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Is Mobile Money Part of Money? Understanding the Trends and Measurement

Author

Listed:
  • Ms. Kazuko Shirono
  • Esha Chhabra
  • Ms. Bidisha Das
  • Ms. Yingjie Fan
  • Mr. Hector Carcel-Villanova

Abstract

The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.

Suggested Citation

  • Ms. Kazuko Shirono & Esha Chhabra & Ms. Bidisha Das & Ms. Yingjie Fan & Mr. Hector Carcel-Villanova, 2021. "Is Mobile Money Part of Money? Understanding the Trends and Measurement," IMF Working Papers 2021/177, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/177
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    Cited by:

    1. Mayer, Verena, 2024. "Power relations within the second-hand clothing industry touching down in Ghana," ÖFSE-Forum, Austrian Foundation for Development Research (ÖFSE), volume 88, number 305264.
    2. Ochen, Ronald & Bulime, Enock Will Nsubuga, 2023. "Digital Financial Services regulations: Their evolution and impact on financial inclusion in East Africa," KBA Centre for Research on Financial Markets and Policy Working Paper Series 73, Kenya Bankers Association (KBA).
    3. Sonia Kumari Selvarajan & V. G. R. Chandran, 2024. "Financial Inclusion Trajectories: Geographical Dispersion, Convergence, and Development Implications," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 36(4), pages 897-924, August.
    4. Alessio Ciarlone, 2023. "Remittances in times of crisis: evidence from Italian corridors," Temi di discussione (Economic working papers) 1402, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    usage pattern; money account; customer funds; value chain; agent outlet; money issuer; measurement issue; monetary value; Mobile banking; Monetary base; Monetary statistics; Financial statistics; West Africa;
    All these keywords.

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