Thesis (PhD)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The convergence of the Internet, wireless technologies, and mobile devices has led to the development of a new paradigm of transacting, namely, mobile commerce. Because banking activities are easily digitised and automated, banks have seized the mobile transacting opportunity and have developed cellphone banking applications that allow more flexibility for bank clients than internet banking in terms of anywhere, anytime banking. For banks, considering the benefits associated with multi-channel customers, the ideal situation would be that bank clients using internet banking also adopt and continue to use cellphone banking in the future. Therefore, to assist marketing managers with the development of marketing strategies to enhance the concurrent use of internet and cellphone banking, this study investigates the influence of internet banking cognitive evaluations on the perceived usefulness and the perceived ease of use of cellphone banking in the formation of the intention to use and the continuance of use intention of cellphone banking. A literature review revealed that two consumer behaviour theories can guide crosschannel cognitive evaluations between the internet banking and cellphone banking channel namely, expectation-transfer theory and status quo bias theory. In the context of this study, expectation-transfer theory can explain cross-channel evaluative synergies from the internet banking channel to the cellphone banking channel, as well as dissynergies; whilst status quo bias underpins only evaluative dissynergies. These theories point to internet banking beliefs that could influence the perceived ease of use and perceived usefulness of cellphone banking. Based on the literature review, a conceptual model was developed of the formation of intention to use and the continuance of use intention of cellphone banking in an internet banking context. To assess the validity of the model empirically, data were collected from 678 users of only internet banking and 491 users of both internet and cellphone banking. The data collected in the empirical phase of the study were analysed using the structural equations modelling (SEM) software program AMOS 20.0. The results revealed that the perceived convenience and time saving of internet banking positively influence the perceived usefulness of cellphone banking for the users of both internet and cellphone banking. On the other hand, only the perceived convenience of internet banking influenced the cellphone banking usefulness perceptions of the users of only internet banking. Furthermore, internet banking trust and risk perceptions only influenced the cellphone banking usefulness perceptions of the users of only internet banking. Expectation-transfer in both cohorts was also confirmed between the ease of use perceptions of internet banking and the perceived ease of use of cellphone banking. The results also confirmed that internet banking facilitating conditions negatively influence the perceived usefulness of cellphone banking (evidence of status quo bias). The theoretical contribution of the study is apparent at three different levels. Firstly, the conceptual model of cross-channel cognitive evaluations extends the Technology Acceptance Model (TAM) with beliefs of a related technology as the determinants of perceived usefulness and perceived ease of use. Secondly, the study provides more insights into how cross-channel cognitive evaluations influence the formation of intention to use and the continuance of use intention of cellphone banking. And lastly, the study identifies additional sources of expectation-transfer and status-quo bias in the multichannel marketing context. The study provides valuable insights into internet – cellphone banking multi-channel consumer behaviour that should be considered by managers in the development of cellphone banking marketing strategies. To facilitate the conversion from internet banking to the concurrent usage of internet and cellphone banking, managers of cellphone banking services must ensure that the internet banking service is reliable and risk free. Equally important, cellphone banking must be marketed as a complementary channel to internet banking. In other words, the usefulness of cellphone banking must be emphasised in situations when the bank client is not near a computer to do internet banking or when he/she does not have the time or money to use a computer for internet banking. And lastly, to enhance the adoption of cellphone banking marketing communications must emphasise the similarities between internet and cellphone banking so that expectation-transfer between the