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Promoting Mobile Money Services in Kenya and the Region

Promoting Mobile Money Services in Kenya and the Region. Prof Kinandu Muragu Executive Director Kenya School of Monetary Studies. CENTRAL BANK OF KENYA. Godfrey Kyama Commonwealth eBanking Advisor Kenya School of Monetary Studies. Contents. Background Government Role Regulation

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Promoting Mobile Money Services in Kenya and the Region

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  1. Promoting Mobile Money Services in Kenya and the Region Prof Kinandu Muragu Executive Director Kenya School of Monetary Studies CENTRAL BANK OF KENYA Godfrey Kyama Commonwealth eBanking Advisor Kenya School of Monetary Studies

  2. Contents • Background • Government Role • Regulation • National Payment System • Customer Protection Framework • Conclusion

  3. Background • M-Pesa – the word • Evolution, Revolution and Innovation • Mobile Money and M-Pesa • M-Kesho

  4. Government Role • Government attitude  • Kenya Communication Act • Private sector role • Impact:

  5. Regulation • Very innovative • Financial inclusion • Impact: 6

  6. National Payment System • Safe and Efficient • Amended CBK Act • National Payments System Bill • Agent Banking • Proceeds of Crime and Anti-Money Laundering Act • Impact: Financial Inclusion!

  7. Cont’d: National Payments System Source: Central Bank of Kenya 2012

  8. Cont’d: National Payments System Volume of mobile money transactions increasing steadily Source: Central Bank of Kenya 2012

  9. Cont’d: National Payments System Source: Central Bank of Kenya 2012

  10. Consumer Protection Framework • Consumer and Deposit Protection • Competition and interoperability • Consumer protection and innovation • Consumer protection regulation? • Rules of the game? • Consumer rights? • Consumer protection law

  11. Conclusion • Rapid and dramatic mobile money • Kenya is world leader • Nesting ground for mobile money • Technology and the poor • An agent of financial inclusion • Policy makers + Regulators • Innovation and market access

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