News

This is the DFSO News Section, covering recent Digital Financial Services news and relevant topics.

Feb

13

2020
URA Seeks to Expand Social Media Tax to Mobile Data

By Michael Wechsler

The Uganda Revenue Authority has proposed shifting existing "Over-the-Top" taxes, commonly referred to as the "social media tax" in Uganda, to a tax encompassing Internet data packages due to lower than expected revenues suspected to be primarily the result of evasion practices by mobile subscribers using virtual private networks (VPNs).
Tags:
social media
Over The Top
taxation
Category:
Mobile Money
Country / Block:
Uganda
- Read more about URA Seeks to Expand Social Media Tax to Mobile Data
Dec

30

2019
MTN "MoMo" Mobile Money Service Going Live in 2020

By Michael Wechsler

Mobile network operator, MTN, announced in South Africa that its new mobile money service, "MoMo", will go live in 2020. MoMo will be available both via a USSD session as well as an app, available in the Google Play and Apple App stores by the end of January.
Tags:
undefined
Category:
Mobile Money
Country / Block:
South Africa
- Read more about MTN "MoMo" Mobile Money Service Going Live in 2020
Oct

28

2019
Malawi Government Drops Plans for Mobile Money Tax

By Michael Wechsler

After proposing a 1% tax on mobile money transactions, the Malawi Ministry of Finance officially dropped its plan after facing criticism from mobile network operators (MNO) and consumer rights organizations.
Tags:
Mobile Money
taxation
Category:
Mobile Money
Country / Block:
Malawi
- Read more about Malawi Government Drops Plans for Mobile Money Tax
Oct

28

2019
Bahamas Central Bank Confirms Intent to Use a CBDC

By Michael Wechsler

In comments referring to efforts at resilience in coping with the Caribbean region's periodic natural disasters, Central Bank of the Bahamas governor, John Rolle, explained how the use of a fiat-based Central Bank Digital Currency (CBDC) could help affected residents through expeditious payments restoration.
Tags:
Central Bank
Central Bank Digital Currency (CBDC)
Crypto Currency
Category:
Blockchain / DLT
Country / Block:
Bahamas
- Read more about Bahamas Central Bank Confirms Intent to Use a CBDC
Oct

21

2019
Zimbabwe Central Bank Rescinds Mobile Money Ban

By Michael Wechsler

On October 3, the Central Bank of Zimbabwe rescinded its September 20 Directive banning mobile money cash-in/cash-out transactions in an effort to quell illegal premiums being demanded by agents during a period of physical cash shortages.
Tags:
Mobile Money
Category:
Mobile Money
Country / Block:
Zimbabwe
- Read more about Zimbabwe Central Bank Rescinds Mobile Money Ban
May

02

2019
Mauritius Launches EU Cyber Resilience for Development (CYBER 4D)

By Michael Wechsler

In an effort to increase the security and resilience of national information and communications systems and infrastructure, Mauritius ministers announced the launch of its Cyber-Resilience for Development (Cyber4D) Programme in Feburary, to be implemented in Mauritius, Botswana and Sri Lanka.
Category:
Cybersecurity
Country / Block:
Mauritius
- Read more about Mauritius Launches EU Cyber Resilience for Development (CYBER 4D)
Apr

30

2019
Study Finds 80% of Ugandans Believe Mobile Money is Too Expensive

By Michael Wechsler

The Twaweza initiative announced that a research study it conducted in Uganda revealed that almost 79% of citizens believe that mobile money services are too expensive to use and 57% had reduced their usage since being recently burdered by a new 0.5% tax on mobile money withdrawals.
Tags:
Mobile Money
tax
Category:
Mobile Money
Country / Block:
Uganda
- Read more about Study Finds 80% of Ugandans Believe Mobile Money is Too Expensive
Mar

10

2019
Securities Commission Malaysia Invites Public Comment on ICO and Crowdfunding Regulations

By Michael Wechsler

The Securities Commission Malaysia published two consultation papers on March 6 seeking public feedback for proposed frameworks relating to Initial Coin Offerings (ICO) and property crowdfunding.
Tags:
Crowdfunding
Initial Coin Offering (ICO)
Trading
Peer-To-Peer
Category:
Initial Coin Offering (ICO)
Country / Block:
Malaysia
- Read more about Securities Commission Malaysia Invites Public Comment on ICO and Crowdfunding Regulations
Feb

01

2019
Nigerian Financial Services Fraud Estimated at N 197 Billion Annually

By Michael Wechsler

Multiple sources reported that Prof. Yemo Osinbajo, Nigeria's Vice President, estimated the annual cost of Nigerian telecommunications related financial services fraud at N197 billion (USD544,048,605) while addressing industry stakeholders at a forum organized by the Nigerican Communications Commission and the Central Bank of Nigeria.

Category:
Fraud
Country / Block:
Nigeria
- Read more about Nigerian Financial Services Fraud Estimated at N 197 Billion Annually
Jan

30

2019
Mobile Money Transfers Suspected of Financing Dusit D2 Terror Attack

By Michael Wechsler

Arrests and court proceedings against persons suspected of involvement with the terrorist attack at the dusitD2 hotel in Nairobi suggest that the Kenyan mobile money transfer system may have been used as a primary financing vehicle.

Tags:
Financing of Terrorism
Category:
Mobile Money
Country / Block:
Kenya
- Read more about Mobile Money Transfers Suspected of Financing Dusit D2 Terror Attack

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Licensing Framework for Digital Banks Exposure Draft

This exposure draft sets out the proposed framework to allow entry of digital banks with innovative business models that seeks to serve the underserved and unserved market segments. This framework forms part of a series of measures adopted by the Bank to enable innovative application of technology in the financial sector. The Bank invites written feedback on this exposure draft, including areas to be clarified or elaborated further or alternative proposals that the Bank should consider.

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In Force

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News

URA Seeks to Expand Social Media Tax to Mobile Data

MTN "MoMo" Mobile Money Service Going Live in 2020

Malawi Government Drops Plans for Mobile Money Tax

Bahamas Central Bank Confirms Intent to Use a CBDC

Zimbabwe Central Bank Rescinds Mobile Money Ban

Mauritius Launches EU Cyber Resilience for Development (CYBER 4D)

Study Finds 80% of Ugandans Believe Mobile Money is Too Expensive

Securities Commission Malaysia Invites Public Comment on ICO and Crowdfunding Regulations

Nigerian Financial Services Fraud Estimated at N 197 Billion Annually

Mobile Money Transfers Suspected of Financing Dusit D2 Terror Attack

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