Introducing the First Mobile Money Monitoring Solution for Regulatory Authorities in the World
As Mobile Money services keep on growing in popularity in the United Republic of Tanzania, the Tanzania Communications Regulatory Authority (TCRA) deemed it necessary to acquire a technological platform that would enable the monitoring of such services in the country. The Mobile Money Monitoring (M3) platform provided by SGS and Global Voice Group (GVG) was officially inaugurated on May 14, 2015, by the Hon. Prof. Makame M. Mbarawa, Minister of Communications, Science and Technology, as representative of the Vice-President. Tanzania is now the first country ‒ not only in the East African region, but also in the entire world ‒ to have implemented a Mobile Money monitoring solution.
The M3 solution developed by GVG consists of a data acquisition and processing system for the monitoring of all mobile money transactions in a given country. The TCRA’s M3 will capture all transaction data from each mobile money application for monitoring, verification and analysis purposes. The system will also allow the Regulator to closely monitor the evolution of the mobile money market and the compliance with Tanzania’s laws and regulations.
Although Mobile Money services present numerous advantages, such as financial inclusion, secure transactions, socio-economic development, additional revenue for the State and job creation, the absence of strict, adequate regulations poses a serious threat to both the economy and the security of the nation. These risks are not limited to fraud, and extend to identity theft, money laundering and the illicit financing of terrorist activities.
By acquiring GVG’s M3 platform, the TCRA is able to offer Tanzania the best of both worlds: financial inclusion and socio-economic development for all and a preserved security. This led Prof. Mbarawa, during the well-attended inauguration ceremony, to laud the TCRA’s efforts to fulfill its mandate with innovation.
About Global Voice Group
Founded in 1998, GVG develops and implements governance technologies that were specifically designed with telecom regulators and tax authorities in mind. Currently, its advanced traffic, fraud and quality of service management systems are successfully used in ten African countries, such as Congo-Brazzaville, Guinea-Conakry, Ghana, Rwanda, Tanzania, Liberia, the Central African Republic, Senegal, Gabon and Togo. GVG is a member of the International Telecommunication Union and the recipient of the 2014 Frost & Sullivan Best Practice Award for its innovation in telecoms management technologies
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