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Legal and regulatory aspects of mobile financial services

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dc.contributor.advisor Pretorius, J.T. Prof.
dc.contributor.author Perlman, Leon Joseph
dc.date.accessioned 2014-04-16T14:13:07Z
dc.date.available 2014-04-16T14:13:07Z
dc.date.issued 2012-11
dc.identifier.citation Perlman, Leon Joseph (2012) Legal and regulatory aspects of mobile financial services, University of South Africa, Pretoria, <http://hdl.handle.net/10500/13362> en
dc.identifier.uri http://hdl.handle.net/10500/13362
dc.description.abstract The thesis deals with the emergence of bank and non-bank entities that provide a range of unique transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked, underserved and underbanked persons via mobile phones. Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’ services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’ services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services are provided through ‘agents.’ Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile ‘airtime’-based Store of Value. The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed, in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric MFS rises to the ‘business of banking.’ An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be deemed ‘money’ in law. Consumer protection for MFS and payments generally through current statute, contract, and payment law and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in South African law is discussed. The legal and regulatory regimes in the European Union, Kenya and the United States of America are compared with South Africa. The need for a coordinated payments-specific law that has consumer protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a regulator for retail payments is recommended. The use of trust companies and trust accounts is recommended for protection of user funds. | vi en
dc.format.extent 1 online resource (xxx, 793 leaves)
dc.language.iso en en
dc.subject Agents en
dc.subject Airtime transfer en
dc.subject Airtime -based SOV en
dc.subject Allocation of loss en
dc.subject Allocation of risk en
dc.subject Anti-Money Laundering (AML) en
dc.subject Aristotle en
dc.subject Australian school en
dc.subject Auto-subscription en
dc.subject Banks en
dc.subject Banks Act en
dc.subject Bilateral Juristic Act en
dc.subject Bottom of Pyramid en
dc.subject Branchless Banking en
dc.subject BSD en
dc.subject Business of banking en
dc.subject Cash-In /Cash out en
dc.subject Central Bank en
dc.subject Claim school en
dc.subject Competition Commission en
dc.subject Condictiones en
dc.subject Consumer protection en
dc.subject Consumer Protection Act (CPA) en
dc.subject Contract law en
dc.subject Convergence en
dc.subject CTF en
dc.subject Dedicated Banks Bill en
dc.subject Delict en
dc.subject Regulatory philosophies en
dc.subject Deposits en
dc.subject Deposit-taking en
dc.subject Directives en
dc.subject Dodd-Frank en
dc.subject Electronic Commerce (e-commerce) en
dc.subject Electronic Communications and Transactions Act (ECTA) en
dc.subject Electronic Funds Transfer (EFT) en
dc.subject Electronic money (e-money) en
dc.subject Electronic Money Directive (EMD) en
dc.subject European Union (EU) en
dc.subject FA Mann en
dc.subject Fiat en
dc.subject Fiat-based SOV en
dc.subject FICA en
dc.subject Financial inclusion en
dc.subject Financial literacy en
dc.subject Foley v Hill en
dc.subject Hacking en
dc.subject ICASA en
dc.subject Kenya en
dc.subject KYC en
dc.subject Legal capacity en
dc.subject m-Banking en
dc.subject Means of exchange en
dc.subject Means of payment en
dc.subject MFS en
dc.subject MFSP en
dc.subject Miller v Race en
dc.subject Minors en
dc.subject MNO en
dc.subject Mobile Banking (m-Banking en
dc.subject Mobile Commerce (m-commerce) en
dc.subject Mobile Financial Services (MFS) en
dc.subject Mobile Financial Service Provider (MFSP) en
dc.subject Mobile Financial Services Provide (MFSP) en
dc.subject Mobile Financial Service Providers (MFSPs) en
dc.subject Mobile Network Operator (MNO) en
dc.subject Mobile payments en
dc.subject Mobile payments (m-Payments) en
dc.subject Mobile purse en
dc.subject Mobile wallet en
dc.subject Money en
dc.subject Money Laundering (ML) en
dc.subject m-Payments en
dc.subject m-pesa en
dc.subject National Consumer Commission en
dc.subject National Payment System en
dc.subject National Payment System Act (NPSA) en
dc.subject Non-Banks en
dc.subject NPSA en
dc.subject Orthodox school en
dc.subject Oversight en
dc.subject Payment instrument en
dc.subject Payment Service Regulatory Authority (PSRA) en
dc.subject Payments law en
dc.subject Pooled accounts en
dc.subject Position paper en
dc.subject Proportional regulation en
dc.subject Prudential Regulation en
dc.subject PSD en
dc.subject PSPL en
dc.subject PSRA en
dc.subject Redeemable funds en
dc.subject Regulator's dilemma en
dc.subject Regulatory capture en
dc.subject Remittances en
dc.subject Regulation of Interception of Communications Act (South Africa) en
dc.subject (RICA) (South Africa) en
dc.subject Security en
dc.subject SIM Card en
dc.subject SIPS en
dc.subject South African Reserve Bank en
dc.subject SOV en
dc.subject Specie en
dc.subject Store of Value (SOV) en
dc.subject Stored Value Account (SVA) en
dc.subject Subscriber en
dc.subject Supervison en
dc.subject Systemic risk en
dc.subject Telecommunications en
dc.subject Transformational banking en
dc.subject Trust accounts en
dc.subject Unbanked en
dc.subject Underserved en
dc.subject Underbanked en
dc.subject Unit of account en
dc.subject United Dominions Trust (UDT) en
dc.subject Unjustified enrichment en
dc.subject USA en
dc.subject Value Added Services (VAS) en
dc.subject Wallet en
dc.subject WASP en
dc.subject WASPA en
dc.subject Additive banking en
dc.subject Regulatory arbitrage en
dc.subject.ddc 346.82120680285
dc.subject.lcsh Electronic funds transfers --Law and legislation --South Africa
dc.subject.lcsh Banks and banking --Law and legislation --South Africa
dc.subject.lcsh Banks and banking, mobile --South Africa
dc.subject.lcsh Banks and Banking --South Africa --Communication systems
dc.subject.lcsh Financial service industry --Law and legislation --South Africa
dc.subject.lcsh Home banking services --Law and legislation --South Africa
dc.subject.lcsh Financial institutions --Law and legislation
dc.subject.lcsh Financial service industry --Customer services
dc.title Legal and regulatory aspects of mobile financial services en
dc.type Thesis en
dc.description.department Public, Constitutional and International Law
dc.description.degree LLD


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