Financial Inclusion and Mobile Payments: The Role of Central Banks and Regulators

Financial Inclusion and Mobile Payments: The Role of Central Banks and Regulators

Financial Inclusion and Mobile Payments: The Role of Central Banks and Regulators

Chair: Stephen Mwaura, Chairman, Fintech Institute & former Head of National Payments Systems, Central Bank of Kenya 

Day 1, 17th September - Financial Inclusion and Mobile Payments in the Era of Disruptive Innovation.

Key global initiatives and guidelines: an overview
Led by the Chair, Stephen Mwaura

  • Overview of the current initiatives helping to increase financial inclusion 
  • Key global targets, challenges and opportunities  
  • Examples of strategies and policies reaching the unbanked
  • Discussion: the interplay between financial inclusion and financial literacy in participants home jurisdictions 

FinTech as a driver of financial inclusion 
Nomsa Kachingwe,
Financial Sector Specialist, Finance, Competitiveness and Innovation Global Practice, World Bank Group – (invited) 

  • Impact of FinTech on the financial services industry 
  • Risks and opportunities for financial inclusion policies and strategies  
  • Effective regulation in order to facilitate the potential of FinTech for financial inclusion
  • Discussion: to what extent should FinTech be incorporated into financial inclusion strategies? 

Mobile payments: the state of the art in 2019
Ravi Ruparel
, Board Member, Central Bank of Kenya (invited)

  • Overview of new developments in mobile payments in 2019
  • Impact of advanced technologies on existing mobile payment infrastructures
  • Strategies for effective regulation and supervision of mobile payments platform
  • Discussion: what is the contribution of mobile payments to financial inclusion in participants’ home jurisdictions 

Day 2, 18th September – Integrating New Tools and Frameworks

Inclusive innovation: key models, strategies and policies
Ravi Ruparel
, Board Member, Central Bank of Kenya (invited)

  • Overview of initiatives enabling the public to benefit from disruptive innovation 
  • Strategies making FinTech more accessible to the unbanked population
  • Examples of projects helping innovation compliant with legal and regulatory requirements 
  • Legal innovation helping the products for inclusive innovation become compliant 

Central Bank Digital Currencies (CBDC): risks and opportunities in focus
Herbert Poenisch
, former Senior Economist, Bank for International Settlements and Member of International Committee, International Monetary Institute – Beijing 

  • State of the art of CBDC in 2019
  • Opportunities for financial policies and strategies  
  • New responsibilities for regulators and supervisors 
  • Discussion: are CBDCs desirable and realistic as the principle means of payment?

Infrastructure building and stakeholder coordination for financial inclusion: a Tanzania case study
Innocent Emphraim
, Head of Digital Finance, Financial Sector Deepening Trust

  • Building blocks for effective infrastructure of financial inclusion
  • Role of coordination and cooperation between central banks and the private sector
  • Tips for effective communication with the public 
  • Discussion: which elements of the Tanzania approach are applicable in the participants home jurisdictions 

Bridging the gap between the banks and customers: agency banking in Mozambique
Carlos Nhamahango
, Chief Executive Officer, Banco Letshego - (invited) 

  • Role of agency banking in financial inclusion 
  • Risk and benefits for consumers  
  • Best practices for effective monitoring, oversight and control of banking agents 
  • Case study: success story of agency banking in Mozambique

Promoting financial inclusion through financial education 
Ratidzo Starkey,
Head of Outreach and Education, Bank of England – (invited) 

  • Role of financial education in financial inclusion strategy 
  • Key features of effective financial education policies 
  • Examples of success stories and things that can be avoided 
  • Discussion: what does it take to financially educate the unbanked population?

Day 3, 19th September – Making the Most of Mobile Payment Innovation

New opportunities in mobile payments design and oversight
Isaac Njoroge
, Legal Counsel, Financial Services and Finance, Legal and Secretarial Services, Safaricom Ltd.

  • New developments in mobile payment design and oversight frameworks
  • Trends and dynamics shaping mobile payments in various jurisdictions 
  • New responsibilities for central banks and regulators 
  • Hands-on exercise: designing an effective and resilient mobile payment framework

Mobile payments as a driver of financial inclusion: the evolution of M-pesa 
Isaac Njoroge
, Legal Counsel, Financial Services and Finance, Legal and Secretarial Services, Safaricom Ltd. 

  • Evolution of M-pesa across various jurisdictions
  • M-pesa as a tool for reaching the unbanked population
  • Tips for making M-pesa more attractive for the unbanked population 
  • Discussion: what does it take to introduce a safe and sustainable mobile payment solution?

Consumer protection: key features of effective supervision of mobile payments platforms
Sudhir Upadhyaya
, Consultant, Mobile Money & FinTech 

  • Overview of financial legal and operational risks associated with mobile payments platforms 
  • Building blocks for effective consumer protection framework 
  • Examples of how RegTech and SupTech can be used to supervise and regulate the mobile payment industry 
  • Discussion: how can central banks and regulators balance the support for innovation and consumer protection 

Day 4, 20th September – Future of Mobile Financial Services 

Cross-border payments: what’s new? 
Abhaya Hota
, former CEO, National Payments Corporation of India  

  • Overview of the new tools used and applied in cross-border payments
  • Strategies for overcoming the barriers for faster and more efficient cross-border payments
  • Tips for sustainable integration of the emerging technology opportunities
  • Discussion: what does it take to achieve an effective cross-jurisdictional regulation and supervision    

Moving financial inclusion forward: the 2020 challenge
Led by the chair, Stephen Mwaura 

  • Overview of emerging risks and challenges for financial inclusion policies and strategies
  • Core components of a forward looking toolkit 
  • Key expectations in reaction to national targets and global initiatives 
  • Discussion: how will central banks and regulators need to change to keep up with future challengers  

Delegate action points and closing remarks
Led by the chair, Stephen Mwaura 

  • Summary of the course and main points 
  • Discussion of the observed trends and case studies 
  • Application of learning points in the participants’ home organisations
  • Preparation of action points