two channels can influence behavioural intentions to adopt cellphone banking. Based on the results of the study, several recommendations can be made to enhance the continuance of use of cellphone banking. Firstly, marketing communications must remind the concurrent users of internet and cellphone banking of why they are using cellphone banking. The most important reason to remind them of is the usefulness of cellphone banking in situations where there is a lack of internet banking facilitating conditions. Marketing managers should also take note that cellphone banking users do not draw on internet banking trust and risk perceptions to form perceptions of the usefulness of cellphone banking. It may be that they only consider trust and risk perceptions directly related to cellphone banking. This conclusion emphasises the importance of cellphone banking trust and risk perceptions in cellphone banking continuance of use behaviour. Finally, the study quantified the influence of internet banking cognitive evaluations on the formation of intention to use and the continuance of use intention of cellphone banking. Considering this result, the study provides valuable information for marketing managers of cellphone services. The methodology employed can also guide future studies exploring cross-channel evaluations in a multi-channel marketing context. / AFRIKAANSE OPSOMMING: Die sameloop van maklike toegang tot die Internet, die ontwikkeling van draadlose tegnologieë en die beskikbaarheid van mobiele toestelle het gelei tot ʼn nuwe transaksieparadigma, naamlik mobiele handel. Aangesien bankaktiwiteite maklik digitiseer en outomatiseer, het banke die mobiele verrigtingsgeleentheid aangegryp en selfoonbankaanwendings ontwikkel wat vir bankkliënte meer buigsaamheid as internetbankdienste inhou wat ‘enige plek, enige tyd’ bankwese betref. Gegewe die voordele van multikanaal gebruik, is die ideaal vir banke dat kliënte wat internetbankdienste gebruik, ook selfoonbankdienste aanvaar en in die toekoms bly gebruik. Met die oog daarop om bemarkingsbestuurders by te staan in die ontwikkeling van bemarkingstrategieë om die gelyktydige gebruik van internet- en selfoonbankdienste te bevorder, ondersoek hierdie studie die invloed van kognitiewe evaluerings oor internetbankwese op die waargenome nuttigheid en waargenome maklike gebruik van selfoonbankdienste in die vorming van die gebruiksvoorneme en voortgesette gebruiksvoorneme ten opsigte van selfoonbankdienste. ʼn Literatuuroorsig het getoon dat twee verbruikersgedragsteorieë kruiskanaal kognitiewe evaluerings tussen die internetbankkanaal en selfoonbankkanaal kan voorlig, naamlik, Verwagtingsoordragteorie (“Expectation-transfer Theory”) en Status Quo Vooroordeel Teorie (“Status Quo Bias Theory”). In die konteks van hierdie studie kan Verwagtingsoordragteorie kruiskanaalevalueringsinergieë en dissinergieë van die internetbankkanaal na die selfoonbankkanaal toe verduidelik, terwyl Status Quo Vooroordeel Teorie slegs evaluerende dissinergieë stut. Hierdie teorieë belig internetbankoortuigings wat die waargenome nuttigheid en waargenome maklike gebruik van selfoonbankdienste kan beïnvloed. ʼn Konseptuele model van die vorming van die gebruiksvoorneme en voortgesette gebruiksvoorneme van selfoonbankdienste in ʼn internetbankkonteks is op grond van die literatuuroorsig ontwikkel. Met die oog daarop om die geldigheid van die model empiries te bepaal, is data van 678 gebruikers van slegs internet bankdienste en 491 gebruikers van internet sowel as selfoonbankdienste ingesamel. Die data wat tydens die empiriese fase van die studie ingesamel is, is met behulp van die strukturele vergelykingsmodelleringsagtewareprogram (“structural equations modelling” (SEM)) AMOS 20.0 analiseer. Volgens die resultate het die waargenome gerieflikheid en tydbesparing van internetbankwese die waargenome nuttigheid van selfoonbankdienste positief beïnvloed by gebruikers van beide internet en selfoonbankdienste. Hierteenoor het slegs die waargenome gerieflikheid van internetbankdienste die selfoonbankdiensnuttigheidswaarnemings van gebruikers van slegs internetbankdienste beïnvloed. Verder het internetbankdiensvertroue en risikowaarnemings slegs die selfoonbankdiensnuttigheid van die gebruikers van slegs internetbankdienste beïnvloed. Verwagtingsoordrag in beide kohorte is ook bevestig tussen die maklike gebruik persepsies van internetbankdienste en die waargenome maklike gebruik van selfoonbankdienste. Die resultate bevestig ook dat internetbankfasiliteringsomstandighede die waargenome nuttigheid van selfoonbankdienste negatief beïnvloed (manifestering van status quo vooroordeel). Die teoretiese bydrae van die studie blyk op