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Washington Journal of Law, Technology & Arts

Abstract

Few people would dispute that mobile money can be an engine of financial inclusion and has the potential to reach millions of customers, including those at the bottom of the socio-economic pyramid. Fewer though would characterize mobile money as the lynchpin of financial integrity. But financial inclusion and financial integrity have at least three tangential points to mobile money: (1) mobile money will help reduce dependency on cash, which is the common enemy of both financial inclusion and financial integrity, (2) mobile money generates data which is instrumental to the health and growth of both financial inclusion and financial integrity, and (3) mobile money accelerates the development of accounts, which are the backbone of financial inclusion and financial integrity. In any case, if mobile money is to deliver on its promises for both financial inclusion and financial integrity, three regulatory barriers need to be removed.

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