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Payments General

GSMA rolls out global mobile money certification scheme

Thursday 12 April 2018 | 02:29 PM CET

GSMA has launched its Mobile Money Certification, a global scheme for mobile money providers to offer financial services to mobile money users.

The certification relies on an independent assessment of a mobile money provider's ability to deliver services, to protect the rights of consumers and to combat money laundering and terrorism financing.

The certification scheme follows a three-year consultative process led by the GSMA, which worked together with providers in Africa, Asia and Latin America to understand the challenges of different businesses and markets.

The certification is open to all mobile money providers, 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 certification promotes the application of risk mitigation and consumer protection practices across key areas of business. The requirements include a set of eight principles and 300 detailed criteria covering issues such as security, consumer rights and the prevention of money laundering, financing of terrorism and fraud.

More: Link
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