Choose the incorrect statement.

Question

The regulatory framework for e-banking in South Africa applies to mobile banking in South Africa.


Exchange control regulations apply to cross-border mobile banking transactions in South Africa.


Customers making use of mobile banking in South Africa do not require a conventional banking account.


Customers making use of mobile banking in South Africa require a conventional banking account.

Answer 1

The incorrect statement is:

Customers making use of mobile banking in South Africa do not require a conventional banking account.

This statement is incorrect because, in most cases, customers generally need to have a conventional banking account to access mobile banking services provided by traditional banks. Some mobile banking services may allow limited functions without a conventional account, but full services typically require one.