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Mobile Money Services Study Country Report with In-Country Findings For

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Mobile Money Services Study Country Report with In-Country Findings For Mobile Money Services Study Country Report with In-Country Findings for: Romania Georgia Ukraine Turkey Russian Federation Kazakhstan Kyrgyz Republic Document Control Document Mihir Parikh, Andreas Rindler, Stepan Konstantinov, Authors Alejandro Garcia-Monterde, Christian Bruck Reference EBRD Mobile Money Country Report Version 7 Date 4th January 2013 Sibel Beadle, Operation Leader, EBRD Approval Bradley van Leeuwen, Associate Banker, EBRD Document Security Any person, other than the authorised holder, upon obtaining possession of the document should take it to the nearest Police Station or forward it, together with their name and address in a sealed envelope to: BearingPoint 16 Great Queen Street London WC2B 5DG United Kingdom Telephone: +44 (203) 2069670 EBRD Mobile-Money Country Report January 2013 TABLE OF CONTENTS 1. OVERVIEW OF MOBILE MONEY SERVICES...................................................................................................... 1 1.1. INTRODUCTION ................................................................................................................................................. 1 1.2. TAXONOMY OF SERVICES .................................................................................................................................... 2 1.3. BANKING AND PAYMENT CONVERSION CHAINS ....................................................................................................... 5 1.4. KEY BENEFITS OF M-MONEY ............................................................................................................................... 8 1.5. BUILDING BLOCKS OF MOBILE MONEY SERVICES ................................................................................................... 13 1.6. KEY SUCCESS CRITERIA FOR MOBILE MONEY SERVICES ........................................................................................... 14 1.7. ANALYSIS OF KEY SUCCESS CRITERIA ................................................................................................................... 16 2. COUNTRY RATINGS AND RECOMMENDATIONS ........................................................................................... 18 3. COUNTRY PROFILE: ROMANIA..................................................................................................................... 23 4. COUNTRY PROFILE: GEORGIA ...................................................................................................................... 45 5. COUNTRY PROFILE: UKRAINE ...................................................................................................................... 63 6. COUNTRY PROFILE: TURKEY ........................................................................................................................ 79 7. COUNTRY PROFILE: RUSSIAN FEDERATION .................................................................................................. 98 8. COUNTRY PROFILE: KAZAKHSTAN ............................................................................................................. 113 9. COUNTRY PROFILE: KYRGYZ REPUBLIC ...................................................................................................... 130 10. POTENTIAL NEXT STEPS WITH INTERESTED ENTITIES ................................................................................. 147 11. APPENDIX .................................................................................................................................................. 149 KEY OCCASIONS OF PAYMENT ....................................................................................................................................... 149 TABLE OF FIGURES Figure 1, Taxonomy of Mobile Money Services ............................................................................................ 4 Figure 2, Unbanked to Banked Conversion................................................................................................... 5 Figure 3, Cash to Mobile Wallet Conversion ................................................................................................. 6 Figure 4, Mobile Money Building Blocks ..................................................................................................... 13 Figure 5, Key Success Criteria for Mobile Money Services……… ................................................................. 15 Figure 6, Analysis of Subset of Key Success Criteria ................................................................................... 17 Figure 7, Mobile Money Opportunity Attractiveness - Country shortlist ................................................... 18 Figure 8, Guide to Ratings Scorecard .......................................................................................................... 19 Figure 9, Ratings for 29 countries based on BearingPoint analysis ............................................................ 20 Figure 10, Sample Country Evaluations ...................................................................................................... 21 EBRD Mobile-Money Country Report January 2013 Page 1 of 163 1. OVERVIEW OF MOBILE MONEY SERVICES 1.1. Introduction Rapid developments in mobile phone technology, network capability and availability, and consumer adoption are providing unprecedented opportunities for businesses and governments alike to offer new types of products and services to the market, consumers and citizens. The same radical forces of technology and service innovation that enabled emerging market countries to skip the fixed telephone line infrastructure investments are now at play to potentially revolutionise the world of financial services and to financially connect the world through mobile. According to The World Bank, remittance flows to the developing world are set to reach $406 billion in 2012 (a 6.5% rise on last year) with a rise in mobile remittances. In 2012 the GSM Alliance was tracking approximately 144 live deployments and 105 planned deployments of mobile money services globally1. Mobile money services typically include the provision of mobile banking, mobile money transfer and mobile payment services. These services are centred on the movement of money, but are considered to be part of the more widely defined mobile financial services, which can include other financial services like insurance, loans etc. This study includes an analysis of mobile money services across EBRD’s core countries of operation including CEE, CIS and North Africa. The primary purpose of the study is to provide EBRD bankers with a fact base on what the current situation of mobile money services looks like and what obstacles and opportunities for the establishment and further development of mobile money services exist in these countries. It should be noted that mobile phone technology, designs and user preferences are rapidly changing and that the lines between mobile phones and other mobility devices like tablets are being blurred. While this study is primarily focused on mobile feature phones and mobile smart phones, many of the concepts will also hold true for these other types of mobility devices. 1 http://www.gsma.com/developmentfund/programmes/mobile-money-for-the-unbanked/ EBRD Mobile-Money Country Report January 2013 Page 2 of 163 1.2. Taxonomy of Services In order to ensure a common understanding of the core concepts this section describes the key types of mobile money services. As no commonly agreed taxonomy of services is in existence anywhere in the literature or industry publications, the authors of the study developed the following taxonomy based on industry experience, publications and academic literature. Mobile Money Services are divided into the following three groups: Mobile Banking Mobile Money Transfer Mobile Payments Mobile Banking includes informational services and transactional services linked to a regular bank account and delivered via a mobile app, mobile website or simply via 2-way SMS/USSD messaging. It is usually offered by financial services organisations that treat mobile as an additional channel for convenient access for existing customers or to extend their reach into new customer segments. This particularly holds true for countries with a mature financial services industry. Mobile Money Transfer includes domestic money transfer and international remittances delivered where one actor in the value chain uses a mobile phone (e.g. mobile to cash or cash to mobile). These services are usually provided by a remittance service providers and telco operators, but can also be provided by regular financial services organisations. Contrary to mobile banking these services are not regularly linked to a bank account, and therefore, don’t require a full banking relationship. Mobile Payments includes proximity payments and remote payments. Proximity mobile payments involve two phones or a phone and a merchant point of sale terminal communicating via contactless, near field communication (NFC) or barcode technologies to carry out a payment transaction. Remote mobile payments refer to transactions without a physical interaction between phones or terminals, but rather via SMS, USSD or data connectivity. Both types of services usually involve some kind of electronic wallet (also called stored value account) that is linked to a mobile phone account, a bank account, a prepaid credit card, a regular credit card, a debit card or another electronic wallet. Typically Mobile Banking is provided by a financial services organisation, while Mobile Transfers and
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