However, the crisis highlighted that the integrated supervisors are more likely to give precedence to safety and soundness mandates, as these are closely intertwined with financial stability, rather than focusing on consumer protection issues. The Twin Peaks Approach helps in resolving this conflict.
This approach worked for us at the Central Bank of Kenya when we took the initial steps with mobile money services. As regulatory perimeters become blurred, financial sector regulators must establish links with other regulators, governments, private sector, and other stakeholders. In this complex scenario, consumers will become more vulnerable and will rely on the regulators to protect them.