First GSMA Mobile Money Certification Achieved in Latin America
At Mobile 360 – Latin America being held in Buenos Aires, the GSMA announced that Tigo Money Paraguay has become the first provider in the region to achieve GSMA Mobile Money Certification. The certification initiative, which was launched in April 2018, is a global programme to bring safer, more transparent and more resilient financial services to millions of mobile money users around the world. With the addition of Tigo Money Paraguay, certified providers now collectively represent 114 million mobile money accounts worldwide.
“Mobile money has emerged as a key contributor to financial inclusion in the Latin American and Caribbean region, with over 21 million registered accounts across 17 markets,” said Sebastian Cabello, Head of Latin America, GSMA. “The Certification is designed to provide customers with confidence that their funds are in safe hands, their rights are protected and they can expect a high level of customer service. We congratulate Tigo Money Paraguay for being the first to take this step and we look forward to others in the region achieving certification.”
“We are honoured to receive this certification, after 10 years working to promote financial inclusion, transforming lives and deploying digital highways for millions of Paraguayans, who already are beginning to enjoy the new digital economy,” said Ramiro Pascual, CEO of Tigo Paraguay. “This certification will positively impact business partnerships since it promotes excellence in the provision of mobile money services, shows that our business practices are amongst the best in the industry and that as an industry, we are serious about protecting the rights of consumers, delivering reliable and secure services and combating money laundering.”
The certification requirements, validated by an independent assessor, 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, risk mitigation, financing of terrorism and fraud. Certification is open to all mobile money providers, whether they are a mobile operator, a bank or other type of payment service provider, and a pass mark of 100 per cent is required.
The certification criteria complements providers’ compliance efforts, but goes beyond regulation in detail and scope, defining and promoting industry best practices. Responsible business practices are essential to help regulators achieve their goals around financial inclusion, stability, integrity and consumer protection.
Cabello continued, “With over 690 million accounts globally, the mobile money industry is having a clear 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 Sustainable Development Goals by facilitating access to essential services such as health and education, providing employment opportunities and reducing poverty.”
For further information on the scheme please go to the following link www.gsma.com/mmc.
Photo courtesy of lirneasia.