Mobile phone body, the GSM Association (GSMA) announced the launch of a code of conduct for mobile money providers on Thursday.

The GSMA is currently holding the Mobile 360 Series Africa conference in Cape Town, South Africa.

Anne Bouverot, director general of the GSMA, said the launch of the code of conduct is to help ecosystems develop safe and responsible digital financial services.

Bouverot explained that the code of conduct features common business principles for mobile money providers to enable the development of safe and responsible digital financial services.

She stated that eight mobile network operators (MNOs) namely Airtel, Avea, Axiata, Etisalat, Millicom, MTN, Ooredoo, Orange, Telenor, Vodafone and Zain, have already signed on to endorse the code.

“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,” she said.

Terms of the code of conduct agreed to by MNOs include:

•    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;
  
According to the GSMA to date 38 countries in sub-Saharan Africa have launched live mobile money deployments.