By: Alex Malanga – The Citizen.
Dar es Salaam. A global RegTech firm (which deals with the management of regulatory processes within the financial industry through technology) has implemented its mobile money compliance platform in Tanzania in deliberate efforts to further strengthen the security of the country’s mobile money transactions. Global Voice Group (GVG) has implemented its M3 platform for the Tanzania Communications Regulatory Authority (TCRA).
Tanzania is Africa’s second largest mobile money market after Kenya.
M3 is the first mobile money compliance platform on the continent. GVG’s M3 solution consists of a data acquisition and processing system for the monitoring of all mobile money transactions in any country, according to the GVG chief executive officer, Mr James Claude.
TCRA’s M3 system captures all the transactions data from each mobile money application for the purposes of monitoring, verification and analysis. It also allows the regulator to monitor evolution of the mobile money market, and the level of compliance with Tanzania’s laws and regulations.
Tanzania’s mobile money penetration reached 53 per cent, with 29.7 million mobile money subscriptions, in 2020, compared to 21 million in 2018: an increase of 41 percent.
In June 2020, mobile money transactions worth a total of Sh10.6 trillion (about $4.6 billion) were conducted. That was an increase from the Sh9.46 trillion that was transacted in May 2020 – and Sh8.3 trillion transacted in April 2020.