drie vlakke. Eerstens brei die konseptuele model van kruiskanaal kognitiewe evaluerings die Tegnologie Aanvaardingsmodel (“Technology Acceptance Model” (TAM)) uit ten opsigte van oortuigings oor ʼn verwante tegnologie as die bepalers van waargenome nuttigheid en waargenome maklike gebruik. Die studie bied tweedens ook insigte in hoe kruiskanaal kognitiewe evaluerings die vorming van gebruiksvoorneme en voortgesette gebruiksvoorneme van selfoonbankdienste beïnvloed. Die studie identifiseer laastens ook addisionele verwagtingsoordrag- en status quo vooroordeel bronne in die multikanaalbemarkingskonteks. Die studie bied waardevolle insig oor internet – selfoonbankmultikanaal-verbruikersgedrag wat bestuurders in die ontwikkeling van selfoonbank-diensbemarkingstrategieë moet oorweeg. Om die oorskakeling van internetbankdienste na die gelyktydige gebruik van internet en selfoonbankdienste te fasiliteer, moet bestuurders van selfoonbankdienste verseker dat internetbankdienste betroubaar en risikovry is. Wat net so belangrik is, is dat selfoonbankwese as ʼn komplementêre kanaal tot internet bankwese bemark moet word. Die nuttigheid van selfoonbankwese moet, met ander woorde, beklemtoon word in situasies waar die kliënt nie naby ʼn rekenaar is vir internetbankgebruik nie of wanneer hy/sy nie die geld of tyd het om ʼn rekenaar vir internetbankdienste te gebruik nie. Laastens, om die aanvaarding van selfoonbankwese te versterk, moet bemarkingskommunikasiemateriaal die ooreenkomste tussen internet en selfoonbankwese op so ʼn wyse beklemtoon dat verwagtingsoordrag tussen die twee kanale gedragsvoornemens om selfoonbankdienste te aanvaar, beïnvloed. Verskeie aanbevelings spruit voort uit die resultate oor hoe die voortgesette gebruik van selfoonbankdienste verhoog kan word. Eerstens moet bemarkingskommunikasieboodskappe die gelyktydige gebruikers van internet en selfoonbankwese herinner waarom hulle selfoonbankdienste gebruik. Die belangrikste rede in hierdie verband is die nuttigheid van selfoonbankwese in situasies waar internetbankfasiliteringsomstandighede afwesig is. Bemarkingsbestuurders moet ook in ag neem dat selfoonbankgebruikers nie op internetbankvertroue en risikowaarnemings steun om persepsies oor die nuttigheid van selfoonbankwese te vorm nie. Hulle oorweeg waarskynlik net vertroue en risikopersepsies wat direk met selfoonbankdienste verband hou. Hierdie gevolgtrekking beklemtoon die belangrikheid van vertroue in selfoonbankdienste en riskowaarnemings in voortgesette selfoonbankgebruikgedrag. Laastens, die studie kwantifiseer die invloed van kognitiewe evaluering oor internetbankwese in die vorming van selfoonbankwese gebruiksvoorneme en voortgesette gebruiksvoorneme. Veral in die lig van hierdie resultaat bied die studie waardevolle inligting vir selfoonbankdiensbemarkingsbestuurders. Die metodes wat gebruik is, kan ook verdere studies waarin kruiskanaalevaluerings in ʼn multikanaal-bemarkingskonteks ondersoek word, rig.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg in partial fulfilment of the requirements for the degree of Master of Management in the field of Strategic Marketing / Menstrual Hygiene Management is a process of keeping clean by girls and women through washing, changing and disposal of sanitary protection during their monthly periods. When schools provide a conducive environment for girls to manage their menses, girls become empowered and confident to participate in education without fear and embarrassment. Lasi High school in Mpolonjeni constituency is a rural school in low income settings whose girls like many girls in the area have to manage their monthly menstruation. The purpose of this study is to explore the experiences and practices of rural school girls in Mpolonjeni community in managing their menses. A qualitative exploratory and descriptive study was undertaken through focus group discussions. The researcher managed to purposively select a sample of two focus groups with ten participants, each, three teachers and the Deputy Head Teacher. The study finding reveals that girls experience a number of challenges when managing their menses in the school setting which the school administration is not entirely aware of. Some of the issues raised by the girls can be addressed without unreasonable costs implications but through empathy and general support. The study recommends a further investigation for Education and school policies that will enhance enabling school environments to support girls in managing menstruation at school. / GR2018

