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CSM 305 Risk Management And Mobile Money Regulation
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CSM 305 Risk Management And Mobile Money Regulation
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Course Code: CSM 305
University: Centennial College
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Canada
Question
Risk Management and Mobile Money Regulation – As mobile money takes shape and topples other forms of payments in sub Saharan African, there are several risks comes with it. whereas much research has been done in mobile money payment systems, little has been said with the associated risk. this study tends to study the associated risks of mobile money payments. Some of the risks to be considered includes
1.Systemic- A risk that could cause collapse of, or significant damage to, the financial system or a risk which results in adverse public perception, possibly leading to lack of confidence and worse case scenario, a “run” on the system and/or contagion effect
2.Operational: A risk which damages the ability of one of the stakeholders to effectively operate their business or a risk which results in a direct or indirect loss from failed internal processes, people, systems or external events.
3.Reputation: A risk that damages the image of one of the stakeholders, the mobile system, the financial system, or of a specific product.
4.Legal: A risk which could result in unforeseeable lawsuits, judgment or contracts that could disrupt or affect Mobile Financial Services (MFS )business practices
5.Liquidity: A risk that lessens the ability of a bank or MFS provider/agent to meet cash obligations upon demand
Fraud: A risk which increases the exposure of one or morestakeholders to loss of their money held within the system as a result of deliberate deception, trickery, or cheating by other stakeholders in the system.
Regulatory Risk – Risk that comes from influences of regulators of the the Mobile Financial Services. Lack of clarity as to who should lead in regulatory the mobile payment business posses a risk. In Ghana, the Electronic Transaction Act 772 provided that the National Information technology agency shall be responsible for all forms of electronic transactions. whereas this provision is very clear, the bank of Ghana, has taken a very dominant lead developing executing the MFS regulations. For now it seems to be working fine. it will not take long before the legal ramifications sets in to challenge the status quo of regulations. Again, the mobile payment systems is considered as a Value Added service under the electronic communication (Ghana, Act 775). This means that the providers of MFS require VAS license from the National Communications Authority, NCA in order to provide these services on the public electronic communication infrastructure. The NCA Act 769 mandated the NCA to regulate all electronic communications in Ghana. each of these regulators mentioned clearly has legal role to play which in itself posses a risk to the nascent payment system.
Answer
Risk management and mobile money regulation in the sub Saharan African region.
Introduction
With the advent of the new technologies in the field of science and development, new opportunities have opened in the field of commercial services and the banking mechanisms. Transactions between two parties or the involvement of the multiple parties in the transactional mechanism has been facilitated with the help of the onset of payments through mobile money (Di Castri, 2013). Payments through mobile has not only provided a boost to the fiscal exchange system but also has opened a new doorway for the business processes to experience a fluency in the transfer of the funds (Iddris, 2013). These transactional exchanges are also associated with several risks that are required to be mitigated at any cost.
Background
Payments made using the mobile services are fast and easy. Due to the fluency in the services, it is also time efficient. Although there are a lot of benefits of the using the mobile payments for monetary exchanges, there are several risks such as the systematic risks or the operational risks or the reputational risks or the legal risks or the liquidity risks or the fraudulent risks or the regulatory risks that are associated with the online transactional processes (Jack & Suri, 2014). These risks are required to be seriously considered while implementing the services as these risks may prove to be fatal in due course of the processes. To mitigate these risks effectively the authority should take enough initiatives to formulate a risk management plan by which a fair idea about the concerned risks can be developed along with their probability of impact in the system (Njenga & Ndlovu, 2013).
Aims and objectives
The main aim of this dissertation proposal is to highlight the risks that are often associated with that of the mobile payments and the online transactional mechanisms through the mobile financial services or the MFS. These highlighted risks shall be subjected with effective management strategies that are dedicated towards marking the impact and the probability of the associated risks in the mobile money transactions. A risk management plan is highly required to mitigate the risks so that the safeguarding of the transactional process can be easily attained keeping the future prospect in mind.
The main objectives of the dissertation proposal has been stated as the following:
To understand the various types of risks that may be associated with the transactional processes of the mobile financial services.
To understand the impact of the associated risks in mobile money regulation and also the probability of those risks in the upcoming stages.
To recommend effective strategies and techniques through which the associated risks can be minimised and can be easily mitigated through a risk management plan.
Literature Review
According to Hanafizadeh et al., 2014, encouraging the users to use vehemently the cell phones for the transactional processes and the risks associated with the transactional process makes it obvious to understand the associated risks and develop a risk management plan to counter the impacts of those risks in future. The study builds on the idea of the mobile banking and the adoption of those practices. This study has been towards a specific region in the country of Iran. The study found that the mobile banking services are widely adopted in this area due to the ease of use, personalised life style, perceived expenditures and the credibility (Oscar Akotey & Abor, 2013). The study is based upon the mixture of the primary and the secondary sources. Although the study has done in depth analysis, it is concentrated towards a particular region for which it cannot be highly relied upon for all cases of the mobile banking industry.
