scholarly journals Uncharted waters: an exegetical exploration of Ghana’s regulatory framework in relation to cryptocurrency

2021 ◽  
Vol 1 (1) ◽  
pp. 37-56
Author(s):  
Gideon T Gabor
Keyword(s):  
Financial Services ◽  
Precious Metals ◽  
Legal Framework ◽  
Mobile Banking ◽  
Fast Tracking ◽  
Secondary Sources ◽  
Telecommunication Companies ◽  
Constant Improvement ◽  
Desk Research ◽  
Potential Use

  The historical evolution of money has taken many forms such as precious metals, cowries, banknotes and coins, with the latest stage of this evolving continuum being digital currency. This evolution has been characterised by the gradual movement to a more cashlite aware society. The transition is being facilitated by constant improvement in financial technologies and services. Ghana is no exception to this development. The emergence of credit and debit cards as well as mobile banking is digitising Ghana’s currency whilst extending financial services across the country. Mobile money payment facilitated by the telecommunication companies in partnership with the traditional banks is also fast-tracking Ghana’s progress towards a cashlite economy. In 2009, a new cash-like electronic instrument known as Bitcoin emerged. Bitcoin is touted as offering anonymous, fast and irreversible peer to peer transactions, across borders with little or no transactional cost. The introduction of Bitcoin has birthed the cryptocurrency era. The anonymous nature of cryptocurrency transactions is an attraction to criminals and terrorist organisations who use cryptocurrency to facilitate unlawful activities. Despite the enormous financial, social and economic, and even political risk in cryptocurrency use, this financial instrument is largely unregulated in most countries. The potential use of cryptocurrency for purposes outside the law justifies the need for regulation to make cryptocurrency use less attractive for unlawful activities. This article draws on the legal approaches to regulating cryptocurrency by adopting a desk research to theoretically examine and interpret primary and secondary sources of data in order to determine the possible existence of an existing Ghanaian legal framework regulating cryptocurrency in Ghana

Digitalization of the Banking Sector: New Challenges and Prospects

2019 ◽  
pp. 81-89
Author(s):  
A. M. Abbasov ◽  
Z. F. Mamedov ◽  
S. A. Aliev
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Internet Banking ◽  
Legal Framework ◽  
Mobile Banking ◽  
Electronic Payments ◽  
Banking Service ◽  
Scope Of Application ◽  
Characteristic Features ◽  
Digital Payments

The presented study examines the digital banking model in the context of globalization.Aim. The study aims to analyze the nature and current state of digital banking and to determine perspective directions for its development in Azerbaijan.Tasks. The authors examine the major trends in the development of digital banking, determine its classification relative to the Russian digital banking market, and identify perspective directions for its development in Azerbaijan.Methods. This study uses general scientific methods of cognition to examine in various aspects the models of development, its trends, characteristic features, and perspective directions in Azerbaijan. Results. The progress of both Internet banking and mobile banking is closely associated with e-commerce. Out of 30 banks operating in Azerbaijan, 27 use Internet banking and 25 use mobile banking. At this point, 25% of current account transactions in Azerbaijani banks are conducted via electronic payments. According to the UNCTAD B2C E-commerce Index, Azerbaijan ranks 68th among 144 countries in terms of e-commerce development. Therefore, the most important strategic priorities for the country include improving the variety, quality, and services in the field of digital payments by consolidating the institutional and legal framework of these services, increasing the infrastructure capacity, and facilitating mass use. Expanding the scope of application of digital payments in the context of transparent economic transactions would reduce the costs associated with cash and operating losses of banks and institutions, which would in turn open up new opportunities for modern financial services, thus enhancing economic growth.Conclusions. Development of digital banking is a path toward economic transparency, shrinking of the underground economy, and an increase in tax revenues, the number of jobs, and GDP. The Central Bank of Azerbaijan (CBA) is taking systemic measures aimed at expanding the digital transformation of the banking service and payment system. The implementation and development of innovative banking products should be reflected in the strategy of every bank. Digitalization could become one of the forces driving the development of the baking system and increase the level of trust between depositors and banks, making this sector more transparent. However, there is one major obstacle: a lack of understanding that business should be urgently transformed using digital technology.

Digital Financial Inclusion in India

2019 ◽  
pp. 195-203 ◽  
Author(s):  
Gaurav Agrawal ◽  
Pooja Jain
Keyword(s):  
Financial Services ◽  
Financial Inclusion ◽  
Mobile Banking ◽  
Banking Services ◽  
Secondary Sources ◽  
Intention To Adopt ◽  
Banking Activity ◽  
Standards Of Living ◽  
Mobile Financial Services ◽  
Technology Intervention

Financial inclusion is a multidimensional approach. With technology intervention in financial inclusion, electronic banking activity in rural India leads to increased use of financial services and better living standards. In the rising market, many people using mobile phones still are not able to access banking products and financial services. This indicates a huge untouched market for commercial banks. In India, mobile banking services are still in the early stages of development. Thus, the main objective of the chapter is to understand the factors that would act as drivers towards the adoption of mobile financial services and understand people's intention to adopt and use of mobile banking services which lead to increases accessibility towards financial products among rural people as well improve standards of living and overall development of the nation. The study focuses on utilizing secondary sources which is related to financial inclusion to understand the new banking technology and identifies people's behavior towards adoption and uses of banking services.

