adminaccess gaps that hinder the efficient delivery of financial service.
Presenting the Monetary Policy Statement last week, Dr Gono bemoaned the way in which financial institutions were operating in isolation which at the end of the day compromised the development of electronic means of payment and financial inclusion.
“Patently, one of the major setbacks in the development of electronic means of payment and financial inclusion is the limited culture of sharing infrastructure across various institutions,” said Dr Gono.
Dr Gono also implored payment system providers including mobile network operators to accommodate all banking institutions on their platforms to ensure that interoperability and sharing of infrastructure across various institutions is achieved.
“Essentially, relationships between financial institutions and payment system providers should be complementary rather than acrimonious.
“In this regard, payment system providers including mobile network operators are implored to accommodate all banking institutions on their platforms to ensure that interoperability and sharing of infrastructure across various institutions is achieved,” said Dr Gono.
He added that the promotion of greater financial inclusion and stability further entails the adoption of realistic pricing strategies in order to increase confidence levels in the payment systems.
“The ultimate objective in the development of payment systems is to ensure that financial services are affordable, safe, accessible and convenient to consumers,” he added.
“This entails that an intricate balance has to be struck between the pricing policies within our oligopolistic market structures and building a sustainable confidence level in the services offered.
“Accordingly, payment system providers such as mobile network operators are directed to review their charges by end of March 2013,” said Dr Gono.
Online Reporter