Work item:
Study_MFS
Subject/title:
Regional Technical Report (LAC) on outcome-based Mobile Financial Services (MFS) Policies and Regulations
Approval process:
Agreement
Type of work item:
Technical report
Version:
-
Equivalent number:
-
Timing:
2022-09 (Medium priority)
Liaison:
-
Supporting members:
Paraguay, Trinidad and Tobago
Summary:
1. To ensure that MFS policies and regulations are outcome-based to prevent the exclusion of vulnerable individuals from accessing MFS.
2. To facilitate universal financial inclusion.
3. To evaluate existing MFS policies and regulations by SG3RG-LAC countries to determine whether they are outcome-based.
According to ITU’s "Seven design principles for collaborative regulation", to achieve collaborative regulation, policy and regulation should be outcome-based and further recommend that "the rationale for any regulatory response to new technologies should be grounded in the impact on consumers, societies, market players, and investment flows as well as on national development as a whole."
Hence, this contribution proposes that an evaluation of existing MFS policies and regulations be undertaken to determine whether they are outcome-based. This evaluation would at a minimum evaluate whether the impacts on consumers, society, market players, investment, and national development are considered in the drafting of existing MFS policies and regulations.
The findings of this research would also provide a framework that may be utilized to ensure that MFS policies and regulations are outcomes-based and that they contribute to increasing financial inclusion. It will assist policymakers and regulators make more informed decisions regarding MFS adoption given the local context.
Comment:
ITU-T SG3RG-LAC
Historic references: