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«July 2012 THE WORLD BANK Acknowledgements The preparation of this paper was led by the Financial Inclusion Practice of the World Bank. Lead author is ...»

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The decline in the number of ATM withdrawals also reflects cardholders responding to clearer pricing. Since the reforms were implemented, cardholders have made greater use of EFTPOS cash-outs as an alternative to foreign ATMs, given that these are typically free to the customer. The number of EFTPOS cash-out transactions increased sharply in March 2009 and was nine per cent higher in the first full year of the reforms, compared with the previous year.

Annex 5: Key Elements of a Strategic National Payment Systems Development Plan (from CPSS “General Guidance for National Payment System Development, January 2006”) The CPSS ―General Guidance for National Payment Systems Development‖ report

states six key elements of a NPS development plan. These are presented below:

Components of a Strategic Development Plan  A vision of a desired end state over the planning horizon that articulates the consensus view of key stakeholder groups regarding the high-level objectives, guiding principles, properties, benefits, risks and costs of the future payment system.

 A statement of the roles, commitments and responsibilities of the key public and private sector stakeholders in the development process.

 Observable milestones that can be measured against critical and objective success factors.

 A presentation of the conceptual design of the planned infrastructure for retail payments systems, which could include the relation to the existing system with reference to its structure, key characteristics, functionality, and potential for further expansion and re-engineering as future financial developments warrant.

 A statement of the implementation strategies, which includes the specific implementation priorities and procedures, along with timelines, budgetary allocations and financing schemes, critical milestones, and observable measures of achievement for public progress reports.

 A description of: the procedures for ongoing cooperation and coordination among the relevant stakeholders; the processes for resolving conflicts and disputes that arise during program implementation and thereafter; and the procedures for communicating progress and achievement over the implementation period.

Annex 6: SADC’s Guide to Developing a Strategic Framework for Payment System Modernization The Guide to Developing a Strategic Framework for Payment System Modernization, was developed by the South African Development Committee (SADC), Payment System Project Team with the following objectives: to provide developing countries with a systematic approach to modernizing their national payment systems (NPS); and to serve as a means of enhancing payment system skills in developing countries.

The guide identifies that NPS reform should be seen from multiple perspectives, follow a strategic process for reform and be supported by various support structures. These three dimensions are depicted in the below figure.

The SADC guide further discusses three methodologies for implementation:

Pure strategic approach: The pure strategic approach focuses on the future by designing the ideal NPS. The approach assumes that everything is possible and that there are no constraints or limitations. Problems in the current NPS are not allowed to influence the design of the ideal system. This approach is often referred to as a ―blank paper‖ or ―blue sky‖ approach. There are no fixed checklists, guidelines, or models.

Model-based approach: The model-based approach investigates the modernization models adopted by other countries. A fact-finding team will generally visit different countries to learn from their experiences. Models from different countries are collected and studied, demographic features of different countries are analyzed, and the most compatible model is adopted and adapted for local circumstances.

SADC 2002.

Operational approach: The operational approach is driven by the desire to resolve problems that require immediate attention in the current NPS. Funds and effort are expended on enhancing the efficiency of the current system. At worst, this approach may even lead to the automation of a manual system, without first considering users‘ needs and requirements.

The guide states that the three approaches are not mutually exclusive, and that a country can: i) use the strategic approach to address the present and future needs of all NPS users by identifying the characteristics and critical success factors of the ideal NPS;

ii) use the model-based approach to learn from other countries with systems similar to the envisaged NPS, or; iii) use the operational approach to resolve the most serious problems in the current NPS so that the system can meet the minimum user requirements of timeliness, security and reliability;

Combining these three approaches in this manner ensures that the most pressing problems in the current NPS are resolved in a time-bound manner and that the envisaged NPS takes into account the unique conditions, circumstances and requirements of the local environment. In this way the envisaged NPS will not be unduly influenced by inappropriate external models. Short-term problems are therefore resolved within a long-term vision of the NPS and the modernization process is not derailed through short-term expediency.

Annex 7: M-PESA in a Nut shell

M-PESA was developed by mobile phone operator Vodafone and launched commercially by its Kenyan affiliate Safaricom in March 2007. M-PESA (―M‖ for mobile and ―PESA‖ for money in Swahili) is an electronic payment and store-of-value system that is accessible through mobile phones. To access the service, customers must first register at an authorized M-PESA retail outlet. They are then assigned an individual electronic money account that is linked to their phone number and accessible through a SIM card-resident application on the mobile phone. Customers can deposit and withdraw cash to/from their accounts by exchanging cash for electronic value at a network of retail stores (often referred to as agents). These stores are paid a fee by Safaricom each time they exchange these two forms of liquidity on behalf of customers. Once customers have money in their accounts, they can use their phones to transfer funds to other M-PESA users and even to non-registered users, pay bills, and purchase mobile airtime credit. All transactions are authorized and recorded in real time using secure SMS, and are capped at $500.

Customer registration and deposits are free. Customers then pay a flat fee of around US$0.40 for person-to-person (P2P) transfers and bill payments, US$0.33 for withdrawals (for transactions less than US$33), and US$0.13 for balance inquiries.

