The GSMA has launched a Code of Conduct for Mobile Money Providers. It includes common business principles that are designed to enable the development of safe and responsible digital financial services.
Around two-thirds of all mobile money services are operated by the GSMA’s members.
Eleven of the GSMA’s biggest members have already endorsed the code: Airtel, Avea, Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zain. Together, these network operators support 82 mobile money deployments in 51 countries.
There are eight key principles in the new GSMA code. Companies that endorse the code are committing 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,
- Take robust steps to ensure the security of the mobile network and channel,
- Communicate 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.
Anne Bouverot, Director General of the GSMA, said “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. The GSMA strongly encourages all of its members offering mobile money services to endorse the Code that we’ve introduced today.”
[GSMA Code of Conduct for Mobile Money Providers]