I don't think we always realise that we are witnessing a major revolution. We are living in the middle of a period in which the definition of money is changing, and this is happening in a very short span of time. When looking back on inflection points in the history, it is easy to see that it happened, but not so clear when you live during the time that it is occurring.We are quick to look at the role that mobile operators play in this revolution, and also banks in many countries, but are they the most important catalysts? If it is clear which players trigger the growth of transformational banking, it would be easier to replicate it. It is still early to be able to be absolutely accurate on who these players are, but I would like to take a stab at it.
There are only two players that hold the key to making mobile banking happen. If these two do not play, the road will be long and bumpy and will probably turn into a cul de sac. The one player is the regulator and the other the supplier of sufficient capital to carry the initiative to critical mass.