They quote the success of mPesa, a non-bank entity in Kenya in ushering payment revolution in that country. Many mobile phone companies do feel they can offer “account” based payment service. Our answer is simple. If you maintain “an account”, then you are a bank and you need a banking licence.
[SLIDESHOW]  Bank resolution options It is with the objective of avoiding such a contingency under any circumstance that I wish to propose that we deal with the ailing public sector banks in creative ways instead of just propping them up with state aid.4 Let me elaborate.