In this era of Digital transformation and the widespread adoption of digital financial services, the Office of the Telecommunications, Radiocommunications and Broadcasting Regulator (TRBR) and the Reserve Bank of Vanuatu (RBV), each operating independently under separate legislations, have embarked on a collaborative journey to enhance the safety of the Mobile financial transactions and to foster greater trust within the financial ecosystem in Vanuatu.
The rapid evolution of technology along with the convergence of financial services and Mobile platforms, has ushered in a new era of financial transactions and paving the way to a cashless economy. To effectively address emerging challenges in the digital financial space, both institutions have decided to reaffirm their commitment through the amendment of their Memorandum of Understanding (MOU). This amendment clearly identifies their responsibilities under their respective jurisdiction.
The amendment of the MOU has been signed on the 21st of September 2023, aims also to facilitate the exchange of vital information necessary for the supervision, regulation, and monitoring of Mobile Money systems.
Mobile money is a financial service that allows users to store, send, and receive money using a mobile phone. It is considered an alternative payment method (APM) and a form of digital payment that usually does not require a bank account.
Through this collaborative partnership, TRBR and RBV are dedicated to ensuring the sustained growth and security of Vanuatu’s financial landscape and to ensuring that Consumers concerns are appropriately addressed.