"Vodacom M-PESA has today marked yet another milestone after receiving the GSMA Mobile Money Certification at the Mobile 360 event in Abidjan, Côte d’Ivoire. This esteemed certification demonstrates M-PESA’s commitment to providing secure and reliable services and an intentional effort to protect the rights of consumers and to combat money laundering and terrorism financing.
Vodacom M-PESA met all necessary benchmarks to receive the GSMA Mobile Money Certification, which adheres to high standards for safeguarding of customer funds, service security, safeguarding of customer data and privacy, and mitigation against money laundering, terrorist financing, and fraud risks.
“This certification validates Vodacom Tanzania’s alignment to the application of consistent risk mitigation and consumer protection practices across key areas of business. Being the largest mobile money network in Tanzania, the certification provides an edge for the company in a competitive market and increases the consistency of the company’s service offerings and solutions being one of the first operators to receive this certification” Said Ian Ferrao,Vodacom Tanzania’s Managing Director
The GSMA certification comes as Vodacom M-PESA marks its 10th year Anniversary in Tanzania. In the last 10 years, M-PESA has been transforming lives and driving financial inclusion in Tanzania through offering money transfer services, utility and bill payments, mobile savings and loans among others. M-PESA today has over 8 Million customers, 106,000 agents, 2,000+ businesses, 15,000+ merchants and 30+ banks connected. Through its services, M-PESA has enabled people both in urban and rural areas of Tanzania to become part of the formal financial system, spurring economic growth in the communities across the country. Formal Financial inclusion in Tanzania has grown to 65% in 2017 up from 58% in 2013 and 44% in 2009 – One year after M-PESA was launched in Tanzania.
“We are delighted to be certified because this means our practices are not only endorsed by our customers, but also enforced and certified through GSMA – The global authority of mobile operators worldwide with more than 300 companies in the broader mobile ecosystem. Becoming Mobile Money Certified is a logical step that fits perfectly into our strategic vision of leading Tanzania into the digital age and changing lives through technology.” Added Ian
The certification promotes the application of consistent risk mitigation and consumer protection practices across key areas of business. The requirements include a set of eight high-level principles and 300 detailed criteria covering issues such as security, consumer rights and the prevention of money laundering, financing of terrorism and fraud. The Certification criteria complements providers’ compliance efforts, but goes beyond regulation in its detail and scope, defining and promoting industry best practices in detail. Responsible business practices are essential to help regulators achieve their goals around financial inclusion, stability, integrity and consumer protection.
The operational management of the certification is contracted to an independent scheme operator, Alliances Management, which has responsibility for training and overseeing independent assessors to ensure all assessments are consistent and objective. The benchmark for achieving certification has been set high to serve as an aspiration to all providers and a pass mark of 100 per cent is required.