In emerging markets, mobile money continues to be a driver of financial inclusion. One key driver for a successful mobile money scheme: an enabling regulatory framework.
The recently released GSMA Mobile Money Regulatory index scores countries on the extent to which their policies and regulations enable the adoption of mobile money solutions. The index looks at six broad enablers: authorisation, consumer protection, transaction limits, know your customer (KYC), agent networks and infrastructure environment when determining the score for each country.
These factors investigate policy and regulation in each country and the degree to which they enable widespread adoption of mobile money for the unbanked and underbanked. The GSMA recognises the importance of regulatory frameworks that are conducive to responsible and sustainable mobile money providers.
Creating enabling regulatory frameworks encourages investment, lowers costs and barriers to entry for consumers, and facilitates the adoption of new services and providers. The Mobile Money Regulatory Index exists to encourage reform and promote open discussions between mobile money providers and regulators.
Access the GSMA’s interactive tool here.