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The GSMA has released its seventh annual ‘State of the Industry Report on Mobile Money’, offering a current snapshot of the mobile money landscape and highlighting the impact that greater financial inclusion has on lives, economies and innovation. The report provides the only comprehensive picture of mobile money around the globe. Today, with more than [...]
The post GSMA report highlights success of mobile money with over 690 million accounts appeared first on Payments Cards & Mobile.
Nigeria’s authorities are set to revoke the licences of at least 15 struggling mobile money operators under new minimum finance rules, according to press report. The report tips the majority of the 21 companies operating mobile money services in the country to fall foul of tough new cash requirements. Central Bank of Nigeria (CBN) rules, [...]
Ant Financial, the digital payments arm of Alibaba, has been forced to abandon a merger with MoneyGram, having failed to satisfy the US government that the deal posed no risk to America’s national security. Ant announced a deal to buy MoneyGram for about $880m in cash almost a year ago, saying it would jump-start its [...]
The post Ant Financial forced to abandon MoneyGram purchase due to US regulatory pressure appeared first on Payments Cards & Mobile.
Around two billion people worldwide do not use formal financial services and around half the adults in the poorest households are unbanked, according to the World Bank. When financial inclusion is a key enabler to reducing poverty and boosting prosperity, we investigate what the payments industry is doing around financial inclusion. At its most basic, [...]
The post Financial inclusion – Addressing the unbanked in developing countries appeared first on Payments Cards & Mobile.
Is mobile money a haven for money launderers? There have been a number of developments in the international financial system in recent decades that have made finding, freezing and forfeiting income and assets derived from criminal activities more difficult. These are: The use of the US dollar in black market transactions The general trend towards [...]