NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, April 13, 2018

By Chris Donkin

The GSMA launched the Global Mobile Money Certification Scheme, an initiative intended to increase consumer confidence in the security and reliability of services from operators, banks and other providers.

Mobile money services will be independently tested against several criteria to determine if they deliver secure, reliable financial services. This includes elements around protecting consumer rights, while also combating money laundering and preventing the financing of terrorism.

Providers must score 100 per cent to pass the test.

At launch, services from five companies had been approved: Orange Cote d’Ivoire, Safaricom (Kenya), Vodacom Tanzania, Tigo Tanzania and Telenor Microfinance Bank.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.