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.
The GSMA said the programme was designed to enhance consumer trust and accelerate commercial partnerships by “setting a high bar to which all providers can aspire”.
GSMA chief regulatory officer John Giusti said the initiative aimed to give “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.”
“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 added.