GSMA announced that Tigo Paraguay has become the first provider in the region to achieve GSMA Mobile Money Certification.
The certification initiative, which was launched in April 2018, is a global programme to bring safer, more transparent and more resilient financial services to millions of mobile money users around the world. With the addition of Tigo Money Paraguay, certified providers now collectively represent 114 million mobile money accounts worldwide.
The certification requirements, validated by an independent assessor, 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, risk mitigation, financing of terrorism and fraud. Certification is open to all mobile money providers, whether they are a mobile operator, a bank or other type of payment service provider, and a pass mark of 100 per cent is required.
The certification criteria complements providers’ compliance efforts, but goes beyond regulation in detail and scope, defining and promoting industry best practices. Responsible business practices are essential to help regulators achieve their goals around financial inclusion, stability, integrity and consumer protection.