According to Govender & Sihlali, 2014, the increased usage of the mobile technologies makes the mobile services more appealing among the students who have intensions to remain technically updated all the time. The study revolves around the adoption of the mobile banking services among the students. This study is highly reliable since it is based upon the application of the quantitative approach in the collection of data through the distribution questionnaires among the students. The study particularly depends upon the implementation of the Trans Acceptance Model or the TAM. It has been stated in the study that the risks and the privacy issues are found to considerably low among the students since they are well updated about the risks through an effective risk management plan (Osei-Assibey, 2015). Further the study also addresses the risks that are associated in the mobile banking and recommends way to mitigate the associated risks in the transactional processes.
Research Methodology
The research is intended to be conducted by the application of the certain principles and guidelines of the risk management in mobile banking and the mobile money regulations. The data for the effective framing of the dissertation shall be completely based on the primary data regarding the associated risks and their effective management strategies in mobile money regulation. As this proposal is concentrated towards the association of the several risks and their management procedures, a qualitative primary data will be used in the dissertation. The qualitative data will be collected through the help of several interviews of the people who has been subjected to either the systematic risks or the operational risks or the reputational risks or the legal risks or the liquidity risks or the fraudulent risks or the regulatory risks.
Research Schedule
Outline Number
Task Name
Duration
Start
Finish
Predecessors
0
Research Project
48 days
Tue 10/23/18
Thu 12/27/18
1
Research Proposal
16 days
Tue 10/23/18
Tue 11/13/18
1.1
Choosing a topic for research
3 days
Tue 10/23/18
Thu 10/25/18
1.2
Background Study of the Research
6 days
Fri 10/26/18
Fri 11/2/18
2
1.3
Development of the Research Question
3 days
Mon 11/5/18
Wed 11/7/18
3
1.4
Designing the Conceptual Framework
2 days
Thu 11/8/18
Fri 11/9/18
4
1.5
Development of the Research Question
2 days
Mon 11/12/18
Tue 11/13/18
5
1.6
Research Proposal Submission
0 days
Tue 11/13/18
Tue 11/13/18
6
2
Review of the Literature and Collection of the Data
25 days
Wed 11/14/18
Tue 12/18/18
2.1
Reviewing the available literature
10 days
Wed 11/14/18
Tue 11/27/18
7
2.2
Selecting target population for collecting the data
2 days
Wed 11/28/18
Thu 11/29/18
9
2.3
Collecting the Data of the Research Study
9 days
Fri 11/30/18
Wed 12/12/18
10
2.4
Analysing the gathered data
4 days
Thu 12/13/18
Tue 12/18/18
11
2.5
Submission of the Draft Research paper
0 days
Tue 12/18/18
Tue 12/18/18
12
3
Submission of the Final Project Paper
7 days
Wed 12/19/18
Thu 12/27/18
3.1
Critical Analysis of the findings
3 days
Wed 12/19/18
Fri 12/21/18
13
3.2
Concluding the Findings of the Study
3 days
Mon 12/24/18
Wed 12/26/18
15
3.3
Recommendations
1 day
Thu 12/27/18
Thu 12/27/18
16
3.4
Submitting the Final Project Report
0 days
Thu 12/27/18
Thu 12/27/18
17
Gantt chart
References
Di Castri, S. (2013). Mobile money: Enabling regulatory solutions.
Govender, I., & Sihlali, W. (2014). A study of mobile banking adoption among university students using an extended TAM. Mediterranean Journal of Social Sciences, 5(7), 451.
Hanafizadeh, P., Behboudi, M., Koshksaray, A. A., & Tabar, M. J. S. (2014). Mobile-banking adoption by Iranian bank clients. Telematics and Informatics, 31(1), 62-78.
Iddris, F. (2013). Barriers to adoption of mobile banking: Evidence from Ghana. International Journal of Academic Research in Business and Social Sciences, 3(7), 356-370.
Jack, W., & Suri, T. (2014). Risk sharing and transactions costs: Evidence from Kenya’s mobile money revolution. American Economic Review, 104(1), 183-223.
Njenga, K., & Ndlovu, S. (2013). On rational choice, risk and utility in mobile banking: building the information society. The African Journal of Information and Communication, 2013(13), 42-61.
Oscar Akotey, J., & Abor, J. (2013). Risk management in the Ghanaian insurance industry. Qualitative Research in Financial Markets, 5(1), 26-42.
Osei-Assibey, E. (2015). What drives behavioral intention of mobile money adoption? The case of ancient susu saving operations in Ghana. International Journal of Social Economics, 42(11), 962-979.
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