GSMA and mobile money providers across Africa and the world have launched the GSMA Mobile Money Certification. The GSMA Mobile Money Certification is a global initiative to bring safer, more transparent, and more resilient financial services to millions of mobile money subscribers around the world.
The certification relies on an independent assessment of a mobile money operator’s ability to deliver secure and reliable services, to protect the rights of consumers and to combat money laundering and terrorism financing.
The certification will help define and promotes excellence in the provision of mobile money services. According to the GSMA, the certification is designed to enhance consumer trust and accelerate commercial partnerships by setting high standards 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. “
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 their business and assemble best practices from these markets.
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 consistent risk mitigation and consumer protection practices across key areas of business. The requirements include 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.
The GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with more than 300 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.