Safaricom recently launched an additional functionality “Hakikisha” on the M-Pesa Menu in Kenya, which will enable subscribers to confirm a recipient’s name before completing an M-Pesa transaction. Hakikisha has been under pilot for the last month.
There is evidence of a clear tension between the advantages of digital financial services and the risks to customers. This issue will be addressed at the Responsible Finance Forum in Antalya, Turkey, September 7-9, 2015.
Kopo Kopo enables more than 10,000 merchants to accept mobile payments from their customers. As Kopo Kopo considers consumer protection risk areas, they identified key concerns and questions in each which they are working on addressing.
The GSMA launched a Code of Conduct for Mobile Money Providers, and already eleven providers have endorsed it. The code is important to ensure that the customer experience is central to the responsible development of mobile money platforms.
Delivering financial services via digital means is growing at a blistering pace, and many are asking how can be accelerated to reach more underserved customers. At the same time, we must ensure that these services are being delivered fairly, transparently, and safely.