There was a time when regulation had three priorities: interconnection, interconnection and interconnection. Was it Maeve Sullivan who came up with that line?
So anyway, looks like it’s coming back in the form of interconnection of mobile financial services.
Mr Collymore agreed that the industry needs greater cross-platform interoperability even as he argued that the process should be driven by market forces rather than regulatory intervention.
The proposed wallet-to-wallet interoperable system would allow a consumer to keep cloud accounts across the platforms of different mobile companies, making it possible to move and shift money between accounts as one chooses.
The consultants have also recommended the establishment of an ‘agent to agent interoperability’ — an arrangement where agents support multiple mobile money platforms using what is described in technical language as ‘a single float’.
Thus, what Anasysys Mason has proposed is an arrangement that is similar to the payments exchange platform that commercial banks recently introduced.