M.Comm. (Information Technology Management) / The advancement of technology in mobile devices, places South African banking institutions in unique positions to leverage these advancements into innovative, value-added services. Mobile banking is one such innovation that has afforded banking clients the ability to - amongst other services - view bank statements, pay bills, and transfer money. Despite a growing trend towards mobile banking service offerings by South African banks, privacy and security issues are still considered a concern. This dissertation conceptualises the influence of demographic factors on perceptions of mobile banking. Privacy Calculus Model (PCM) has been used as a theoretical lens to explain the cognitive process involved when a potential mobile banking subscriber is presented with mobile banking technology solutions. PCM is extended by abstracting the risk/benefit trade-off psyche held by SA bank clients, and there is an attempt to explain, using PCM, the bank clients’ cognitive process and willingness to subscribe to mobile banking services. A quantitative research method has been used for this purpose. Purposeful sampling that targeted South African bank account holders was applied. Empirical results show that potential South African mobile banking subscribers are not homogenously influenced in the same manner. Instead - for example - people in different age groups are subject to different influences than a grouping defined by highest education level. Thus, in order for South Africa’s four big banks to attract and retain mobile banking subscribers, they should realise that different groups of people are influenced by subscription to mobile banking in different ways.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The mobile phone has not only changed the way the world works today, but also changed the direction the world is moving toward. The mobile phone changed the face of communication and enabled more people to reach more other people than ever before. The big four banks in South Africa represent 83.5 per cent of the total asset value of all banks in South Africa. Traditionally, banking customers (or potential customers) could be reached through the current 2 786 branches, 19 451 ATMs and potentially 4.59 million internet users. There are 47.9 million mobile phone subscribers in South Africa – increasing the number of potential contact points by order of magnitude. The possibilities for banks utilising the mobile phone are endless, however online banking and offering banking services through a mobile phone is increasingly more subject to fraud attacks. Online banking and credit card fraud is still on the increase. Today, SMS is used to alert customer of movements on their bank account. This keeps the customer informed and enables them to notify their banks and prevent subsequent fraudulent transactions. SMS can be sent from one mobile phone to another (P2P) or from a computer system to a mobile phone (A2P). In 2007, 2 trillion SMS's were sent worldwide and was responsible for 75 to 80 per cent of all mobile phone revenues. South Africa sent 34 billion A2P SMS in 2009 of which 29 per cent were sent as transactional SMS by the top three banks in South Africa. SMS-based transactional alerts are SMS sent each time a change occurs in a bank account, for example, when your credit card is used then you will get an SMS on your mobile phone. Each bank makes different functionalities available. Absa reported 2 million customers receiving SMS alerts in 2008. FNB reported 67 million transactional SMS per month in 2009. The core advantages for using transactional SMS are the cost, reliability and ubiquity. Research was conducted among five of the six largest banks. Data revealed that banks send between 16 million and 69.4 million SMS per month and have approximately between 4.5 and 5.1 million customers using this service. The impact was tested through personal interviews. The two common factors were fraud reduction and customer retention. The two key challenges the banks identified are: i) Capacity/throughput with the mobile network operators; and ii) Getting internal systems and processes defined and working together for the alerts. The advantages identified are competitive positioning, customer interaction, empowerment of people and revenue. Key findings of the research were: SMS-based transactional alerts offer strategic importance; Any system is as good as it is being utilised; Security controls are extremely complex; SMS capacity is a common challenge and big risk; Internal processes cause the most complexity; Return on investment is not adequately measured; Transactional alerts is a potential revenue stream; There is no interaction between the bank and the customer; SMS in South Africa create high dependencies; SMS-based transactional alerts are successful.

