Mesofinance Media - News #Regulation

ITU offers tools, training to boost resilience of digital financial services infrastructure

Tue, 20 Feb 2024 11:26:29 -0500

The UN’s International Telecommunication Union recently rolled out a “Cyber Security Resilience Assessment toolkit for DFS Critical Infrastructure” to help regulators and practitioners protect the systems that make digital financial services possible. The toolkit is based on the following “pillars”: Risk Management, Governance, Testing, Training & Awareness, Protection, and Incident Response. ITU also offers in-person and remote “security clinics” several times per year.

Finnosummit Connect 2024 \ 4-7 March \ Cancún, Mexico

Fri, 16 Feb 2024 13:05:41 -0500

This event includes afternoons free for networking with sessions in the mornings and evenings on topics such as embedded finance, digital IDs, public policy, AI, collaboration and experience sharing among startups. The fee to attend is USD 1,250. You may seek more details by emailing tickets@finnovista.com or calling +56 36 66 48 12.

RBI blocks fintech Paytm from accepting deposits into its mobile money wallets as of March 1

Tue, 13 Feb 2024 12:07:05 -0500

The Reserve Bank of India, citing “persistent non-compliance” with rules relating to “falsifying customer information and money laundering” has told Paytm, a fintech with 330 million users in India, that it may no longer accept deposits into its customers’ e-wallets. The company has denied wrongdoing.

Customers will continue to be able to use their balances after the February 29 deposit deadline. They also will continue to have access to the Paytm app to make transfers among third-party financial services providers.

Paytm’s mobile money wallet allows balances up to the equivalent of USD 2,400. The firm’s services include allowing businesses to accept electronic payments as well as helping customers access payment cards and third-party services such as insurance, loans, investment products, bill payments, and event and travel tickets. Paytm is a publicly traded firm that was founded in 2010.

Central Bank of Nigeria upgrades Alert Microfinance Bank to state license

Fri, 19 Jan 2024 17:31:04 -0500

The Central Bank of Nigeria (CBN) reportedly has issued a license to Alert Microfinance Bank enabling it to operate across the state of Lagos. The microbank was founded in 2013 as Boig Microfinance Bank, with a “unit” license allowing it to operate up to five branches. Alert serves individuals as well as micro-, small and medium-sized enterprises (MSMEs) with a mobile app, savings services and various loan products. Several of these products are designed specifically for purposes such as serving youth, helping parents pay school fees and enabling companies to acquire fixed assets. Alert’s diaspora product offers Nigerians loans up to the equivalent of USD 280 if someone who sends them money from abroad places a refundable deposit via Alert’s app. The borrower pays monthly interest of 3.5%, and the guarantor receives a bonus of 5% on the deposit when the loan is repaid. Alert reports serving 24,000 customers with total assets of USD 6.7 million.

Author: Rohan Kumar Agarwal

Bank of Tanzania revokes license from Msilikare Microfinance amid reports of 20% monthly interest charges

Tue, 16 Jan 2024 16:48:28 -0500

Tanzania’s central bank recently revoked the license of Msilikare Microfinance, citing various allegations of impropriety, including that the institution was charging interest rates “well beyond” the permissible limit. One loan, for example, reportedly carried monthly interest of 20%. Msilikare primarily served teachers in the Shinyanga Region of Tanzania. Additional details on the firm are not available.

Author: Rohan Kumar Agarwal

Muhammad Yunus free on bail while appealing 6-month sentence; government of Bangladesh accused of smear

Mon, 01 Jan 2024 18:44:50 -0500

Thank you to the BBC for this news item.