The GSM Association (GSMA) has launched a new global certification scheme for mobile money services.
The certification will involve an independent assessment of a mobile money provider's ability to provide secure and reliable services, protect customer privacy and combat money laundering and terrorism financing.
The new scheme has been developed based on three years' feedback from the GSMA's consultations with providers in Asia, Africa and Latin American. It will be open to all mobile money providers, including mobile operators, banks and digital service providers.
Easypaisa Pakistan – provided by Telenor Microfinance Group – is among the five initial recipients of certification under the scheme.
Independent scheme operator Alliances Management will assume responsibility for training and overseeing independent assessors under the scheme.
Recipients will need a 100% pass mark on criteria covering eight principles – safeguarding funds against the risk of cyber loss, combating crime and fraud, managing staff and agents, operating the service reliably, ensuring the security of systems supporting the service, ensuring transparency in fees and terms, providing effective customer service and protecting data privacy.
“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,” GSMA chief regulatory officer John Giusti said.
“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.”