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Guideline Note

Mobile Financial Services: Basic Terminology

Mobile Financial Services

Working Group (MFSWG)About AFI Guideline Notes

terminology was prepared by the Alliance for Financial Inclusion AFI was established as a peer learning platform, and its an enabling policy and regulatory environment that expands The AFI guideline notes attempt to provide additional guidance practices for MFS regulation and supervision within AFI member do they propose new principles or revisions to existing core national supervisors to act in a manner consistent with their The notes are based on a survey conducted with the AFI membership from all geographic regions, including an analysis gathered from AFI members in all regions, the underlying survey AFI encourages readers to submit their comments on the

About the working group

Recognizing the potential of mobile

group aims to stimulate discussion and greater coordination between the many and telecommunications regulators,

Contents

General terms

3

Business model terms

3

E-money terms

4

Agent terms

5

AML / CFT terms

5

Payment terms

6 Acknowledgements: The Guideline Note on Mobile Financial Services Basic

Terminology was written in partnership

with CGAP, the Consultative Group to Assist the Poor. The AFI Mobile Financial Services Working Group would like to

thank CGAP for contributing its expertise and time, which made this guideline note possible.

General terms

other third party intermediaries as the primary point of contact with customers and relies on technologies such

Why is banking beyond branches important?

Its reliance on existing technology, infrastructure, and 1

Further explanation

Although much attention has been focused on the use

Further explanation

2

Further explanation

A mobile money issuer may, depending on local law

Why are MNOs important?

Further explanation

Business model terms

or otherwise permitted by the regulator to provide the

Further explanation

for the transmission of transaction details and sometimes 4 1 2 4 Guideline Note-Mobile Financial Services: Basic Terminology MFSWG0 MFSWG Guideline Note-Mobile Financial Services: Basic Terminology0

A mobile financial services business model

the primary driver of the product or service, typically services provider, whether pursuant to a services

Why are third-party providers important?

An entity providing services that enable funds to be deposited into an account and withdrawn from an acquisition of payment instruments that enable the user

Why is deposit-taking important?

Further explanation

Some regulators only consider collected funds to be

E-money terms

A type of monetary value electronically recorded and generally understood to have the following attributes: 5

Further explanation

Regulators often consider interest payments to be a surrogate for cash or a stored value that is used to facilitate

Further explanation

6 5 6

Why are e-money issuers important?

to extend services beyond the limitations of existing 7

Further explanation

8

Why is fund isolation important?

Fund isolation, together with fund safeguarding,

constitutes the primary means of protecting customer Measures aimed at ensuring that funds are available to 9

Why is fund safeguarding important?

Fund safeguarding, together with fund isolation, protects

Agent terms

commonly used even if a principal agent relationship does

Why are agents important?

Using existing retail outlets as agents, particularly down the delivery costs of financial services for

Further explanation

Why are cash merchants important?

Further explanation

Since cash merchants do not provide services such as account opening and customer enrollment, they are

AML / CFT terms

assess potential agents and their ability to carry out agent

Why is KYA important?

Because agents are often exempt from regulatory or other transaction limits in order to provide service to more customers, greater due diligence is required of balance limits, maximum transaction amounts, and 7 8 9 Guideline Note-Mobile Financial Services: Basic Terminology MFSWG0 MFSWG Guideline Note-Mobile Financial Services: Basic Terminology0

Why are balance and transaction limits important?

Setting account limits also helps to mitigate many of

Know Your Customer

(KYC) measures, but generally refers more broadly for obtaining customer information and assessing the value of the information for detecting, monitoring, and 10

Further explanation

institution, including policies and procedures, to identify 11

Why is KYC important?

Further explanation

based on the general principle that where there are higher 12

Why is a risk-based approach important?

Payment terms

Further explanation

Further explanation

Any transfer of funds initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a 14 10 11 12 14 Guideline Note-Mobile Financial Services: Basic Terminology MFSWG0

Further explanation

The ability to enable a technical connection between two payment services provider to an international or regional

Further explanation

or business model that are used in other systems and technical compatibility between systems, but can 15

Further explanation

Further explanation

Further explanation

15

About AFI

The Alliance for Financial Inclusion (AFI) is

a global network of central banks and other developing countries. AFI provides its members with the tools and resources to share, develop inclusion policies. AFI connects policymakers through online and face-to-face channels, supported by grants and links to strategic partners, so that policymakers can share their insights and implement the most appropriate individual circumstances.

Alliance for Financial Inclusion

AFI tfequotesdbs_dbs17.pdfusesText_23