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WRAP Theses Madise 2017.Pdf A Thesis Submitted for the Degree of PhD at the University of Warwick Permanent WRAP URL: http://wrap.warwick.ac.uk/96313 Copyright and reuse: This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. For more information, please contact the WRAP Team at: [email protected] warwick.ac.uk/lib-publications The Case of Regulation of Mobile Money in Malaŵi: Law and Practice by Sunduzwayo Madise A thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Law University of Warwick, School of Law August 2017 TABLE OF CONTENTS List of figures.................................................................................................. v List of tables ................................................................................................... v Acknowledgements ........................................................................................ vi Declaration .................................................................................................... vii Abstract ........................................................................................................ viii Dedication to: ................................................................................................. ix Abbreviations and glossary ............................................................................ x 1. REGULATING MOBILE MONEY IN MALAŴI ........................................... 1 1.1. Introduction ....................................................................................... 1 1.2. Problem Statement ........................................................................... 5 1.3. Hypothesis ........................................................................................ 8 1.4. Research Question ........................................................................... 8 1.5. Research objectives ......................................................................... 9 1.6. Research argument .......................................................................... 9 1.7. Methodology and justification .......................................................... 10 1.8. Significance .................................................................................... 15 1.9. Limitations of the study ................................................................... 16 1.10. Structure of the thesis ..................................................................... 17 2. REGULATORY APPROACHES .............................................................. 20 2.1. Introduction ..................................................................................... 20 2.1.1. Public interest theory ................................................................ 22 2.1.2. Capture theory ......................................................................... 23 2.2. The regulatory spectrum ................................................................. 25 2.2.1. Command-and-control .............................................................. 27 2.2.2. Principles Based Regulation .................................................... 28 2.2.3. Self-regulation .......................................................................... 32 2.2.4. Responsive regulation .............................................................. 34 2.2.5. Reflexive regulation .................................................................. 36 2.3. Analysis of the regulatory approaches ............................................ 40 2.4. Regulatory space ............................................................................ 46 i 2.5. Regulatory approaches to m-money ............................................... 49 2.6. Existing regulatory issues around m-money ................................... 51 2.7. Conclusion ...................................................................................... 56 3. EMERGING FORMS OF MONEY ........................................................... 58 3.1. Introduction ..................................................................................... 58 3.2. Origins and nature of money ........................................................... 59 3.2.1. Evolution of central banks ........................................................ 64 3.2.2. From the gold standard to fiat money ....................................... 70 3.2.3. Standards and qualities of money ............................................ 72 3.3. Regulating money ........................................................................... 74 3.3.1. Regulating the financial sector ................................................. 77 3.3.2. The regulatory issues involving the financial services .............. 85 3.3.3. The regulatory issues involving globalised money ................... 88 3.4. Emerging forms of money ............................................................... 89 3.4.1. Electronic money and virtual currencies ................................... 90 3.4.2. Mobile money ........................................................................... 94 3.4.3. Airtime ...................................................................................... 98 3.4.4. Analysing m-money and airtime using the money framework 103 3.4.5. Cash and digital currencies contrasted .................................. 104 3.4.6. The regulatory issues involving m-money .............................. 105 3.5. Conclusion .................................................................................... 122 4. OPERATIONAL FRAMEWORK OF MOBILE MONEY .......................... 124 4.1. Introduction ................................................................................... 124 4.2. Development of the telephone ...................................................... 125 4.3. Development of the mobile phone ................................................ 127 4.4. Mobile money in operation ............................................................ 129 4.5. M-Pesa leads the way................................................................... 132 4.6. Why M-Pesa succeeded in Kenya ................................................ 134 4.6.1. A good agent network ............................................................ 138 4.6.2. The dual system ..................................................................... 139 4.6.3. Strong brand, clear message, and optimised pricing.............. 140 4.7. Why M-Pesa did not do as well in Tanzania ................................. 142 4.7.1. Economic, political, and social factors .................................... 143 4.7.2. Other local factors .................................................................. 145 4.8. In the footsteps of M-Pesa: Airtel Money and Mpamba ................ 147 ii 4.8.1. Airtel Money ........................................................................... 148 4.8.2. Mpamba ................................................................................. 153 4.8.3. Airtel Money and Mpamba Tariffs compared .......................... 155 4.9. Telco-led versus banking led model ............................................. 159 4.10. Conclusion .................................................................................... 163 5. PAYMENT SYSTEMS AND MOBILE MONEY ...................................... 164 5.1. Introduction ................................................................................... 164 5.2. A brief overview of Malaŵi’s financial sector ................................. 165 5.2.1. Structure of the central bank .................................................. 166 5.3. The nature of payment systems .................................................... 168 5.4. The Malaŵi Payment System ....................................................... 173 5.4.1. Development of the national payment system ........................ 173 5.5. The nature of the mobile money payment system ........................ 175 5.5.1. The remittance dilemma ......................................................... 175 5.5.2. The ‘revolutionary solution’: mobile money remittance ........... 179 5.6. Mobile money and the Malaŵi payment system ........................... 181 5.6.1. Role of the regulator: authorising m-money operations .......... 184 5.6.2. The mobile money ecosystem ................................................ 185 5.6.3. Mobile money not yet systemically important ......................... 188 5.7. Conclusion .................................................................................... 189 6. MOBILE MONEY AND FINANCIAL INCLUSION .................................. 191 6.1. Introduction ................................................................................... 191 6.2. Financial inclusion in the Malaŵian context .................................. 193 6.3. Village banks ................................................................................ 203 6.4. Mobile money: a solution to needs of the rural people? ................ 210 6.5. Conclusion .................................................................................... 213 7. EXISTING REGULATORY FRAMEWORK OF MOBILE MONEY ......... 215 7.1. Introduction ................................................................................... 215 7.2. Regulatory framework ..................................................................
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