Mobile World Live 2010: Untapped Areas of Growth and Opportunities for Mobile Money
Entering a new market touches every part of a company’s strategy; from technology, marketing, and customer service to product offerings, pricing and distribution channels. In the following two presentations, Olga Morawczynski from AppLab (Grameen Foundation) and Daryl Collins from Bankable Frontiers and Author of Portfolios of the Poor discuss ways to build on the basic mobile money proposition by understanding the unbanked customer’s needs.
Methodology for Assessing Money Laundering and Terrorist Financing Risks
Mobile money services are emerging all over the world and financial regulators are unfamiliar with the money laundering and terrorist financing (ML/TF) risks arising from these new services. The current anti-money laundering and combating the financing of terrorism (AML/CFT) rules are often applied disproportionately to the risks involved, thus hampering the adoption of mobile money services amongst consumers, the poor in particular. It is, for example, disproportionate to put a high customer due diligence burden on very poor customers who are transacting very low amounts for legitimate reasons. Excessively strict ‘know your customer’ (KYC) rules can be impossible for the poor to comply with, keeping them locked into the informal economy without preventing ML/TF.
2010 Leadership Forum at MMS in Rio de Janeiro
Due to its timing at the end of the conference, the day-long Leadership Forum was a good venue for distilling some of the big-picture regulatory questions that emerged during the preceding sessions. Fairly quickly, Leadership Forum panelists and participants converged on three broad areas of consensus. First, high-quality, accountable agents are necessary for successful mobile money deployments. Second, proportionality in applying customer risk management rules is essential. Third, engagement with financial regulators is a critical success factor for mobile money deployments. The challenge in the Leadership Forum was to discuss just what these broad points meant at a more granular level.
MMU Working Group Presentations – Rio de Janeiro
The MMU team is pleased to share the proceedings from our last working group held in Rio de Janeiro on May 24th. Please find attached the presentations and descriptions from the various sessions.
