Another form of partnership between the banks and MMOs is the holding of mobile money customers’ funds by the commercial banks. All mobile money float currently resides with commercial banks as MMOs are not authorized to hold funds.
The large capital inflows over the past few years have enabled the Reserve Bank to increase the country’s official foreign reserves from the equivalent of 6½ weeks’ worth of imports of goods and services at the end of 1994 to 14½ weeks’ worth at the end of June 2000.