Abstracts in English, Afrikaans, Zulu, Tsonga and Portuguese / The purpose of the study was to develop a model of attitudes toward digital banking, by exploring the relationship between values, culture, the diffusion of innovation and the Technology Acceptance. In addition, actual behaviour in the use of digital banking, as well as the moderating effects of gender, age, education level, income, and urban versus rural backgrounds, was included to provide additional insights into the financial services market in Maputo, Mozambique. A quantitative survey with a convenience sample (n = 403) of bankable individuals (male and female) between the ages of 21 and 60, was conducted from 2015–2018. The findings revealed significant relationships between the variables included in the empirical model. Structural equation modelling indicated that the data were a good fit, resulting from the use of a correlations-derived measurement model. These findings provide new insights into the development of tailor-made digital banking actions to drive usage in different segments, which will contribute to the body of knowledge on consumer behaviour and digital banking adoption and use. / Hierdie studie se doel was om ’n model van ingesteldhede teenoor digitale bankwese te ontwikkel deur ondersoek in te stel na die verband tussen waardes, kultuur, die diffusie van innovering en die aanvaarding van tegnologie. Werklike gedrag wanneer digitale bankwese gebruik word, asook die modererende effek van gender, ouderdom, onderwysvlak, inkomste en stedelike teenoor plattelandse agtergrond, is ingesluit om bykomende insigte te verkry in die finansiëledienstemark in Maputo, Mosambiek. ’n Kwantitatiewe opname met ’n gerieflikheidsteekproef (n = 403) van bankbare individue (manlik en vroulik) tussen die ouderdomme 21 tot 60, is in die tydperk 2015 tot 2018 onderneem. Die bevindinge toon dat daar beduidende verbande is tussen die veranderlikes wat by die empiriese model ingesluit word. Die modellering van strukturele vergelykings toon dat die data goed gepas het omdat ’n korrelasie-afgeleide metingsmodel gebruik is. Hierdie bevindinge lei tot nuwe insigte in die ontwikkeling van pasgemaakte digitalebankwese-aksies om gebruik in verskillende segmente aan te dryf. Dit sal bydra tot die bestaande kennis van verbruikersgedrag en die aanvaarding en gebruik van digitale bankwese. / Inhloso yalolu cwaningo bekuwukwenza imodeli yendlela yokubona mayelana nokusebenzisa ibhangi ngendlela yedijithali, ukuhlola ubudlelwane phakathi kwama-value, usiko, ukusabalala kobuqambi kanye nokwamukelwa kwetheknoloji. Nangaphezu kwalokho, indlela yokuziphatha ekusebenziseni ibhangi ngendlela yedijithali, kanye nemiphumela ethobayo yobulili, iminyaka yobudala, izinga lemfundo, ingeniso, kanye nokuqhathanisa abasemadolobheni nabasemakhaya, kwabandakanywa ukuhlinzeka ngemibono engezelelekile kwimakethe yamasevisi ezezimali eMaputo eMozambique. Kwenziwe inhlolovo ngobuningi ngesampuli ye-convenience (n = 403) wabantu abasebenzisa ibhangi (abesilisa nabesimame) abaphakathi kweminyaka engu 21 kanye nengu 60 kwenziwe ukusukela ku 2015–2018 Imiphumela iveza ubudlelwane obubalulekile phakathi kwezinto ezehlukene ezibandakanya imodeli yobufakazi obubambekayo. I-structural equation modelling ikhombise ukuthi ulwazi belungoluhambisana kahle, ngokuvela kumphumela wokusebenzisa i-correlations-derived measurement model. Okutholakele kunikeza imibono emisha ngokukuthuthukiswa kwezinyathelo zokusebenzisa ibhangii ngendlela yedijithali okuhlinzekelwa abantu ngokuhambisana nabo, ukuphakamisa ukusetshenziswa ngabantu bemikhakha ehlukene, lokhu okuthela esivivaneni kumthamo wolwazi ngendlela yokuziphatha kwabasebenzisi, kanye nokwamukelwa kokusebenzisa ibhangi ngendlela yedijithali kanye nokusetshenziswa. / O presente estudo tinha como objectivo desenvolver um modelo de atitudes em relação à banca electrónica explorando a relação entre os Valores, a Cultura e a Difusão da Inovação e Aceitação de Tecnologias. Além disso, o comportamento real relacionado com o uso de serviços da banca electrónica, assim como o efeito moderador do género, idade, nível de escolaridade, rendimentos e os contextos urbano versus rural foram incluídos para permitir melhor compreensão do mercado de serviços financeiros de Moçambique (Maputo). De 2015 a 2018, fez-se um inquérito quantitativo em uma amostra de conveniência (n = 403) de indivíduos bancáveis (masculinos e femininos) com idades compreendidas entre os 21 e os 60 anos. Os resultados revelaram relações significativas entre as variáveis incluídas no modelo empírico. A modelagem de equações estruturais indicou um bom número de dados, o que resultou num modelo canónico de medição derivada de correlações. Ademais, faz-se uma exposição e interpretação de achados sensíveis sob o ponto de vista ético no contexto de banca electrónica baseado no consumidor. Estes achados servirão