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Regulation Tripping Up Ghana’s Mobile Money Sector
The mobile financial services sector in Ghana has not yet fully lived up to its potential and is being held back from full development by regulatory hurdles, a new report says.
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- Sub-Saharan Africa
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- regulations
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In Boon for Bitcoin, UK to Regulate Digital Currency Exchanges
Britain took a significant step towards becoming a global bitcoin hub on Wednesday as the government announced it would regulate digital currencies for the first time by applying anti-money laundering rules to exchanges.
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Why Bitcoin Regulation Lags Where it’s Needed Most
International remittance is ostensibly one of the most compelling use cases for bitcoin and digital currencies. Recorded remittances to Africa grew four-fold between 1990 and 2010 and have increased steadily since. The World Bank projects $39bn in remittances to sub-Saharan Africa this year.
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- Sub-Saharan Africa
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- regulations, remittances
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Indonesia, The Calm Before the Storm: Helix Institute discusses the implications of new regulations on the country’s mobile money agent networks
In Indonesia, regulatory uncertainly has kept big digital financial services players from investing to scale aggressively. But with new regulations, that may soon change. The Helix Institute examines the implications for Indonesian mobile money agent networks in the latest report from its Agent Network Accelerator Survey.
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Kenya: Relaxed Rules Have Helped in Mobile Agent Recruitment – Airtel
Lifting of restrictions on mobile money agents has helped Airtel Kenya recruit more merchants as it bids to take convenience closer to customers, according to chief executive Adil Youssefi.
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- Technology
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- Sub-Saharan Africa
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Central Bank of Nigeria to Establish Regulatory Council for Islamic Finance
The CBN said, “An essential governance structure and element of regulatory oversight for institutions offering non-interest (Islamic) financial services is the establishment of an advisory body at the level of the Central Bank to provide assurance that the strategic direction and conduct of financial transactions of Non-Interest (Islamic) Financial Institutions (NIFIs) are in compliance with the rules and principles underpinning their operations.
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- Sub-Saharan Africa
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- regulations
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Safaricom Will Reduce Investment if Kenyan Regulators Move to Limit Its Dominance
Safaricom Ltd. will cut its planned $400 million investment in East Africa’s biggest economy this year if Kenyan regulators impose penalties on the wireless carrier to limit its market dominance, its chief executive officer said.
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- Sub-Saharan Africa
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Swiss Prosecutor Raids HSBC Office, Opens Criminal Inquiry
Geneva's public prosecutor searched HSBC's (HSBA.L) lakeside Swiss office on Wednesday after opening a criminal inquiry into allegations of aggravated money laundering, the second probe to hit the bank this week.
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- Europe & Eurasia
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- regulations