A Financial Inclusion as a Catalyst for Poverty Reduction in Nigeria

2018 ◽  
Vol 4 (5) ◽  
pp. 1
Author(s):  
Akeem Olaide Abimbola
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Poverty Reduction ◽  
Empirical Studies ◽  
Banking System ◽  
Financial Inclusion ◽  
Mobile Banking ◽  
Secondary Sources ◽  
The Government ◽  
High Level

The purpose of this article is to examine the role financial inclusion can play in the reduction of poverty in Nigeria. Financial inclusion which can be explained as access to formal financial services such as credit, savings and insurance opportunities is still very vague in developing countries such as Nigeria where there is high level of poverty. The country has a large number of ‘unbanked’ people whose business activities are not captured in the country’s economic reports. These ‘unbanked’ populaces are illiterates who are either unemployed or under employed and lack access to financial services and information, and are totally excluded in the financial ecosystem and market. It examines the roles of government and financial institutions and the use of various mobile initiatives such as mobile banking, mobile money, agent banking etc. as financial inclusion tools to stimulate poverty reduction. Time series analysis on data obtained from secondary sources between the periods of 1992 and 2016 was adopted by the authors and the study covered financial inclusion as it relates to unbanked people in Nigeria. Other empirical studies in this field were used to strengthen the OLS findings. It was concluded that majority of the ‘unbanked’ in Nigeria are low income people who do not have access to financial services and information on financial inclusion. While few are timid on the need to use a bank, a large number of them are willing to use banking services and believe the availability of these services will help improve their economic condition. At the end of the paper, it is recommended that the government should encourage Banks to continue to take advantage of all the financial inclusion policies of the government in mobilizing funds from the informal sector into the banking system and this can be best done by increasing the amount of customers within the financial system as a tool for encouraging financial inclusion and stimulating the economy and thereby reducing poverty in the country

scholarly journals ROLE OF TECHNOLOGY IN FINANCIAL INCLUSION IN INDIA

2021 ◽  
pp. 1-5
Author(s):  
Arun.K.V
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Business Models ◽  
Formal System ◽  
Financial Inclusion ◽  
Handheld Devices ◽  
Mobile Banking ◽  
Major Step ◽  
Banking Business

Technology and financial inclusion are the popular coinage in banking parleys in the country. While technological upgradation and mobile banking are catching up so fast, financial inclusion is tardy. Financial inclusion is a major agenda for the Reserve Bank of India (RBI). Without financial inclusion, banks cannot reach the un-banked. It is also a major step towards increasing savings and achieving balanced growth. The reach the country is having with technological progress mobile banking has the potential to emerge as a game changer in terms of costs, convenience, and speed of reach. Business models of banks, telecom operators and other stakeholders need to converge. However, the banking industry’s penetration to un-banked areas is still found sluggish. The role of the Indian banker is challenging. At one end of this spectrum lies the demand to achieve financial inclusion as nearly 50 per cent of the population is yet to be covered under the formal system of banking and at the other end lies the task to fulfil the needs of the existing customers. The first priority for banks is to adopt core banking solution (CBS), including all regional rural banks (RRBs). Next, a multi-channel approach using handheld devices, mobiles, cards, micro-ATMs, branches and kiosks can be used. However, it should be ensured that the transactions put through such front-end devices should be seamlessly integrated with the banks’ CBS. In rural areas, where accessibility is a problem, banks are using the microfinance network and business correspondents and facilitators to bring more people under the ambit of banking services. Capitalising on the huge untapped potential in smaller towns and cities and rendering financial services to this segment of people poses a big challenge. Few banks have explored technology solutions to increase the scale of their microfinance portfolios, with the use of smart cards and core banking solutions. KEYWORDS- Technology, Financial Inclusion, Core Banking, Business Correspondents

scholarly journals Financing innovative development of the African economies: the role of digitalization and financial innovations

2020 ◽  
Vol 28 (3) ◽  
pp. 429-439
Author(s):  
Tijani Forgor Alhassan ◽  
Ahou Julie Kouadio ◽  
Dadson Etse Gomado
Keyword(s):  
Financial Development ◽  
Financial Services ◽  
Positive Relationship ◽  
Financial Innovation ◽  
Sub Saharan Africa ◽  
Innovative Development ◽  
Mobile Banking ◽  
Data Set ◽  
Financial Innovations ◽  
Sub Saharan

