Saturday, May 10, 2008

Regulatory Challenge to Mobile Banking

South African tax year ends at the end of February and tax returns must be completed and filed by about July every year. This is a terrible time for me, because I have to go through all the forms and filing to ultimately submit this declaration. Sure it is a challenge for me as I do not like filling in the forms and collecting all the information, but I get it done every year, now for almost thirty years. I also draw on the expertise of my accountant who has been doing this for a long time and actually enjoys doing it.

When talking about regulatory challenges for mobile banking, I was trying to get this clear in my mind, what we mean by challenges:
a. Is it impossible to do, or we don't know how to do it and therefor a major barrier to deploying mobile banking
b. It is possible to do but maybe complex. We can do it but we have to fill in a number of forms and conclude agreements. We can work with experts that have done this before and know exactly what must be done.

In terms of my reference framework, it is b). What do you think?

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