Individual customer accounts are maintained in a server that is owned and managed by Vodafone, but Safaricom deposits the full value of its customers‘ balances on the system in pooled accounts in two regulated banks. Thus, Safaricom issues and manages the MPESA accounts, but the value in the accounts is fully backed by highly liquid deposits at commercial banks. Customers are not paid interest on the balance in their M-PESA accounts. Instead, the foregone interest is paid into a not-for-profit trust fund controlled by Safaricom (the purpose of these funds has not yet been decided).100 In their working paper, ―Mobile Money: The Economics of M-PESA.‖ William and Suri,101 estimated that M‐PESA had reached nearly 40 percent of the adult population in Kenya after a little more than two years of operation, and that now, approaching only the fourth anniversary of its launch, it is used by more than two‐thirds of households. Part of this success is due to a rapidly expanding network of M‐PESA agents, who now number over 23,000.

Mas and Radcliffe 2010.

For more detailed accounts of the M-PESA service, see Hughes and Lonie (2009) for a historical account, Mas and Morawczynski (2009) for a fuller description of the service, and Mas and Ng‘weno (2009) for the latest accomplishments of M-PESA.

William and Suri 2011.

Annex 8: Glossary

The following list of terms is not exhaustive; only the most relevant terms used throughout this report are defined. Some of the definitions were taken directly from the CPSS Glossary.102 In some cases, the definition provided in that Glossary was adapted (those terms are marked with ―*‖). Terms not included in the CPSS Glossary, or terms that have a different meaning in other contexts and which are relevant for the purposes of this report are also defined herewith.

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Automated An integrated payment system that combines Real-Time Gross Settlement Transfer and ACH-style deferred net settlements into one common platform.

System (ATS) Bilateral An arrangement between two parties to net their bilateral obligations. The Netting obligations covered by the arrangement may arise from financial contracts, transfers or both. See also Multilateral Netting.

Business An entity that provides direct transaction services on behalf of a principal, Correspondent typically a bank. The transaction services include cash withdrawal and deposit from/into an account maintained with the principal, loan disbursements, loan repayment, bill payment services, etc. In many countries, agents and business correspondents are used interchangeably.

See also agents.

Card payment Payment transactions using payment cards as the payment instrument.

Charge Card* A type of payment card indicating that the holder has been granted a line of credit. It enables him to make purchases but does not offer extended credit, the full amount of the debt incurred having to be settled at the end of a specified period. The holder is usually charged an annual fee. Also called Travel and Entertainment card.

Cheque A written order from one party (the drawer) to another (the drawee, normally a bank) requiring the drawee to pay a specified sum on demand to the drawer or to a third party specified by the drawer. Cheques may be used for settling debts and withdrawing money from banks. Referred to as Check in some countries. See also bill of exchange.

Cheque Process of replacing the exchange of paper cheques as part of the Truncation clearing process with exchange of their images or digital substitutes instead.

Chip Card* Also known as an IC (integrated circuit) card. A card containing one or more computer chips or integrated circuits for identification, data storage and/or special purpose processing used to validate personal identification numbers (PINs), authorize purchases, verify account balances and store personal records. In some cases, the memory in the card is updated every time the card is used (e.g. account balance is updated).

Clearing / The process of transmitting, reconciling and, in some cases, confirming Clearance payment orders or security transfer instructions prior to settlement, possibly including the netting of instructions and the establishment of final positions for settlement. Sometimes the term is used (imprecisely) to include settlement.

Clearinghouse A central location or central processing mechanism through which financial institutions agree to exchange payment instructions or other financial obligations (e.g. securities). The institutions settle for items exchanged at a designated time based on the rules and procedures of the clearinghouse.

In some cases, the clearinghouse may assume significant counterparty, financial, or risk management responsibilities for the clearing system. See also clearing/clearance.

Contactless Payment card where the IC chip bearing account details can be read by a card* suitable proximate card reading terminal without requiring physical contact.

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E-Payments Payment instructions that enter a payments system via the Internet or other telecommunications network. The device used to initiate the payment could be a computer, mobile phone, POS device, or any other device. The payment instrument used could be an E-money product, payment card product, credit/debit transfer or other innovative payment products.

Financial The availability of basic financial products to meet the payment, savings, Inclusion credit, insurance and investment needs of a society at a reasonable cost.

Infrastructure- A situation where the infrastructure is fully interoperable in terms of being level able to accept payment instruments of other schemes. See also Interoperability Interoperability Innovative In general terms, these products involve the payer maintaining a prepayment funded account with an institution, not necessarily a banking or financial products institution and drawing down this pre-funded account to make payments to participating payees and person-to-person transfers through a network of business correspondents, at participating merchants, or through conventional retail payments infrastructure such as ATM and POS terminals. The payment instruction to draw down the pre-paid funds could be initiated through the Internet, mobile phone, or specific payment cards issued for this purpose. E-Money products are one type of innovative payment products.

Internet Banking services that customers may access via the Internet. The access Banking to the Internet could be through a computer, mobile phone, or any other suitable device.

Internet A type of E Payment. Payment instructions which enter the payment payment system via the Internet. The device used to initiate the payment could be a computer, mobile phone or any other device. The payment instrument used could be an E-Money product, payment card product, or direct credit transfer, among others.

Interoperability A situation in which payment instruments belonging to a given scheme may be used in platforms developed by other schemes, including in different countries. Interoperability requires technical compatibility between systems, but can only take effect where commercial agreements have been concluded between the schemes concerned.

Issuer* Institution that issues the payment instrument. Typically used to refer to the institution issuing a payment card or E-money instrument.

Large-value Payments, generally of very large amounts, which are mainly exchanged Payment between banks or between participants of financial markets and that usually require urgent and timely settlement.

Mobile A type of E-Payment, where the payment instrument used is an M-Money Payments product. Also known as M-Payment.

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