MEDIA RELEASE PR41748
GSMA Statement
LONDON, Oct. 15 /PRNewswire-AsiaNet/ --
CamGSM are working with the regulator to develop appropriate regulatory
frameworks and secure a formal license under such a framework. GSMA is
supporting CamGSM to work through the regulatory issues that they are facing.
To this end, the two parties have agreed to suspend the payment of further
grant monies until the GSMA MMU Fund Panel is satisfied that CamGSM has
secured all necessary regulatory approvals.
For background
The GSMA's Mobile Money for the Unbanked programme works with mobile
operators, banks, microfinance institutions, government and development
organizations to encourage the expansion of reliable and affordable mobile
financial services to the unbanked. The GSMA encourages dialogue between
mobile money providers and regulators however regulation is a matter for the
government in each country in which such services are developed. The GSMA
works openly and cordially with stakeholder groups to encourage the smooth
implementation and deployment of mobile money services which are already
providing a huge societal benefit to those forward thinking countries which
permit them.
The MMU Fund exists to accelerate mobile money deployments which target
base-of-the-pyramid customers who are lack access to traditional financial
services. As Cambodia has a population of over 14.5 million with less than 4
percent having a bank account, it is ideally positioned to benefit from much
needed financial services such as money transfer and bill payment,
particularly in the case of low income migrants who need to send money home
to families in rural areas.
Mobile Money enables people to send money more safely, quickly and
cost-effectively than the formal banking system. It also enables users to
start building a financial identity. The Fund exists to encourage innovative
mobile money projects; the programme works closely to support these projects
and to identify best practices and key learnings, which are then shared back
with the wider industry to accelerate the success of projects elsewhere.
Between now and the end of 2011, millions of consumers are expected to
directly benefit from mobile money services launched with the support of the
GSMA MMU Fund.
SOURCE: GSM Conference Limited
CONTACT: Claire Cranton, Director, Media Relations, GSMA, m:
+44-7885-839427, or ccranton@gsm.org
NEWS 
