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Committed to Connecting the World
Mobile Money Opportunities &
Challenges
Regional Regulatory Conference for EuropeTowards Mobile Broadband Ubiquity in Europe
Budva, Montenegro, 29 September 2014
Telecommunication Standardization Bureau of ITU
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Outline Financial Services Digital Financial Services Opportunities Challenges ITU-T Study Group 13- Technology Watch Report- Focus Group: Digital Financial
Inclusion
ITU Key Cybersecurity Initiatives2
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Financial Services Purpose
- Save, Borrow, - Make payments, Manage risk
Benefits - the Poor & the Disadvantaged- businesses - socio economic development of a nation
Barriers- high cost- physical distance- lack of proper documentation
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UNBANKED – No Financial Services
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Digital Financial Services – Mobile Money
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Financial Inclusion through Mobile Money
Low levels of financial inclusion represent a barrier to socio economic development in developing countries
Globally, more than 2.5 billion adults do not have a formal bank account, most of them in developing economies
59% of adults in the developing countries do not have a formal bank account
But most of them have a mobile phone
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Source: GSMA - 2013
World view - trends
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World view - interoperability
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52 countries have 2 or more mobile money services – there is a need for interoperability.
Source: GSMA - 2013
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Mobile Money - Some Statistics
203 million registered accounts globally in June 2013 compared to 108 million in June 2012
9 countries have more mobile money accounts than bank accounts: Cameroon, the Democratic Republic of Congo, Gabon, Kenya, Madagascar, Tanzania, Uganda, Zambia and Zimbabwe
In 44 countries there are now more mobile money outlets than bank branches
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Source: GSMA - 2013
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Mobile Money Payment in Europe (I)
Orange Cash (France) - Visa prepaid card on a mobile phone
- Smartphone with NFC and the orange app
Mobito (Czech Republic)
- Payment through the Mobito service, bank, mobile wallet or credit/debit card
- Use any mobile phone -Intra money transfer
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Turkcell Mobile Wallet (Turkey) - Turkcell mobile operator and Garanti Bank
- integrated public transport card Urfakart
Vodafone M-Pesa(Kenya, Romania) - based on simple text messaging - launched in Kenya in 2007 now has 15 million
users in Kenya - April 2014 announced launch for Romania
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Mobile Money Payment in Europe (II)
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Mobile Money Transfer in Europe
MoneyGram (Spain) - Launched in 2013, - MoneyGram & Movistar Remesas - allow consumers to send money using their
mobile phones from Spain to any of MoneyGram’s 293,000 agent locations around the world
Mobile Banking Most banks in Europe
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Two main technologies emerging
• Cloud-based payments
• NFC-based payments (Near Field Communications)
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Business Models
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OPPORTUNITIES Individual
- fast track to financial inclusion
Business - New ventures for mobile operators and
financial institutions to tap a global market
National - Accelerated socio-economic development
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Interoperability between mobile money service providers
Coordination between regulators from telecom and financial services
Consumer protection against fraud Access to business critical technology
Analyze best practices to develop global standards
Challenges
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ITU-T Study Group 13 outcomes on financial transactions via Mobile
Following proposal to the WTSA-08 and contributions from Member States Recommendation ITU-T Y.2740 (01/2011) “Security requirements for mobile remote financial transactions in next generation networks”
http://www.itu.int/rec/T-REC-Y.2740/en and • Recommendation ITU-T Y.2774 (01/2011) “Architecture of secure
mobile financial transactions in next generation networks” http://www.itu.int/rec/T-REC-Y.2741/en
Both available for free download in English, French, Spanish, Arabic, Chinese and Russian
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Reports on Mobile Money ITU TechWatch 2013
free download at http://www.itu.int/en/ITU-T/techwatch/Pages/mobile-money-standards.aspx
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GOAL: Recommend a standardization roadmap for interoperable digital financial services for financial inclusion.
Established by ITU-T TSAG (June 2014 meeting)
Chaired by Sacha Polverini (Bill & Melinda Gates Foundation)
First meeting: 5 December 2014, ITU, Geneva
Workshop on Digital Financial Services and Financial Inclusion: 4 December 2014, Geneva
Homepage & Mailing List: http://www.itu.int/en/ITU-T/focusgroups/dfs/ Terms of Reference
For more information contact Mr Vijay Mauree, Programme Coordinator [email protected]
Focus Group on Digital Financial Services(FG DFS)
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For more information on SG 13 Contact Ms Tatiana KURAKOVA, Counsellor, ITU.
We look forward to contributions to ITU-T study groups by ITU members
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Key Cybersecurity Initiatives
National CIRT ProgrammeHuman Capacity Building Global Cybersecurity IndexChild Online Protection Least Developing Countries
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National CIRT Programme
Educate / Plan Educate / Plan Establish/ Operate Establish/ Operate CollaborateCollaborate
Assessments conducted for 56 countriesImplementation completed for 8 countries Implementation in progress for 6 countries8 cyberdrills conducted with participation of over 70 countriesFirst African region Cyberdrill taking place today
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Human capacity building
Cybersecurity training workshops for over 2700 government officials, regulators, and ICT professionals worldwide
Timely dissemination of latest reports on cyberthreats from industry partners Symantec and Trend micro to Member States
6 reports, 4 e-guides and InfographicsMore to come
Soon.. courses through the ITU Academy
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Objective
The Global Cybersecurity Index (GCI) aims to measure and rank each nation state’s level of cybersecurity development in five main areas: •Legal Measures•Technical Measures•Organizational Measures•Capacity Building•National and International Cooperation
Goal
Promote government strategies at a national level
Drive implementation efforts across industries and sectors
Integrate security into the core of technological progress
Foster a global culture of cybersecurity
90 countries have respondedPreliminary results : Arab region, Africa region and Asia Pacific regionFinal Global Results targeted for end of 2014
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Child Online Protection
• Under the GCA umbrella, ITU initiated the Child Online Protection initiative (COP) in November 2008.
• COP has been established as an international collaborative network for promoting the online protection of children and young people worldwide by providing guidance on safe online behavior.
Objectives
•Identify risks and vulnerabilities to children in cyberspace
•Create awareness
•Develop practical tools to help minimize risk
•Share knowledge and experience
NEW GUIDELINES : For Industry on Child Online Protection
July 2013: H.E. Dame Patience Goodluck Jonathan, First Lady of Nigeria was appointed ITU COP Champion
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Enhancing Cybersecurity in Least Developed Countries project
Aims at supporting the 49 Least Developed Countries in strengthening their cybersecurity capabilities.How •Assessment for selected key government ministries &
subsequent solutions provision•Capacity building through training of trainers, workshops,..•Customised guidelines on legislation, regulation and technologies
Status•Implemented in Sierra Leone •In progress : Afghanistan, Angola, Bhutan, Burundi, Chad, Comoros, Djibouti, Gambia, Haiti, Kiribati, Lao, Mauritania, Myanmar, Republic of Guinea, Rwanda, Tanzania, Uganda, Vanuatu and Zambia
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We are only as secure as our weakest link …
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Let’s work together
Respond to the questionnaire for the Global Cyber Security
Index
Partner with us to ‘Enhance Cybersecurity in Least
Developed Countries’
International cooperation to address Child Online Protection
Join our study groups
National CIRT assessment, implementation or join our
cyberdrills
Attend our conferences, workshops
More information on the above at
http://www.itu.int/en/ITU-D/Cybersecurity/Pages/default.aspx
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Committed to Connecting the World
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Thank You