de base para um novo conhecimento para o desenvolvimento de acções de banca electrónica personalizadas com vista a incentivar o uso em diferentes segmentos, o que acrescentará valor ao conhecimento actual sobre o Comportamento do Consumidor e a utilização de serviços de banca electrónica. / Xikongomelo xa dyondzo leyi a ku ri ku hlamusela malangutelo ya vanhu ehenhla ka ku tirhisiwa ka bangi ya internet hi ku kambisisa vuxaka lebyi nga kona exikarhi ka Mikhuva, Ndhavuko ni ku Haxiwa ka Switirhisiwa Swintswha ni leswi thyiwaka ku amukeriwa ka thekinoloji. Ku engetela kwalaho, ku katsiwile mikhuva ya vhanu ehenhleni ka ku tirhisa bangi ya internet, ku katsa ni vuyelo leri ringaniselaka ro va munhu a ri wanuna kumbe wansati, ntanga, dyondzo, muholo, ni leswaku u tshama dorobeni kumbe emakaya, leswaku ku twisisiwa hi vuenti leswaku mintirho ya swa timali yi tshamise ku yini eMozambique (Maputo). Nxaxamelo wa swivutiso swo teka tinhlayo wu tirhisiwile eka ntlawa lowu voniweke wu ringana (n = 403) wa vanhu lava nga tirhisaka bangi (va xinuna ni va xisati), lava nga ni 21 ku ya ka 60 wa malembe ku sukela 2017 ku ya ka 2018. Tinhlamulo ti kombe leswaku ku ni ku yelana lokukulu exikarhi ka swivutiso leswi katsiweke eka xivumbeko xo hlamusela ha xona. Structural equation modelling yi kombe leswaku ku ni mihandzu yo tala, leswi endleke leswaku ku va ni xivumbeko lexi se xi tiviwaka xa mpimo lowu taka hi ka ku yelana ka swilo (correlations-derived measurement model). Mihandzu leyi yelanaka ni swilo leswi khumbaka mahanyela lamanene leswi lavaka ku voniwa hi vukheta na yona ya vikiwa yi tlhela yi hlamuseriwa hi ku landza matirhelo ya bangi ya internet hi ku ya vatirhisi va yona. Mihandzu leyi yi ta tisa vutisi byintswha leswaku ku makiwa mintirho ya bangi ya internet leyi tivaka ku tsakisa mutirhisi leswaku ku engeteriwa ku tirhisiwa ka yona exikarhi ka mintlawa yo hambana, leswi na swona swi nga ta engetela vutivi ehenhleni ka Mikhuva ya Vatirhisi ni matirhiselo ya bangi ya internet. / Industrial and Organisational Psychology / Ph. D. (Industrial and Organisational Psychology)

The thesis deals with the emergence of bank and non-bank entities that provide a range of unique transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked, underserved and underbanked persons via mobile phones. Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’ services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’ services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services are provided through ‘agents.’ Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile ‘airtime’-based Store of Value. The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed, in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric MFS rises to the ‘business of banking.’ An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be deemed ‘money’ in law. Consumer protection for MFS and payments generally through current statute, contract, and payment law and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in South African law is discussed. The legal and regulatory regimes in the European Union, Kenya and the United States of America are compared with South Africa. The need for a coordinated payments-specific law that has consumer protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a regulator for retail payments is recommended. The use of trust companies and trust accounts is recommended for protection of user funds. | vi / Public, Constitutional and International Law / LLD

The thesis deals with the emergence of bank and non-bank entities that provide a range of unique transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked, underserved and underbanked persons via mobile phones. Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’ services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’ services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services are provided through ‘agents.’ Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile ‘airtime’-based Store of Value. The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed, in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric MFS rises to the ‘business of banking.’ An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be deemed ‘money’ in law. Consumer protection for MFS and payments generally through current statute, contract, and payment law and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in South African law is discussed. The legal and regulatory regimes in the European Union, Kenya and the United States of America are compared with South Africa. The need for a coordinated payments-specific law that has consumer protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a regulator for retail payments is recommended. The use of trust companies and trust accounts is recommended for protection of user funds. | vi / Public, Constitutional and International Law / LL. D.