admin September 22, 2017

TransferTo Endorses the GSMA’s “Guidelines on International Remittances Through Mobile Money”

Today, TransferTo, a global B2B Cross-Border Mobile Payments Network, announced it has endorsed
the GSMA’s ‘Guidelines on International Remittances through Mobile Money’, which
aim to ensure international remittances are performed in a safe and responsible
manner.

Mobile money has transformed the global payments industry, changing
the way we transact and send money, especially across the emerging markets. In
fact, by the end of 2016, the number of mobile money accounts had surpassed
half a billion (566 million).¹ For both senders and receivers,
mobile money brings along a number of benefits including lower transfer fees,
promoting greater transaction transparency and advancing financial inclusion. However,
as the industry is still maturing, there are a number challenges we still need to
overcome – including a lack of enabling regulations, an increasing flow of new
digital players, and slower consumer adoption.

The ultimate goal of these guidelines is
to help
facilitate a positive dialogue between the private sector and Regulators on the
need to enable the use of mobile money for international money transfers. The
aim is to expand the number of international corridors using formal transfer
channels, and achieve both technical and cost efficiency in the process.

Eric Barbier,
President at TransferTo, said, “TransferTo is very proud to have collaborated with the GSMA to define
a clear set of guidelines for international money transfers. As a company, we are
very committed to making sure we are fully compliant with all industry
regulations to ensure the safety of both our partners and their customers. Hopefully
through these guidelines we can all work together to achieve best practice
across the industry and make international money transfers more accessible and
affordable for all.”

Nathan
Naidoo, Interim Head of Mobile Money at the GSMA, added, “These Guidelines illustrate how the mobile money industry and its
partners are working together to ensure that international transfers conducted
through mobile money are facilitated in a safe and secure manner. They
represent an important first step for continued public-private collaboration to
scale mobile money-enabled international remittances, working together to offer
better remittance solutions to migrants and their families.”

Source:

¹ Guidelines on International Remittances through Mobile Money, GSMA
2017