May sound funny to have a bank account of yours in MMA. Maybe it does not make sense. If so why does it make sense for MMA to be involved actively in the Mobile Banking project. All the while I thought they were the regulators. For me it's the same as TAM providing telecom services.
I have been told the project is about $7.7 million. MMA is going to invest on the infrastructure and run this operation. I assume that is the case. In my point of view this should be the responsibility of the Banks and the Mobile Network Operators. Now we maybe replicating the same infrastructures that is already existing on the both sides. I feel it's a waste of money for MMA to do this and going beyond what they really should be doing.
Maybe MMA has a good justification for this, but at this point I don't understand. Maybe someone would want to enlighten me on this.
"As part of the project, CGAP will offer a parallel funding of $1.5 million to establish a regulatory framework for mobile banking." - tmcnet
Read more on the Maldives Interoperable Payments System (MIPS)
The project has good objective, however I don't fully agree with the deployment method where MMA controls the infrastructures for this. MMA should be the regulator not the implementer or the investor.