Beyond providing basic connectivity Solutions, Communication Service Providers (CSPs) across the globe have started offering several financial services, including mobile money. The CSPs are now using their existing distribution network & partner ecosystem to leverage relationships with subscribers to provide financial services. Providing financial services is an opportunity for the CSPs to leverage the massive subscriber information in their networks to offer the right financial product at the right time.
At the same time, offering financial services is not without challenges for CSPs. To begin with, offering financial services demands stringent compliance and regulatory requirements. Even when the service providers are collaborating with banks and financial institutions, they are usually the first avenue of any complaint, making it imperative to ensure due diligence.
This whitepaper covers the challenges faced by CSPs in offering financial services such as: