Page 342 - The Digital Financial Services (DFS) Ecosystem
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ITU-T Focus Group Digital Financial Services
Ecosystem
Stakeholder Pros Cons
Agents Agents are able to provide the service in a
way that many people are demanding, and it
can often mean more revenue per transac-
tion for them.
Mobile money If mobile money users feel uncomfortable With informal methods, mobile money users are
users with the system, agents can conduct the usually exposed to extra charges from agents,
transaction for them, and they are not forced and if they do not have an account, they may
to register for a mobile money account for not be able to access more value-added services
which they might not perceive a need. as the provider deploys them.
To assess the issues from the perspectives of all stakeholders involved that balance: 1) Existing users’ preference
for OTC options; 2) Regulators’ requirements to have such users identified; 3) Providers’ desire to constantly
evolve product offerings through an account; and 4) Agents’ need to earn a decent margin from the business.
For the industry to systematically address this issue, we have outlined the pros and cons for each of these
stakeholders in table 3.
There are four key considerations to accommodate these preferences in existing digital systems to help move
the industry forward. These are:
1. Should policy makers and regulators formalise OTC in markets where it is prevalent to avoid unknown
transactions and cover AML/CFT risks?
2. Is there a scope for the use of technology to efficiently identify and verify senders and recipients to allow
OTC usage?
3. How can the industry introduce and implement mobile money accounts in the markets in parallel to OTC
to efficiently migrate the mobile money users?
4. How can the industry segment the market to develop customer-centric products and services to encourage
registered usage of mobile money accounts?
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