M-Pesa Bank? Members of Parliament seek Central Bank regulation
Monday, April 1, 2019
By Edwin Mutai
Members of Parliament are pushing for the delinking of mobile money services from telecommunication firms and their registration as separate commercial banks in a move that could alter the competition landscape for digital cash providers.
If MPs have their way, the telecommunications regulator, the Communications Authority of Kenya (CA), will be compelled to ensure that mobile money services like Safaricom’s M-Pesa, Airtel Money and Telkom’s T-Kash are licensed as banks.
The telecommunication firms will then be licensed to only offer voice, data and SMS services.
Photo courtesy of klndonnelly.