This Code of Conduct identifies principles aimed at promoting mobile money providers’ adoption of consistent risk mitigation practices in certain critical areas of their business.
For the mobile money sector to continue to drive the growth of the digital finance ecosystem, mobile money providers (“providers”) have adopted a Code of Conduct aimed at ensuring that their services are sound, the channel is secure, and the customer is treated fairly. The Code of Conduct will support the continued growth of the industry by:
- Improving quality of services and customer satisfaction;
- Facilitating the implementation of trusted partnerships; and
- Building trust with regulators and encouraging the implementation of appropriate and proportional regulatory standards.
The providers who subscribe to the Code formalize their commitment to eight principles underpinning three key areas of importance:
- soundness of services;
- security of the mobile network and channel; and
- fair treatment of customers.
By endorsing the Code, providers 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/or transmit personal data fairly and securely.