21 Apr 2019
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it has become a payment terminal in the pocket.
Every day, the number of mobile device—and mobile money—users grows and offers hope to the billions of people without bank accounts. Mobile banking could be defined as a facility which provides banking services such as balance enquiry, funds transfer, bill payment, and transaction history via a user’s mobile phone.
One of the biggest challenges to enabling the growth of mobile money and the digital finance ecosystem is designing cost-effective customer due diligence (CDD) procedures that enable universal access to mobile money services while preserving the integrity of the financial system. For the regulator, this means designing anti-money laundering and combating the financing of terrorism (AML/CFT) requirements that mitigate the risk of abuse of mobile money while still allowing customers to access and use these services safely and easily.
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