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Introduction


Author(s) : Sunduzwayo Madise
Palgrave Macmillan Studies in Banking and Financial Institutions

Abstract


This chapter provides a background to the book. In sub-Saharan Africa, it is not electricity, water and food that come first but the mobile phone. The mobile money service rides on the mobile phone platform. Kenya’s M-Pesa is the industry standard. It is a revolutionary form of payment which does not require a bank account. The mobile phone is used as the payment device and unlike plastic money, there is an instantaneous transfer of value. Mobile network operators are uniquely placed to offer the service as they already are in the mobile telephone business. However, existing regulatory frameworks for mobile money, which are based on the traditional architecture of financial service regulation, do not address the specific issues and challenges posed by mobile money.


Original language en
Pages (from-to) 1-14
Publication status Published - 2019

Access document

10.1007/978-3-030-13831-8_1

License

http://www.springer.com/tdm
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Access document

10.1007/978-3-030-13831-8_1

License

http://www.springer.com/tdm