Wednesday, September 23, 2009

The Governor of the Bank of Zambia's approach to mobile banking regulations

One of the contributors to the mobile banking conference in Zambia was the governor of the Central bank (Bank of Zambia), Dr Caleb Fundanga. I do believe that his approach to mobile banking contributed to the success story that we see developing in the country. When confronted with mobile banking during the early part of this decade, he did not dismiss it as too risky or unproven. He and his team worked in a responsible manner to establish a dispensation that seems to nurture mobile banking, creating benefits to all.

During his speach Dr Fundanga made a number of points of which the following I found enlightening:
1. The Bank of Zambia (BOZ) must implement the law. This is what guide them and they cannot deviate from this.
2. In tackling new challenges and interpreting the law, the approach of the BOZ is to collaborate with all and to develop policy in a transparent manner
3. If a situation calls for a change in the law, this is done in a structure process with wide consultation of all parties.

His approach of finding solutions, rather than listing problems will lead to an even better adoption of mobile banking in the country.

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