The article examines the relationship between financial innovation (mobile banking) variables in sub-Saharan Africa. Mobile banking (also known as mobile money) is one of the main financial innovations in the sub-Saharan region, and it is a system through which non-bank residents (residents without bank accounts, etc.) receive financial services. The overall importance of financial innovation in today’s digital and knowledge-based economy, and indeed, innovative development, inspired this study. Using a partial linear regression model, we analysed the International Monetary Fund data set, the World Bank’s national economic data, and mobile banking data from GSMA for the period from 2011 to 2017. A negative correlation was found between these variables and growth, as well as financial development, but a positive relationship was established between financial development and economic development. This positive relationship re-confirms the argument that financial development affects economic growth. It is recommended that policy makers develop and implement the necessary policy tools that can promote this form of financial innovation, and thus link its benefits to the national economy in general.

scholarly journals LEGALITY OF “BORROW ME CREDIT” SERVICES OFFERED BY TELECOMMUNICATION COMPANIES: A SHARI’AH PERSPECTIVE

2021 ◽  
Vol 28 (2) ◽  
pp. 621-640
Author(s):  
Isa Abdur-Razaq Sarumi ◽  
Abdulraheem Abdulwahid Yusuph ◽  
Mu’az Yusuf Ahmed
Keyword(s):  
Islamic Law ◽  
Service Providers ◽  
Telecommunication Service ◽  
Legal Research ◽  
Extra Time ◽  
Secondary Sources ◽  
Telecommunication Companies ◽  
Ab Inito

Telecommunication service providers are known to provide various benefits for airtime packages. Different packages have been introduced in order to satisfy consumer needs. The nexus between service providers and consumers are guided by terms and conditions. Under Islamic law, any condition stipulated by the parties, which involves riba is rejected ab inito and renders the transaction voidable. Therefore, this article seeks to examine the Airtime Credit Service by service providers such as extra time package known as ‘borrow me credit’ in order to determine whether it is a Shariah-compliant transaction or otherwise. The study adopts doctrinal legal research by using primary and secondary sources of Islamic law such as Qur’an, Sunnah. The study also relies on textbook, journals, and service providers’ websites. The study reveals that the use of the word ‘borrow’ in the package has triggered polemical discourse among the Islamic financial jurists. The study reveals that, although the word ‘borrow’ is used, the intention of service providers is to sell the airtime on credit sale. The article clarifies the juristic discourse of the sale based on Islamic law of contract. It  recommends some clarifications on the form and structure of the sale and concludes that it is allowed for Muslims to buy airtime through the package.

scholarly journals Digitalization of Financial Services in Albania Under Restricted Measures Covid-19

2020 ◽  
Vol 3 (2) ◽  
pp. 17
Author(s):  
Rezana Balla
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Legal Framework ◽  
Financial Industry ◽  
Technology Innovations ◽  
Markets And Institutions ◽  
New Business ◽  
Job Challenges ◽  
Digital Transactions ◽  
Financial Technology

Under the restricted measures due to the global pandemic Covid-19, like all other services, financial services had difficulties in performing their financial activities. These difficulties are stronger at countries where financial services are denied for a long time. Financial services denial is an issue that has affected not only Albania but small Balkan countries as well. The reasons for this denial are many, but among them we can distinguish the lack of credit experience, as one of the common reasons to be excluded in these countries from the development of the financial sector. Currently, one of the reasons for the financial denial is the emergency created by Covid-19, where physical distancing and other measures taken by governments to restrict movement and services make financial service impossible. Thus, one of the most effective ways to perform financial services remotely is financial technology. Financial technology refers to the possibilities of financial innovation through technology that can result in new business models, applications, processes, or products with an effectiveness related to financial markets and institutions and the provision of financial services. This paper aims to present the challenges of the legal framework and regulatory institutions, to provide recommendations for its improvement, to enable the development of financial technology in the financial market in Albania. The paper address issues such as the Bank of Albania's consideration on the Directive (EU) 2015/2366 On Payment Services (PSD II). What benefits or challenges would its implementation bring? How is the financial industry projected after the implementation of PSD II? What are the biggest job challenges with payment institutions that have not been to the market before or that bring technology innovations? The paper addresses the issue of money laundering through online digital transactions as well.

scholarly journals Factors Influencing Users’ Behavioral Intention to Reuse Mobile Financial Services in Bangladesh

2020 ◽  
Vol 5 (3) ◽  
pp. 155-169
Author(s):  
Md. Rizvi Khan ◽  
Sirion Chaipoopirutana
Keyword(s):  
Behavioral Intention ◽  
Financial Services ◽  
Behavioral Intentions ◽  
Ease Of Use ◽  
Perceived Usefulness ◽  
Survey Method ◽  
Mobile Banking ◽  
Perceived Ease Of Use ◽  
Factors Influencing ◽  
Mobile Financial Services

