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December 5, 2018
"Today, we're empowering more than 5 million people with Tigo Money across Latin America who otherwise would be excluded from the local economies. As an operator, we are setting new standards in the region around customers' privacy and KYC (Know Your Customer) parameters, and this certification is a recognition of those efforts," said Rachel Samrén, EVP Chief External Affairs Officer for Millicom. "As we continue deploying digital highways, we also increase access to the digital economy for millions of people."
"Mobile money has emerged as a key contributor to financial inclusion in the Latin American and Caribbean region, with over 21 million registered accounts across 17 territories," said Sebastian Cabello, Head of Latin America, GSMA. "The Certification is aimed at providing customers with confidence that their funds are in safe hands, their rights are protected and they can expect a high level of customer service. We congratulate Tigo Money Paraguay for being the first to take this step and we look forward to others in the region achieving certification."
The certification requirements, validated by Alliances Management, an independent assessment body, 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. The benchmark for achieving certification has been set high to serve as an aspiration to all providers and a pass mark of 100 per cent is required.
The certification criteria 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. Certification is open to all mobile money providers, whether they are a mobile operator, a bank or other type of payment service provider.