Close Menu

UWI Researchers Propose Marrying Mobile Money To Banks

A new report is proposing that the central bank require providers of mobile money services to do business through the banking system, to ensure there is no gap in the financial regulatory structure once the market takes off in Jamaica.

The proposal by academics aligned to the University of the West Indies (UWI) would require cellphone accounts used for money transfers to be treated as bank accounts.

It was initially speculated in early discussions on how the market would operate that mobile money transfers would be an alternative or competing service to the traditional banks.

However, the UWI researchers say the clear trend in other markets overseas is that banks have become the holders of the float - that is, the sum of all deposits held in the virtual mobile phone accounts - of the mobile payment systems.

Click here for full article.

Top of Page