Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

M-PESA Awarded GSMA Mobile Money Certification for Operational Excellence

Article Image
PRESS RELEASE -- Abidjan, Cote D'Ivoire -- Safaricom’s (NSE: SCOM) M-PESA service has today scored another feat after successfully passing the GSMA Mobile Money Certification, a global initiative that defines and promotes excellence in the provision of mobile money services.

M-PESA met the criteria in eight areas of assessment, including: safeguarding of customer funds, service security, safeguarding of customer data and privacy, and mitigation against money laundering, terrorist financing, and fraud risks.

“The awarding of the GSMA Mobile Money Certification to M-PESA is a strong testament to the heavy investment we have made in people resources and financial investments, which have been critical to building such a robust service. This certification further reassures our customers of M-PESA’s reputation as a trusted, stable and reliable solution,” said Nicholas Mulila, Director – Risk Management, Safaricom.

Other areas assessed as part of the certification process include agent and staff management, reliable service provision, customer communication, customer service and management of customer complaints. M-PESA becomes one of the first mobile money services to achieve this level of certification, cementing its position as a global leader in mobile money transfer and payments.

“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,” said John Giusti, Chief Regulatory Officer, GSMA. “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.”

Launched 11 years ago, the service began as a way for Kenyans to send money to informal savings groups, commonly known as “chamas,” before quickly evolving to fill the gap in person-to-person transactions within Kenya’s unbanked population. It has since grown to 27 million customers and more than 148,000 agents all over Kenya, with Safaricom investing heavily in the service’s infrastructure to position it as the most preferred cashless mode of payment for goods and services in Kenya and beyond.

In 2014, Safaricom invested in a second generation M-PESA platform, which added more features and increased the capacity of the service to more than 900 transactions per second. The investment also saw the migration of the service from Germany to Kenya, a move that increased M-PESA’s availability to almost 100%.

This was followed in 2017 by another upgrade that resulted in increased robustness of the service. The update enabled Safaricom to increase transparency around transaction costs, and made it possible for customers to reverse transactions made to unintended recipients. Since then, Safaricom has also introduced an enhanced and simplified M-PESA Application Programming Interface (API), which has allowed third party partners to layer their services on M-PESA infrastructure, therefore stimulating business and attracting both local and global players.

Other measures that the firm has taken to boost security and reliability on the service include deployment of a highly qualified team of cybersecurity and fraud experts to provide first-line customer support.

Recently, the company digitized its subscriber registration process in order to eliminate the need for paperwork and form-filling. The new subscriber Registration App also ensures a water-tight process that empowers both agents and customers adhering to the legal requirements on subscriber registration.

ENDS

Innovation hub

Story

Africa can leverage GenAI for economic growth – Microsoft

A whitepaper on generative artificial intelligence (GenAI) and the future of work has found that the African continent, with its young population, can leverage AI to drive economic growth.

Registration opens for Africa Tech Festival 2024

Registration has opened for the 2024 edition of Africa Tech Festival, the continent's leading platform for technology innovators, specialists and thought leaders.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Cyber Revolution Summit
August 9, 2024
Gaborone, Botswana
Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives

Story

How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.

Story

Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002