Protecting mobile money customer funds in civil law jurisdictions

Ramos, D., Solana, J. , Buckley, R. P. and Greenacre, J. (2016) Protecting mobile money customer funds in civil law jurisdictions. International and Comparative Law Quarterly, 65(3), pp. 705-739. (doi: 10.1017/S0020589316000142)

Abstract

The provision of financial services through mobile phones is a powerful tool to foster financial inclusion, and thus economic growth, in developing countries. However, it raises important regulatory issues. Given the vulnerability of most potential customers of these services, the protection of customer funds is important. In common law countries, trust accounts are an effective response to these concerns. In civil law jurisdictions however, in the absence of trusts, protection of customer funds is more difficult. This paper identifies the theoretical and practical problems that regulators in civil law jurisdictions might face when trying to protect customer funds and explores how fiduciary contracts, mandate contracts and direct regulation might be used to achieve this goal. It offers a series of practical recommendations for policymakers in developing countries that provide a range of regulatory options that combine private law and regulation.

• Item Type: Articles
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: Solana, Dr Javier
• Authors: Ramos, D., Solana, J., Buckley, R. P., and Greenacre, J.
• College/School: College of Social Sciences > School of Law
• Journal Name: International and Comparative Law Quarterly
• Publisher: Cambridge University Press
• ISSN: 0020-5893
• ISSN (Online): 1471-6895
• Published Online: 06 June 2016
• Copyright Holders: Copyright © 2016 British Institute of International and Comparative Law
• First Published: First published in International and Comparative Law Quarterly 65(3):705
• Publisher Policy: Reproduced in accordance with the copyright policy of the publisher