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Mobile Money


Submitted By ekeng
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Enabling Mobile Money Policies in Sri Lanka

The Rise of eZ Cash
Simone di Castri
July 2013


GSMA — Mobile Money for the Unbanked
Creating enabling mobile money policies in Sri Lanka: The rise of eZ Cash

For the Central Bank of Sri Lanka (CBSL), 2012 was the culmination of a 5-year effort to establish an enabling regulatory framework for mobile money that opened the market to both bank and non-bank providers and extended services to Sri Lanka’s unbanked population. Marking this shift was the launch of eZ Cash, a new mobile money service that has signed up over 1 million customers in just one year. eZ Cash is operated by Dialog Axiata PLC (Dialog), a mobile network operator (MNO) that was awarded a licence to operate as a payment services provider following revisions to the central bank’s regulations.1
As Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, explains, “Achieving financial inclusion through progressive regulation and innovation has been a principal and consistent ethos of the Central Bank of Sri Lanka.” The Sri Lankan case offers important lessons for both regulators and MNOs working to achieve the dual objectives of financial inclusion and economic growth.
Lessons for regulators:

Enabling regulatory frameworks play a fundamental role in expanding the reach and improving the efficiency of the financial sector.
Building an inclusive digital financial system requires a level playing field in which both banks and non-banks, particularly MNOs, can provide mobile money services.
Developing mobile money requires leveraging the value-added proposition for MNOs
Regulators are more likely to achieve their objectives if they are open-minded, test their policy approach, and cultivate a dynamic of mutual learning with private sector players.
There is likely no need to reinvent the

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