Risk Management in Mobile Money : Observed Risks and Proposed Mitigants for Mobile Money Operators
Mobile financial services offer significant opportunities for improving the efficiency of financial services by expanding access and lowering transaction costs. The rapid public acceptance of these services in many countries, including the Philippi...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/155161501149762325/Risk-management-in-mobile-money-observed-risks-and-proposed-mitigants-for-mobile-money-operators http://hdl.handle.net/10986/28420 |
| Summary: | Mobile financial services offer
significant opportunities for improving the efficiency of
financial services by expanding access and lowering
transaction costs. The rapid public acceptance of these
services in many countries, including the Philippines,
Brazil, India, Uganda, and Kenya has demonstrated that the
technology is mature and brings real benefits to people who
previously cannot access financial products or services.
International Finance Corporation (IFC) has recognized the
potential of using mobile money as a mechanism to deliver
financial inclusion and, in November 2012 mobile money was
formally adopted as a significant part of its access to
finance work. With growing number of operations and a
growing number of customers involved in the service,
formalized risk management which balances the assurance of
an enabling environment that is conducive to innovation and
economic development against consumer protection concerns
becomes more and more important. This importance is
amplified in annexures A and B to this document, which
highlight emerging fraud trends in Uganda. |
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