The GSMA this week 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, according to a press release. The first mobile network operators to endorse the code are 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 of the GSMA. “The GSMA strongly encourages all of its members offering mobile money services to endorse the code that we’ve introduced today.”

The companies that have subscribed to the code are formalizing 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;
• 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 transmit personal data fairly and securely.

The GSMA is also working with members and expert organizations to develop guidance that will assist groups and country-level mobile money providers to effectively operationalize the principles that underlie the code. In addition, 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 Code of Conduct can be found at: www.gsma.com/mobilefordevelopment/programmes/mobile-money-for-the-unbanked/code-of-conduct