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  • This Note discusses current implementations of eIDs and eKYC and its impact on, access to and provision of DFS. However, with multiple stakeholders in the system, issues of regulatory coordination, technological capacity, and data protection and privacy affect the use of eKYC for financial inclusion.
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  • Digital Financial Services (DFS) is a relatively recent mobile-centric financial inclusion innovation in developing countries. Using ubiquitous mobile phones as the means of service access, DFS provides the unbanked and underserved - many of whom live in rural areas - with access to basic financial services provided by banks and nonbanks such as mobile network operators and third party DFS providers (DFSPs).
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  • A model memorandum of understanding (MOU) between the central bank and telecommunications regulatory authority of an individual jurisdiction.
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  • Overall, the purpose of the paper is to provide a fresh perspective on the role of the NTA in relation to the success and growth of DFS and to systemize the understanding of the role of NTAs within the context of DFS. Due to the multi-sectoral and cross-cutting nature and increasing complexity of DFS, we argue for increased cooperation between implicated regulators and agencies as well as increased capacity building for NTAs.
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  • This study assumes some very basic knowledge of mobile technologies and payments and this primer will provide deeper insight into how the DFS ecosystem has evolved, how it operates, and its challenges.
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  • The purpose of this study is to provide a fresh perspective specifically on the role of regulators who have competition-related competencies over some or all of the components of DFS, for example the financial and telecommunications components. The study forms part of a series by the author on the role of the primary regulators in the DFS ecosystem, intended to systemize each of their roles.
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  • This study looks generally at how regtech is evolving globally and more specifically at how central banks in developing countries are contemplating the use of regtech, the potential use cases, and any impact on financial inclusion. Our research involved desktop research and interviews with central bank officials, providers, donors and consultants involved in global regtech initiatives. We provide examples of regtech use by regulators in India, Mexico, Nigeria, Nepal and Philippines as well as a compendium of the types of technologies that are being used and could be potentially used as regtech.
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