This note sheds some lights on the issues related to regulation requirements or in some cases lack of understanding/interest of the central banks, in implementing mobile banking by financial institutions. It highlights the significance of access to payment systems, which is a key barrier in many countries. Then the anti money laundering norms, which require face to face interaction with the account holder, in many countries is a challenge faced by service providers. Furthermore, regulation may be a factor in the services that can be offered by an agent and the ability to manage operational and reputational risks, which this note points at, succinctly. The note also reviews the system requirements, which would be dependent on regulatory environment, functionality, availability of secure infrastructure & handsets, sophistication and lastly but importantly the customer affordability.