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by: Pierre-Laurent Chatain, Raul Hernandez-Coss, Kamil Borowik, Andrew Zerzan
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Governments are challenged to make an innovation-friendly climate while
simultaneously ensuring that business development remain sustainable.
Criminal use of the technology—terrorist financing and money
laundering—challenges long-run business viability via risk of
massive investment flight and public distrust of new players entering
the market.
Sustainable business models are those that base regulation on a
careful risk-based analysis. This study identifies the perceived risks
and compares them with the actual level of risk for each category of
mobile phone financial services. The comparison reveals that the
perceptions do not weigh up to the reality. Based on fieldwork in seven
locations where the technology has taken off, this paper finds that
providers apply measures that are consistent with international
standards to combat money laundering and terrorist financing. It
identifies the sometimes non-traditional means the industry uses that
both mitigate the risks and are in line with good business practices.
Acknowledging that mobile phone financial services are no riskier than
other channels, governments are called to treat them as an opportunity
to expand access to finance.
- Shipping Weight: 0.4 lbs (0.18 kgs)
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