In 2014 GSMA launched its Code of Conduct for Mobile Money. The purpose was to encourage and enable mobile money providers (MMP) to establish appropriate risk mitigation practices so as to ensure that their mobile money programmes are sound, secure, and fair. This includes but is not limited to safeguarding customer funds, establishing policies to combat money laundering, monitoring staff, securing the communications networks, providing clear information to consumers and other stakeholders, protecting consumer data, and managing disputes when they arise. The ultimate goal was to improve confidence across the digital finance ecosystem that MMP programs are sound, secure, and fair.
In 2017, GSMA took the next step toward helping the mobile money ecosystem when it sought to establish a formal certification programme. Whereas 2014’s program enable MMPs self-test against the Code of Conduct criteria, Mobile Money Certification enables MMPs to be evaluated by an independent Assessor that evaluates its adherence to the criteria. This includes an updated Toolkit with revised principles.
Today’s programme for Mobile Money Certification results from years of evaluation and improvement. By leveraging independent, third party Assessors and a similarly independent Scheme Operator to determine certification eligibility, Mobile Money Certification is today’s industry standard to show that a Mobile Money programme has taken appropriate steps to follow industry best practices.