GSMA Launches Global Mobile Money Certification Scheme for Mobile Providers

By Isaac Korir / April 12, 2018


The West Africa GSMA on April 12 announced the launch of the GSMA Mobile Money Certification, a worldwide scheme for mobile money providers to provide safer, comprehensive and more resilient financial services to millions of mobile money users around the world.

The certification banks on an independent evaluation of a mobile money provider’s ability to deliver secure and reliable services, to protect the rights of consumers and to combat money laundering and terrorism financing.

It is also designed to enhance consumer trust and accelerate commercial partnerships by setting a high bar to which all providers can aspire.

“The GSMA Mobile Money Certification is a consumer-focused initiative, aimed at giving customers confidence that a provider has taken steps to ensure their funds are in safe hands, their rights are protected and they can expect a high level of customer service,” said John Giusti, Chief Regulatory Officer, GSMA.

He added that there with more than 690 million accounts globally, the mobile money industry is having a conspicuous impact on the global effort to expand financial inclusion, providing access to life-enhancing financial services and serving as a gateway to the digital economy.

Mobile money is directly advancing 13 of the 17 Global Sustainable Development Goals by facilitating access to essential services such as health and education, providing employment opportunities and eliminating poverty.

The accreditation scheme was arrived at after a three-year consultative process led by the GSMA with providers in Africa, Asia, and Latin America to understand the challenges of their business and assemble best practices from these markets.

It is open to all mobile money providers, regardless of whether they are a mobile operator, a bank or other type of payment service provider.

Orange Côte d’Ivoire, Safaricom (Kenya), Telenor Microfinance Bank Ltd. (Easypaisa Pakistan), Tigo Tanzania (Millicom Group) and Vodacom Tanzania are the first to be certified, covering 98 million accounts in four markets.

The deal is aimed at promoting the application of consistent risk mitigation and consumer protection practices across key areas of business.

A set of eight high-level principles and 300 detailed criteria covering issues such as security, consumer rights and the prevention of money laundering, financing of terrorism and fraud are some of the requirements.

The criteria complement providers’ compliance efforts, but goes beyond regulation in its detail and scope, defining and promoting industry best practices in detail. Responsible business practices are essential to help regulators achieve their goals around financial inclusion, stability, integrity and consumer protection.

The operational management of the documentation is contracted to an independent scheme operator, Alliances Management, which has responsibility for training and overseeing independent assessors to ensure all assessments are consistent and objective.

The benchmark for achieving certification has been set high to serve as an aspiration to all providers and a pass mark of 100 percent is required.






Other Related Articles








SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2018
  • January 2018 (291)
  • February 2018 (221)
  • March 2018 (279)
  • April 2018 (86)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (196)
  • September 2017 (186)
  • October 2017 (236)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (167)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (250)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (244)
  • December 2016 (154)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (171)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950