BSP open to retailers acting as mobile money conduits

Business World –┬áTHE BANGKO SENTRAL ng Pilipinas (BSP) is open to allowing third parties such as retail outlets to act as mobile money transfer agents so Filipinos without immediate access to banks could still have access to simple financial services.

“We are studying this,” BSP Gov. Amando M. Tetangco Jr. told reporters at the sidelines of the Mobile Money Transfer Conference and Expo yesterday.
During his keynote speech, Mr. Tetangco said the central bank appreciates the need to accredit third parties such as pharmacies and convenience stores as intermediaries for mobile money transfer but it needs to make sure that the public stays protected.
“While the business case of a vast network of authorized agents is clear, sufficient regulations must be in place to ascertain these agents comply with operational standards as well as good governance and consumer protection practices.”
He said only banks and quasi-banks have been allowed by the central bank to engage in mobile money transfer, which use mobile phones for banking transactions such as deposits and withdrawals.
Rural banks, which are extending mobile money transfer services to clients, have asked the BSP to allow them to accredit these third parties to extend their network.

“We are studying this,” BSP Gov. Amando M. Tetangco Jr. told reporters at the sidelines of the Mobile Money Transfer Conference and Expo yesterday.

During his keynote speech, Mr. Tetangco said the central bank appreciates the need to accredit third parties such as pharmacies and convenience stores as intermediaries for mobile money transfer but it needs to make sure that the public stays protected.

“While the business case of a vast network of authorized agents is clear, sufficient regulations must be in place to ascertain these agents comply with operational standards as well as good governance and consumer protection practices.”

He said only banks and quasi-banks have been allowed by the central bank to engage in mobile money transfer, which use mobile phones for banking transactions such as deposits and withdrawals.

Rural banks, which are extending mobile money transfer services to clients, have asked the BSP to allow them to accredit these third parties to extend their network. Read the rest of the article on Business World online.