The GSMA has developed a code of conduct for mobile money providers, and a number of mobile operators have already signed on.
The new code has the backing of Bharti Airtel, Avea, Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zain. Together, these companies operate 82 mobile money services in 51 countries.
Operators signing onto the code must commit to safeguarding customer funds against risk of loss, and securing the mobile network and transaction channel.
They must maintain mechanisms to combat money laundering and terrorist financing, ensure personal data is collected and transmitted securely and develop mechanisms to ensure that complaints are quickly and effectively addressed.
By endorsing the code of conduct, mobile operators are demonstrating their commitment to offering safe and reliable services,” GSMA director general Anne Bouverot said.
“[This] 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.”
She said the GSMA will also work with members and expert groups to develop recommended country-level business practices for mobile money providers.
The full code of conduct can be found here.