Mobile Finance at a Crossroads in Africa
At the same time, many people prefer to avoid the bureaucracy it takes to get a bank account. Mobile network operators, on the other hand, have the infrastructure and reach to offer such services — and the commercial incentive to do so. The problem is that this presents significant regulatory issues with some far-reaching implications.
Not only must financial and telecommunications regulators decide how to best ensure strong foundations for their respective industries while monitoring the rapid developments at their intersection, but governments will also become increasingly involved, given the economic and social benefits of a financial system that does not cater only to the few.
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