Objective – This paper aims to empirically examine the factors influencing the users’ behavioral intention to reuse mobile technology to facilitate their financial services in Bangladesh. Methodology/Technique – A self-administered online survey method was used and 400 responses were collected with Likert-type questions using Google Forms as a medium. A model was developed and proposed based on different technology acceptance models like TAM, UTAUT and similar studies on factors influencing users’ intention to adopt and reuse mobile financial services in Bangladesh. The proposed model was tested by performing simple and multiple linear regression using SPSS software. Findings – The results show that perceived ease of use influences perceived usefulness of mobile financial services but perceived ease of use, perceived usefulness and security have no influence on trust in terms of behavioral intention to reuse mobile financial services in Bangladesh. However, with the exception of trust and perceived financial cost, the remaining variables such as perceived usefulness, perceived ease of use, security, perceived risk, social influence and facilitating conditions significantly influence behavioral intentions to reuse mobile financial services in Bangladesh. Novelty - This study examines crucial factors spotted in literature in the context of Bangladesh. Earlier papers have primarily focused on traditional banking clients’ behavioral intention toward their bank’s mobile banking facilities in Bangladesh. This paper is comprehensively designed to identify influential factors of reusing non-traditional mobile financial services like bKash, Rocket, Nagad etc. at the growth level in the industry of Bangladesh. The researcher tried to identify factors influencing both bank and non-bank users to reuse mobile financial services for their digital transactions. Type of Paper: Empirical. JEL Classification: M31, M39. Keywords: bKash; Bangladesh; Mobile Banking; Behavioral Intentions; Reuse; Mobile Financial Services. Reference to this paper should be made as follows: Khan, M.R; Chaipoopirutana, S. 2020. Factors Influencing Users’ Behavioral Intention to Reuse Mobile Financial Services in Bangladesh, J. Mgt. Mkt. Review 5(3) 155 – 169. https://doi.org/10.35609/jmmr.2020.5.3(4)

PROTECTION OF ELDERLY PARENTS IN BANGLADESH: AN EVALUATION OF RELEVANT GUIDELINES

2021 ◽  
Vol 29 ((S2)) ◽  
pp. 221-248
Author(s):  
Mst. Rezwana Karim
Keyword(s):  
Legal Framework ◽  
Moral Values ◽  
Young Generation ◽  
Sources Of Information ◽  
Elderly Parents ◽  
Secondary Sources ◽  
Early Implementation ◽  
Muslim Majority ◽  
International Conventions

This study aims to evaluate the provisions concerning the protection of elderly parents in the international and national legal framework and also in major religious scriptures in the context of Bangladesh. Based on the secondary sources of information, the study has observed that in spite of ample provisions, parents are not fully protected from abuse. Besides international conventions, the Parents’ Maintenance Act (PMA) 2013 and Islamic principles concerning parents are the key sources providing sufficient guidance for the protection of elderly parents in the Muslim majority Bangladesh. Although there are provisions of punishment for failing to provide parents’ maintenance in the existing law, very little improvement is observed concerning their maintenance. This study suggests the incorporation of the provision to enforce children to return the property of their parent, in the event they failed or declined to take care of their elderly parents. The study has emphasized the need to increase awareness pertaining to maintenance and related laws amongst citizens through mass campaigns. The further initiative should be undertaken to ignite the young generation with religious and moral values. Early implementation of the PMA’s draft rule is suggested for the assurance of parent’s maintenance in Bangladesh. 

E-Government in Namibia

2015 ◽  
pp. 196-215 ◽  
Author(s):  
Cathrine T. Nengomasha ◽  
Wilhelm E. Uutoni
Keyword(s):  
Local Government ◽  
Literature Review ◽  
Implementation Strategy ◽  
Legal Framework ◽  
Access To Information ◽  
The Public ◽  
Physical Context ◽  
The Creation ◽  
Desk Research

This chapter discusses e-government initiatives in Namibia. A literature review shows that worldwide most e-government initiatives at national and local government are associated with the creation of websites with the aim of enhancing access to information. Whilst most governments are at this stage, a few have moved on to the stage of providing personalised e-services. The chapter provides the physical context, e-government readiness status, including the legal framework, and the implementation of e-government in Namibia. It also looks at the public or citizens' awareness of e-government. Using desk research, the chapter presents indicators used in e-government readiness assessments from various studies to show the level of Namibia's e-government adoption. A number of the indicators reflect some of the factors that hinder Namibia's progress in e-government implementation. In Namibia's case, some of these include the low usage of ICTs and affordability. The study concludes that Namibia is still at level one of its four-phase e-government implementation strategy.

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