Regulatory Compliance

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Hormuud is in the process of restructuring and has embarked on the GSMA mobile money compliance framework. Hormuud will take all reasonable and proportionate steps to meet or exceed applicable national and international legal and regulatory requirements and industry standards in order to build trust with our consumers, investors and regulators and provide assurances to existing and future partners.

The GSMA framework covers some 300 criteria toward:-

  • Combating crime related financing and fraud
  • Safeguarding consumer funds against risk of loss
  • Ensuring the security of the systems 
  • Managing staff, agents, and third parties correctly
  • Operating services well and reliably
  • Communicating fees, T&Cs and information transparently to customers
  • Effectively addressing customer service requests and complaints
  • Protecting and respecting customers personal data