Safaricom’s M-Pesa has once again solidified its position as a global leader in mobile money transfer and payments.
The Global System for Mobile Communications Association (GSMA) has re-certified the service, underscoring its commitment to providing secure, transparent, and reliable financial services to millions of customers worldwide.
Understanding GSMA Certification
The GSMA certification is a prestigious global initiative designed to ensure safer, more transparent, and stronger financial services for mobile money users.
The Global Mobile Money Certification is based on a rigorous independent assessment of a provider’s capabilities.
It evaluates the ability to deliver secure and reliable services, protect consumer rights, and combat money laundering and terrorist financing.
M-Pesa’s Certification Journey
M-Pesa first received this prestigious certification in 2018, marking it as one of the pioneering mobile money services to achieve this level of recognition. The service met stringent criteria across eight key areas of assessment:
- Safeguarding customer funds
- Service security
- Protecting customer data and privacy
- Mitigating risks of money laundering, terrorist financing, and fraud
- Agent and staff management
- Reliable service delivery
- Customer communication
- Customer service and complaint management
This re-certification not only reflects M-Pesa’s dedication to maintaining high standards but also plays a crucial role in building consumer trust and facilitating stronger commercial partnerships.
Safaricom CEO’s Perspective
Peter Ndegwa, Safaricom’s Chief Executive Officer, emphasized the significance of this achievement: “This certification is evidence that we have taken a step further to ensure that customers’ funds are in safe hands, that their rights are being observed through our business practices, and that a high level of customer service can be expected.”
Also Read: Safaricom’s M-Pesa outage disrupts millions of users in Kenya
Ndegwa further elaborated on the implications of the certification: “It’s a sign that our business practices are among the best in the industry and that we are providing a secure, transparent, and reliable mobile money service. We are a trustworthy and responsible mobile financial service provider, and therefore an attractive candidate for collaboration with innovators and the business community.”
M-Pesa’s Market Presence and Growth
As of March 2024, M-Pesa boasts an impressive user base of approximately 31.5 million active users. The service processes over Sh40.2 trillion in transactions annually, demonstrating its significant impact on the financial landscape.
Safaricom’s commitment to growth is evident in its expansion into new markets. Earlier this year, the company reported substantial progress in Ethiopia, with M-Pesa attracting 3.1 million customers by December 31, 2023. This expansion is supported by a robust network of 26,200 M-Pesa agents and 43,100 M-Pesa merchants in the country.
In conclusion, M-Pesa’s re-certification by GSMA reaffirms its position as a global leader in mobile money services. By consistently meeting and exceeding international standards, Safaricom continues to drive innovation and accessibility in the financial sector, positively impacting millions of lives across Africa and beyond.
Comments 1