MICROCAPITAL BRIEF: World Bank Group Publishes Guide to Reducing Fraud in Mobile Banking Services for Unbanked Clients, “Protecting Mobile Money Against Financial Crimes”

The World Bank Group, a Washington, DC-based group of five institutions with a mission to fight poverty and improve living standards for people in the developing world, has published a book titled “Protecting Mobile Money Against Financial Crimes”. The book was written as a guide to delivering mobile banking services to unbanked customers in rural areas [1]. Based on fieldwork in eight markets including Kenya, Malaysia, Mexico, the Philippines and Zambia and research in more than ten countries, the book suggests approaches to mitigate the risks associated with mobile money [1].

Lead author and lead financial sector specialist at the World Bank Pierre-Laurent Chatain said, “The opportunity is ripe to replicate the success of services like Kenya’s M-Pesa, which is used by 9 million adults to save and transfer money […] However, poorly designed regulatory frameworks can hamper the delivery of mobile money services” [1].

The book is available for purchase at: http://publications.worldbank.org/index.php?main_page=product_info&cPath=0&products_id=23987

By: Alexandra Pattee, Research Associate

About the World Bank Group: The World Bank Group, headquartered in Washington, DC, consists of five closely associated institutions, all owned by member countries that carry ultimate decision-making power. Each institution plays a distinct role in the Group’s mission to fight poverty and improve living standards for people in the developing world. The World Bank Group encompasses the World Bank, which consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). Also housed in the World Bank is the CGAP (Consultative Group to Assist the Poor), an independent policy and research center that aims to promote financial access for the world’s poor people worldwide. The World Bank was one of the founding donors of CGAP in 1995.

Sources and Resources:

[1] The World Bank Press Release, “World Bank Group Publishes: Protecting Mobile Money Against Financial Crimes”, Submitted directly to MicroCapital

MicroCapital.org Article, March 28, 2011, “PlaNet Finance, Oliver Wyman Publish Report on Mobile Technology Providing Access to Finance Beyond Simple Payments”, https://www.microcapital.org/microcapital-brief-planet-finance-oliver-wyman-publish-report-on-mobile-technology-providing-access-to-finance-beyond-simple-payments/

MicroCapital.org Article, March 8, 2011, “Mobile Technology as an Alternative Channel for Foreign Aid Delivery May Increase Access to Finance”, https://www.microcapital.org/microcapital-brief-mobile-technology-as-an-alternative-channel-for-foreign-aid-delivery-may-increase-access-to-finance/

MicroCapital.org Article, March 2, 2011, “US-based Nuru International Offers Microfinance Services to Rural Households in Kenya Through Mobile Banking Technologies”, https://www.microcapital.org/microcapital-brief-us-based-nuru-international-offers-microfinance-services-to-rural-households-in-kenya-through-mobile-banking-technologies/

MicroCapital.org Article, January 18, 2011, “Bill and Melinda Gates Foundation Provides $10m for Haiti Mobile Money Initiative (HMMI) in Collaboration with US Agency for International Development (AID)”, https://www.microcapital.org/microcapital-brief-bill-and-melinda-gates-foundation-provides-10m-for-haiti-mobile-money-initiative-hmmi-in-collaboration-with-us-agency-for-international-development-aid/

MicroCapital.org Article, January 6, 2011, “KDDI Invests $22m in Microfinance International Corporation (MFIC) to Develop Global Mobile Payment Platform”, https://www.microcapital.org/microcapital-brief-kddi-invests-22m-in-microfinance-international-corporation-mfic-to-develop-global-mobile-payment-platform/

MicroCapital.org Article, November 11, 2010, “Survey on Kenya’s M-PESA Mobile Transfer Service Shows Increased Impact in 2009”, https://www.microcapital.org/microcapital-brief-survey-on-kenyas-m-pesa-mobile-transfer-service-shows-increased-impact-in-2009/

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