Supervising Nonbank E-Money Issuers

Nonbank e-money issuers (NEMIs) can play an important role in providing an array of financial services - particularly payments, transfers, and savings - for those who are currently excluded from the formal financial system. In some countries, priva...

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Bibliographic Details
Main Authors: Lauer, Kate, Tarazi, Michael
Format: Brief
Language:English
en_US
Published: CGAP, Washington, DC 2014
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2012/07/17274320/supervising-nonbank-e-money-issuers
http://hdl.handle.net/10986/17100
Description
Summary:Nonbank e-money issuers (NEMIs) can play an important role in providing an array of financial services - particularly payments, transfers, and savings - for those who are currently excluded from the formal financial system. In some countries, private sector interest in establishing NEMI operations has been hindered by policy maker concerns over the lack of a clear supervisory framework for this relatively new category of financial institution. In light of this, CGAP researched the current supervisory practice in 10 countries that permit NEMIs and found that while few have a clear supervisory approach, all engage in minimal post-licensing supervision.