Mobile money providers will now be required to abide and operate on a series of common business principles to enable development of secure digital financial services, following the launch of a Code of Conduct.
At the ongoing GSMA Mobile 360 Series-Africa event set to end November 7, GSMA has introduced the code of conduct first to mobile network operators MTN, Airtel, Vodafone, Etisalat, Millicom, Orange and Zain among others, representing 82 mobile money deployments in 51 countries.
GSMA expects that other mobile money service providers will also implement the Code for more secure money transfers across nations.
Through endorsing the Code, network operators will be committing themselves to eight key principles, which are based on three major areas; security of the mobile network and channel, soundness of service as well as fair treatment of customers.
Working together with the network providers who are part of the initiative, GSMA will also come up with a self-assessment process as well as a certification regime to ensure compliance with the Code of Conduct.
The eight guidelines through which mobile money providers should abide by are as follows;
- Safeguard customer funds against risk of loss
- Maintain effective mechanisms to combat money laundering
- Equip and monitor staff, agents and entities to ensure 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 in decision making
- Develop mechanisms to ensure effective resolving of problems and complaints
- Collect, process and transmit personal data fairly and securely