The GSM Association (GSMA) has launched a Code of Conduct for Mobile Money providers outlining a series of common business principles to enable the development of safe and responsible digital financial services.
[blockquote right=”pull-right” cite=”GSMA”]The companies that have subscribed to the Code are formalising their commitment to eight principles underpinning three key areas of importance: soundness of services; security of the mobile network and channel and the fair treatment of customers. [/blockquote]
According to the Association, the first mobile network operators (MNOs) to endorse the Code include Airtel, Avea, Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zain. Together, these MNO groups represent 82 mobile money deployments operating in 51 countries.
“By endorsing the Code of Conduct, mobile operators are demonstrating their commitment to offering safe and reliable services, which will strengthen the digital financial ecosystem by fostering consistent implementation of business practices that ensure service quality, enhance customer satisfaction, facilitate commercial partnerships, and build trust with regulators,” said Anne Bouverot, Director General, GSMA. “The GSMA strongly encourages all of its members offering mobile money services to endorse the Code that we have introduced.”
The companies that have subscribed to the Code are formalising their commitment to eight principles underpinning three key areas of importance: soundness of services; security of the mobile network and channel and the fair treatment of customers.
Providers that endorse the Code commit to safeguard customer funds against risk of loss; maintain effective mechanisms to combat money laundering and terrorist financing; equip and monitor staff, agents, and entities providing outsourced services to ensure that they offer safe and reliable services; ensure reliable service provision with sufficient network and system capacity and take robust steps to ensure the security of the mobile network and channel.
Others include communicating clear, sufficient and timely information to empower customers to make informed decisions; develop mechanisms to ensure that complaints are effectively addressed and problems are resolved in a timely manner and collect, process, and/or transmit personal data fairly and securely.
The GSMA and the providers participating in the initiative will work to develop a self-assessment process along with a robust certification regime for verifying compliance with the Code of Conduct, the Association says.