Trade association the GSMA has launched the Mobile Money API Compliance Verification Service to support the growth of trusted mobile money ecosystems in developing nations.
In a statement, the GSMA said the free quality assurance initiative aims to reduce the complexity associated with scaling API integrations in the rapidly growing mobile money sector, which recently achieved US$1 billion in annual transactions value.
Africa has the highest rate of mobile money adoption which has led to several African companies signing up for this new GSMA initiative, such as Sasaid Fintech, AfriMoney and Comviva.
AfriMoney group director Andy Widmann said: “By working with the GSMA to comply with their Mobile Money API compliance verification service, we believe we can reduce the costs and time normally associated with API integrations.
“We also believe that this will make it easier for third-party providers to partner with AfriMoney, thereby supporting further development of the digital ecosystem in our markets and increasing the number of products and services available to our customers.”
GSMA CTO Alex Sinclair added: “The GSMA is committed to supporting financial inclusion by encouraging the growth of a thriving ecosystem around Mobile Money platforms. This new service will enable all service providers to connect in a simplified manner and reduce the lengthy and cumbersome Mobile Money API integration process.”