In November 2014, the GSMA released a code of conduct for Mobile Money service providers. Two years in development, the Code aims to ensure that the services offered by mobile money providers are sound, secure, and fair to the customer. This is an important initiative which, if adopted by the mobile money providers, can only lead to growth in digital finance services and improved rates of financial inclusion in developing nations.
The primary beneficiaries of this Code are mobile money customers, with a number of the Code’s principles directly addressing key customer concerns:
The Code also includes a requirement to monitor transactions for fraud and AML/CTF activities to meet regulatory requirements and best practices.
Many of these recommendations entail enhanced business processes and practices, but some also require technical capability on the mobile money platform, e.g. processing reversals, providing audit trails, and monitoring transaction values. The Novatti platforms have been designed from the ground-up to provide the functionality needed to meet the Code’s requirements, and we will work with our customers to enable them to achieve the highest levels of conformance.