For instance, mobile money agents are known to illegally hold money intended for money transfers. This introduces a new challenge for BoU to re-examine the concept and definition of a “deposit”. Do mobile money agents take “deposits”? What must be done to ensure that they do not illegally take deposits?
The advances in technology demand that BoU and other regulators world-wide re-examine financial regulations to facilitate the innovations in the banking industry. Central bankers should put the risks and “security” concerns as a key priority and align these concerns with standard setting to promote the advancement of banking services.