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The GSMA (the Global Telecommunications Association) hasannounced the creation of a code of conduct for mobile money operators thatoutlines a series of common business principles to enable the development ofsafe and responsible digital financial services. According to the GSMA, thefirst mobile network operators (MNOs) to endorse the Code are Airtel, Avea,Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zainwhich together represent 82 mobile money services across 51 countries.
Companies that commit to the code of conduct must followthrough on the following items, including safeguarding customer funds,providing effective mechanisms to combat money laundering and terroristfinancing, equipping staff, agents, and entities that they offer safe andreliable services, maintain sufficient network and system capacity, protect thesecurity of the mobile network and channel, communicate clear, sufficient andtimely information to mobile money users, to develop mechanisms to ensure thatcomplaints are effectively addressed and lastly collect, process, and/ortransmit personal data fairly and securely.
Commenting on the announcement, Anne Bouverot, DirectorGeneral, GSMA said, “By endorsing the Code of Conduct, mobile operators aredemonstrating their commitment to offering safe and reliable services, whichwill strengthen the digital financial ecosystem by fostering consistentimplementation of business practices that ensure service quality, enhancecustomer satisfaction, facilitate commercial partnerships, and build trust withregulators. The GSMA strongly encourages all of its members offering mobilemoney services to endorse the Code that we’ve introduced today.”
With mobile payments of all types expected to growsignificantly in the near future and especially in many developing marketswhere mobile money services are already very popular by launching the code ofconduct the GSMA can establish itself at the forefront of the mobile paymentregulation issue as interest in regulating this emerging payment technologyrises internationally.
For more information on global mobile payment regulationssee Mercator Advisory Group’s Research Report, Global Mobile Payments Regulations: Hoping for TechnologyStandardization released in October 2014.
Overview by Tristan Hugo-Webb, Associate Director the International Advisory Service for Mercator Advisory Group