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Annual Report 2011 Annual Report 2011 For further information please contact [email protected] GSMA London Office T +44 (0) 20 7356 0600 Use For Outer Covers ONLY.indd 1 01/06/2011 10:47 GSMA — Mobile Money for the Unbanked Team Members The GSMA Mobile Money for the Unbanked Team MMU_Report27.05.11.idml 4 31/05/2011 14:11 Annual Report 2011 1 Yasmina McCarty Manager 2 Paul Leishman Manager 3 Neil Davidson Manager 1 2 3 4 Claire Penicaud Coordinator 5 Seema Desai Director 4 5 6 6 Camilo Tellez Analyst MMU_Report01.06.11.indd 5 01/06/2011 16:05 Contents Intoduction 1—4 Introduction Chapter 1 7—18 Is there really any money in Mobile Money? Chapter 2 19 —38 Mapping and effectively structuring operator-bank relationships to offer Mobile Money for the unbanked Chapter 3 39—72 Driving customer usage of Mobile Money for the unbanked Chapter 4 73—78 Enabling different paths to development of Mobile Money ecosystems Chapter 5 79—88 Case study: Mobile Money in Paraguay Glossary 89—90 https://www.mmublog.org MMU_Report01.06.11.indd 6 01/06/2011 16:05 MMU_Report01.06.11.indd 7 01/06/2011 16:05 1—2 GSMA — Mobile Money for the Unbanked Introduction MMU_Report01.06.11.indd 8 01/06/2011 16:05 Annual Report 2011 Introduction One year on,the Mobile Money industry has doubled in size again Author: Seema Desai Over the last 12 months, the Mobile Money industry has doubled in size; and as the industry has grown, so has our understanding of what it takes to create a successful deployment. This report contains a selection of important best practices and insights that the MMU team have identified. MMU_Report01.06.11.indd 9 01/06/2011 16:05 3—4 GSMA — Mobile Money for the Unbanked Introduction The Mobile Money industry has blossomed in This year, the GSMA’s Mobile Money Summit the last year, doubling in size for the second year happens in Singapore – the premier international running, and, in May 2011, MMU celebrated the hub in South East Asia, a region that is home to the launch of the 100th live Mobile Money deployment oldest Mobile Money deployment (SMART’s Mobile in the world. With 88% of live Mobile Money Money service, SMART Money, was launched in deployments in developing markets, Mobile 2003), as well as a number of newer roll-outs in Money is now poised to become a powerful tool countries such as Cambodia, Thailand, Indonesia for financial inclusion; it has the ability to meet the and Vietnam. needs of customers who previously could not access formal financial services and had to rely on less safe, As the industry has grown, so has our less reliable and more costly alternatives. understanding of what it takes to create Africa continues to be the heartland for Mobile a successful deployment Money and home to the industry’s most successful Mobile Money service – inspiring operators, banks, Alongside this rapid growth, MMU has engaged governments and other industry players around the with a number of Mobile Money providers across world with the socio-economic and commercial the globe in order to synthesise best practice, which opportunities that Mobile Money services bring. we have shared through our Working Groups, It has nearly 50% of the world’s deployments, and our website, our publications, and, recently via M-PESA, which generated more than 50% of webinars. MMU has fully allocated its 5m USD fund Safaricom’s non-voice revenue and is being used facility in sub-grants to 20 operators across Africa, by over 70% of the adult population in Kenya, has Asia and Latin America, and these operators have become a key pillar of Safaricom’s corporate strategy.1 been the source of many of the Programme’s most penetrating insights. Increasingly, as the industry’s growth becomes a global phenomenon, the eye is being drawn away One of the fundamental questions is whether from Kenya and towards other markets. Last there’s any money in Mobile Money. Do genuinely year, GSMA took its Mobile Money Summit to sustainable deployments exist? The sheer number Rio de Janeiro, in order to engage with more Latin of live deployments is a testament to the industry’s American operators around the opportunities that belief in the need for - and profitability of - Mobile exist with Mobile Money. Today, 12% of existing Money services, however, a year ago, empirical deployments (and over a quarter of those that evidence of the sustainability of these services was are planned) are in Latin America.2 MMU has scarce. MMU has worked very closely with one completed its first case study of a Latin American of our grantees, MTN Uganda, to dive deeply into deployment; focusing on Tigo Paraguay, this study their financial model and assess the key costs and highlights some interesting nuances which we hope revenue drivers of the service. The results were will generate further momentum for the growth of positive and have provided financial benchmark Mobile Money within this continent. data to the industry for the first time. Mobile Money Developments In Less Developed Countries MMU strives to provide the industry with practical, 97 actionable recommendations for how to create 100 97 94 9193 successful Mobile Money services. Complementing 88 MMU’s Agent Networks Handbook, which was 81 80 77 published in last year’s Annual Report, is a new 69 64 guide to driving customer adoption of Mobile 60 5758 58 Money, which is contained in this Annual Report. 