CFO Agenda

Investment and M&A

Mobile Financial Services

Strategy and Business Planning

Operating Model & HR Management

PMO and Transformation Programs

Policy and Regulatory


SME Business Support

Mobile Financial Services

The Mobile Financial Service sector (MFS) can be subdivided into 4 categories, of which Mobile Money is the main driver.




Mobile Financial Service is a fast-growing sector, existing within a complex ecosystem. Mobile network operators are playing a key role in developing the industry, and managing the challenges which arise within this complex ecosystem is key for them to succeed.


Euromena has in-depth knowledge of the mobile money environment and offers services to strengthen each step of Mobile Financial Services value chain, supporting mobile operators in developing their mobile financial services in line with compliance requirements (KYC notably).


Euromena has classified the main risks related to MFS into 4 separate categories: Governance, Security, Process and Fraud, supporting the whole value chain and implementing dedicated controls, from the agreement with the partnering bank to the booking and reporting




  • Market Analysis and Product Definition: Strategy, marketing campaign, etc.
  • Distributors Management: KYC, Back Office controls and archiving, commissions management, non-active distributors management and delisting
  • Customer Acquisition: KYC, Back Office controls and archiving, bad customers’ management and delisting, etc.
  • Provisioning: electric money creation, distributor / ATM / agencies provisioning, etc.
  • Mobile Money Transactions Management: Deposit withdrawal, international transfer, airtime pop-up, money transfer, etc.
  • Invoicing: Customers, Business Customers, Distributors
  • Cash & Claims Management: Cash collection, reconciliation, reimbursement, commissions
  • Accounting and Reporting: Booking in commercial system, booking in accounting system, reconciliations, reporting


From market opportunity analysis to the implementation of a control and compliance environment over the value chain, Euromena has the experience necessary to support mobile operators whether they intend to launch mobile money services in a new country or to support the growth of the service in a sustainable way, mitigating the risks inherent to MFS activity (loss of bank partner, mobile money holder identification, anti-money laundering, etc.).



Mobile Financial Services roll-out

Client: African Subsidiary of a French international Telco
Engagement focus: mobile money solution roll-out
Key activities:

  • Set up the appropriate control processes for the new activity
  • Implemented relevant organization, processes and tools to support mobile payment growth
  • Defined an operation to improve the KYC process
  • Defined and implemented 20 improvement initiatives along the whole MFS value chain
  • Trained resources to ensure a quick understanding of mobile payment activity


Results achieved:
Secured the roll-out of mobile money roll-out

Ivory Coast: Mobile Financial Services compliance

Client: Leading Sub-Saharan African Telco
Engagement focus: Implementation of a strong environment of controls aiming to ensure Mobile Financial Services (MFS) performance and compliance across the value chain
Key activities:

  • Implemented exchanges with the bank partner for AML (Anti Money Laundering) alerts
  • Defined, reviewed and updated key procedures (KYC, monitoring and handling of anomalies, etc)
  • Supported the implementation of fraud detective controls and follow-up and reporting by fraud types
  • Supported communication plan (media) to end-clients on fraud and security awareness, and to employees on professional ethic


Results achieved:

  • Enhanced compliance of MFS activities validated by Group audit department
  • Performance improvement of MFS activities

Key contacts

Jennifer Viard, Manager,