Mobile banking – everyone is talking about it, but how can we separate hype from reality? I've invited Janine Firpo, President of Sevak Solutions, to help us make sense of this potentially transformative technology. Janine was recently hired by IFC, a member of the World Bank Group, to work with IFC’s regional advisory teams to accelerate the development and large-scale roll-out of mobile money solutions in East Asia and the Pacific.
Janine brings over 24 years experience in technology, international development, and consortium building to her efforts. For the past six years, she has focused exclusively on the role of information and communications technologies in the extension of financial services. She is a pioneer in the implementation of branchless banking solutions and has worked on a range of related issues in Africa, Asia, and Latin America. Welcome!
The East Asia and Pacific M-Banking Program
Most existing m-banking products (including those offered in Indonesia, China, and Vietnam) are generally limited to existing bank customers, offering an additional delivery mechanism for them to check balances, make payments, and so on. This is referred to as the “additive” m-banking model. IFC’s EAP M-Banking Program focuses on the “transformational” m-banking model – where m-banking technology allows banks, telcos, or technology companies to pull unbanked populations into the financial system via mobile phones.
The EAP M-Banking Program will focus on three key areas: (1) support of Central Banks as they assess the regulatory requirements for mobile money and mobile banking; (2) work with partners to establish pilots and build the business case for m-banking; and (3) provide knowledge sharing, advocacy, and education among market players across the region. Initial activities will include seminars, market studies, and regulatory assessments. Specific projects and partners will differ by country, depending on local requirements.
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