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Work item:
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D.MFScoop
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Subject/title:
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Guidelines for MOU between telecommunications regulators and central banks taking into account the Zambian experience and existing MOU
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Status:
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[Carried to next study period]
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Approval process:
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TAP
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Type of work item:
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Recommendation
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Version:
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New
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Equivalent number:
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-
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Timing:
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-
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Liaison:
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-
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Supporting members:
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Côte d'Ivoire, Kenya, Mali, Nigeria, Tunisia, Zambia
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Summary:
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Development of a template MOUs between telecommunications regulators and central banks taking into account the Zambian experience and the work undertaken in FG DFS.
Summary : Mobile Financial Services (MFS) present among the best prospects for increasing financial inclusion in many developing countries primarily on account of their ability to effectively leverage on the high mobile penetration and access rates. In this regard, it is clear that mobile financial services are cross-cutting and span across two main sectors, namely the financial and telecommunications sectors. In order to effectively coordinate activities across the two regulatory jurisdictions and foster the growth and development of the DFS ecosystem, there is need for clearly define roles and responsibilities in the form of well documented and mutually agreed cooperation frameworks. This can be achieved through the establishment of a memorandum of understanding (MOU). For instance, Zambia has implemented an MOU between the Bank of Zambia (central bank) and the Zambia Infromation and Communications Technology Authority (telecommunications regulator). In the case of Zambia, the MOU serves to promote the integrity, efficiency and financial soundness of financial service providers and the information and telecommunications/ICT industry by improving effective regulation and enhancing the supervision of cross-authority transactions. Specifically, the MOU provides inter-alia for:
1. Sharing and exchange of information that is necessary to facilitate licensing, supervision, regulation or monitoring of entities providing Mobile Financial Services;
2. Development and implementation of a framework for promoting consumer protection;
3. Establishment of a joint working committee; and
4. Sharing of resources
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Comment:
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-
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Reference(s):
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Historic references:
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Contact(s):
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| ITU-T A.5 justification(s): |
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First registration in the WP:
2018-04-17 16:44:18
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Last update:
2021-06-15 15:19:55
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