Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Tanzania Working to Revise Mobile Banking Laws
A new law to regulate mobile banking in Tanzania is in the pipeline as part of efforts by the government to enhance compliance in the business. Since the introduction of the mobile banking services in 2008 in the country there was no proper law to guide and regulate the m-banking despite its tremendous growth and dynamism.
And analysts are questioning the strictness of the existing laws and regulations to prevent any possible illicit activity such as money laundering and terrorism financing that might engulf the mushrooming mobile phone-based transactions. According to a senior Bank of Tanzania official, a national payments system bill is expected to be tabled in Parliament for debate this year. Once enacted, the law would boost mobile commerce while ensuring more security.