Mobile money and organized crime in Africa - June 2020

The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of INTERPOL concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. [...] The Mobile money was introduced in Africa in 2007 rapidly expanding nature of the industry has with the launch of the M-PESA (M for mobile, provided organised crime the opportunity to PESA for money in Swahili) service by Safaricom capitalize on the lack of regulatory and Vodafone. [...] The primary objective of this report is to consider The sheer volume and value of mobile money the situation regarding mobile money in Africa as transactions raises questions about abuses of a whole, accurate to the level of available data. [...] The operation is instantaneous, technology, despite efforts made by the MMOs and the user receives a notification confirming to raise customers’ awareness of security and the success of the operation and an indication of simplify the reporting process through dedicated the new balance. [...] Regulating mobile money in compromise between the industry’s objectives Africa? of facilitating the financial inclusion of the Telecom regulators and financial regulators such poorest, developing further mobile money as central banks are the two main types of services and mitigating the risks of money mobile money regulators.