 (3) Journal of Economic Behavior & Organization 305, http://www.sciencedirect.com/science/article/pii/S0167268100000913. 21 December 2018.

Kondwani Nankhumwa MP (Minister of Information) (2015) Statement on the Sale of MSB and IndeBank (State House Residences Malaŵi 2015).

Malaŵi Bureau of Standards Act, Act No. 17 of 2012 (Malaŵi, 2012), http://www.rbm.mw/documents/legislation/RBM%20ACT%20JUNE%202013.pdf. 10 February 2018.

Malswitch (2015) ‘About Malswitch’ (Malswitch Ltd), http://www.malswitch.mw/malswitch/index.php?option=com_content&view=article&id=30&Itemid=140. 14 December 2015.

Marc Quintyn and Michael W Taylor (2002) Regulatory and Supervisory Independence and Financial Stability (International Monetary Fund, Washington, DC), https://www.imf.org/external/pubs/ft/wp/2002/wp0246.pdf. 1 February 2018.

Mark Thatcher (2002) ‘Delegation to Independent Regulatory Agencies: Pressures, Functions and Contextual Mediation’ 25 (1) West European Politics 125, http://0-dx.doi.org.pugwash.lib.warwick.ac.uk/10.1080/713601588. 16 February 2018.

Massimo Cirasino and Mariachiara Malaguti (2012) From Remittances to M-Payments: Understanding “Alternative” Means of Payment Within the Common Framework of Retail Payments System Regulation (Financial Infrastructure Series, The World Bank), http://siteresources.worldbank.org/EXTPAYMENTREMMITTANCE/Resources/WB2012_Mobile_Payments.pdf. 20 February 2018.

Matthew D McCubbins, Roger G Noll and Barry R Weingast (1989) ‘Structure and Process, Politics and Policy: Administrative Arrangements and the Political Control of Agencies’ 75 Virginia Law Review 431, http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5950&context=faculty_scholarship. 20 February 2018.

Mbane Ngwira (2017) Spokesperson, Reserve Bank of Malaŵi (10 March 2017) (personal communication).

Michael Chibba (2009) ‘Financial Inclusion, Poverty Reduction and the Millennium Development Goals’ 21 (2) The European Journal of Development Research 213, https://doi.org/10.1057/ejdr.2008.17. 20 April 2018.

Michael U Klein and Colin Mayer (2011) Mobile Banking and Financial Inclusion: The Regulatory Lessons (Policy Research Working Paper, The World Bank), http://documents.worldbank.org/curated/en/docsearch/document-type/620265. 14 February 2018.

Money Laundering Proceeds of Serious Crime and Terrorist Financing Act, Act No. 11 of 2006, http://www.rbm.mw/documents/pisu/Money%20Laundering%20Act%202006.pdf. 31 March 2018.

NSO (2009) 2008 Population and Housing Census (Malawi Government [National Statistics Office], Zomba), http://www.mw.one.un.org/wp-content/uploads/2014/04/Malawi-Population-and-Housing-Census-Preliminary-Report-2008.pdf. 29 April 2018.

Ombudsman Act, Act No. 17 of 1996, Chapter 3:07 of the Laws of Malaŵi (Malaŵi, 1996), http://www.africanchildforum.org/clr/Legislation%20Per%20Country/Malawi/malawi_ombudsman_1996_en.pdf. 27 February 2018.

Payment Systems Act (Malaŵi, 2016).

Public Law Project (2013) An Introduction to Judicial Review (Public Law Project, London).

RBM (2013) National Payment Systems Annual Report 2012 (Reserve Bank of Malawi), http://www.rbm.mw/documents/payment_systems/payment%20systems%20annual%20report%202012.pdf. 10 February 2014.

RBM (2015) Financial and Economic Review (Reserve Bank of Malawi), https://www.rbm.mw/Home/GetContentFile?ContentID=7492. 14 December 2018.

RBM (2017) Monthly National Payments System Report: January 2017 (Reserve Bank of Malaŵi), https://www.rbm.mw/PaymentSystems/GetContentFile/?ContentID=12203. 10 March 2018.

Robert Phillips (2003) ‘Stakeholder Theory and Organizational Dogma’ in Robert Phillips (ed) Stakeholder Theory and Organizational Ethics (Berrett-Koehler Publishers, San Francisco, CA).

Robert Baldwin and Julia Black (2008) ‘Really Responsive Regulation’ 71 (1) The Modern Law Review 59, http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2230.2008.00681.x/full. 18 November 2018.

Simon L Lelieveldt (1996) ‘How to Regulate Electronic Cash: An Overview of Regulatory Issues and Strategies’ 46 Am UL Rev 1163, http://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/aulr46&section=39. 17 March 2018.

Simone Di Castri (2013) Mobile Money: Enabling Regulatory Solutions (GSMA, London), http://www.gsma.com/publicpolicy/wp-content/uploads/2013/02/GSMA2013_Report_Mobilelectronicmoney-EnablingRegulatorySolutions.pdf . 20 February 2018.

Suzgo Khunga (2015) ‘MSB Sale Fallout, Goes at K9.5 Billion’ The Nation (3 July 2015), http://mwnation.com/msb-sale-fallout-goes-at-k9-5-billion/. 18 November 2018.

Three Rivers DC v Bank of England (2001) 2 All ER 513 HOL, https://www.publications.parliament.uk/pa/ld199900/ldjudgmt/jd000518/rivers-1.htm. 27 February 2018.

Timothy Lyman (2016) ‘Regulation and Supervision’ (CGAP), http://www.cgap.org/topics/regulation-and-supervision. 21 May 2018.

Tonny K Omwansa (2009) ‘M-PESA: Progress and Prospects’ Innovations 107, https://profiles.uonbi.ac.ke/tomwansa/files/innov-gsma-omwansa.pdf. 1 December 2018.

Venkatesen Mauree and Gaurav Kohli (2013) The Mobile Money Revolution—Part 2: Financial Inclusion Enabler (ITUT Technology Watch, International Telecommunications Union), https://www.itu.int/dms_pub/itu-t/oth/23/01/T23010000200002PDFE.pdf. 1 May 2018.

Vincent P. Polizatto (1992) ‘Prudential Regulation and Banking Supervision’ in Dimitri Vittas (ed) Financial Regulation: Changing the Rules of the Game (The World Bank, Washington, DC).

Title: An Alternative Regulatory Framework for Mobile Money
Author: Sunduzwayo Madise
Publisher: Springer International Publishing
Book: The Regulation of Mobile Money
Print ISBN: 978-3-030-13830-1

Electronic ISBN: 978-3-030-13831-8

Copyright Year: 2019
DOI: https://doi.org/10.1007/978-3-030-13831-8_9

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"