Abidjan — THE Mobile Special Group Association has launched a global scheme for mobile money providers to offer safer, more transparent and resilient financial services to millions of mobile money users around the world.
Popularly known as GSMA (Groupe Spéciale Mobile Association), the organisation has launched the scheme at the Mobile 360-West Africa event in Abidjan, Ivory Coast.
GSMA Mobile Money Certification relies on an independent assessment 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.
John Giusti, Chief Regulatory Officer, GSMA said the certification is a consumer-focused initiative aimed at giving customers confidence that a provider has taken steps to ensure their funds are safe.
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, he said.
"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."
The certification scheme follows a three-year consultative process led by the GSMA, which worked together with providers in Africa, Asia and Latin America.
Orange Ivory Coast, 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.