GSMA underscores the industry’s commitment to consumer financial health
The GSMA released a report under the title ‘Mobile money and consumer financial health: Showcasing the industry’s commitment to consumer financial health.’ GSMA defines ‘financial health’ as the consumer’s capacity to manage day-to-day finances; meet future financial obligations; be financially resilient (e.g. to shocks); pursue financial goals; and feel confident in their financial future. In this vein, the report examines the major risks to consumer financial health relating particularly to Low-to-Middle-Income Countries (LMICs) where mobile money is prevalent, and the approach of mobile money industry stakeholders in addressing these through best practice examples. The report also identifies some recommendations on best practices for various stakeholders in the broader ecosystem to work more closely together and contribute collectively to consumer financial health. The public-private cooperation is particularly emphasised to enhance further the benefits of mobile money services in spearheading financial inclusion.