54 50 50 52 Additionally, the research that we conducted into 45 40 how banks and operators work together can be 31 used world-wide to accelerate the development 28 25 26 26 27 22 22 23 of effective relationships between these parties 20 19 21 to successfully offer Mobile Money services. 0 Jan 2009 Jul 2009 Jan 2010 Jul 2010 Jan 2011 1 FY 2011 Results Announcement, 18th May 2011 2 MMU deployment tracker for this data MMU_Report01.06.11.indd 10 01/06/2011 16:05 Annual Report 2011 Chapter 1 Going forward, MMU remains committed Although some best practices have been identified in Mobile Money, we have much yet to learn, and to helping the industry succeed the industry needs to test the reliability of good practice across markets. While the MMU team The industry has grown quickly, and we have been will continue to identify and publish learnings, building and curating a body of knowledge for we have also begun to engage more deeply with the ecosystem to draw upon. Still, operators face deployments around the globe to diagnose key a number of challenges. MMU will be focusing on challenges, develop recommendations and support the following areas to aid operators deployments: their successful implementation. We believe that ■ Regulatory barriers in some countries continue to doing so will help us to lock-on to crucial challenges inhibit the launch and scaling of Mobile Money. more quickly and devise solutions for them that MMU will continue to build capacity with mobile will then drive our agenda over the coming months, network operators, so that they can better engage ultimately accelerating the deployment of services with their financial regulators and help sculpt to more unbanked customers around the world. regulatory environments that manage risks such as money laundering and terrorist financing Over two years, the industry has come a long way. while enabling financial inclusion. We see more markets approaching the tipping point of achieving significant scale – such as Tanzania, ■ Maintaining active and ubiquitous agent Uganda and Pakistan – and an increasing number networks remains a challenge for many Mobile of deployments that are keen to learn from other Money deployments. MMU is working hands-on markets and also share what they have learnt with operators to identify and solve problems themselves. We are more aware of what the barriers in their distribution networks. are and how to go about breaking those barriers ■ Bringing a consumer from never having heard down. We’ll continue to build on this strong of Mobile Money to using the service regularly foundation, to support the industry and unleash has proven to be a complex marketing challenge. the full potential of Mobile Money. MMU is supporting operators to develop marketing strategies that build awareness of Our thanks go to the Bill & Melinda Gates what Mobile Money is, understanding of what Foundation for their on-going support of MMU, Mobile Money is useful for, and knowledge our Working Group members and, in particular, of how it works our grantees, who have allowed us to work closely ■ In certain markets, the industry may need to test with them to develop many of the insights that we new models in order to exploit more effectively share in this report. Personally, my thanks go to the the economies of scale. The paper by Ignacio Mas MMU team for the amount of effort that has gone from the Bill and Melinda Gates Foundation in not only into the preparation of this Annual report, this Report highlights why this is important and but also for their hard work and commitment to imagines what might be possible if operators making the MMU Programme, and ultimately the were to pursue interconnectivity. Mobile Money industry, realise its enormous potential. MMU Director, GSMA Development Fund Qatar Afghanistan West Pakistan Cambodia Bangladesh Africa India Thailand Cote Kenya D’Ivoire Philippines Brazil Sri Lanka Uganda Indonesia Tanzania Fiji East Africa MMU_Report01.06.11.indd 11 01/06/2011 16:05 5—6 GSMA — Mobile Money for the Unbanked MMU_Report01.06.11.indd 12 01/06/2011 16:05 Annual Report 2011 Smart Index Description of contents of the Annual Report 2011 Title Description Purpose Is there really any money Examines various aspects of the To help the broader Mobile Money in Mobile Money? profitability of Mobile Money, based industry understand the topic of on the learnings from a deep-dive into profitability by taking a closer look the operational and financial results at MTN Uganda’s numbers and of MTN Uganda’s Mobile Money.
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