Regulatory Guidelines for Mobile Financial Services Providers in Myanmar
The Central Bank of Myanmar has issued regulatory guidelines for Mobile Financial Services Providers (MFSPs) to ensure a safe and transparent mobile financial services ecosystem. The following guidelines outline the key requirements for MFSPs operating in Myanmar.
Chapter 1: Licensing
- Licensing Requirement: MFSPs must obtain a license from the Central Bank of Myanmar before commencing operations.
- Customer Agreement: The agreement between the MFSP and its customers must include information on redress procedures, ensuring that customers know how to resolve disputes or seek compensation.
Chapter 2: Disclosure
- Product Features: MFSPs must ensure that prospective customers understand the key features of their products and services before signing up.
- Marketing Transparency: Marketing materials must be based on honesty and transparency, with clear information about fees, charges, and terms and conditions.
- Contact Information: Contact information for the MFSP must be included in marketing materials, allowing customers to easily get in touch with the provider.
Chapter 3: Information and Advertising
- Customer Service Points: MFSPs must provide a list of customer service points, agents, and product descriptions to customers through their website or another accessible mode.
- Fees and Charges: Fees and service charges for mobile financial services transactions must be displayed prominently at all customer service centers and agent locations.
- Agent Identification: A unique ID number must be allocated to each agent.
Chapter 4: Notification to Customers
- Transaction Notifications: Customers must receive immediate electronic notification of all MFS transactions, including transaction amount, type, fees charged, and a unique transaction reference.
- Transaction History: Customers must have access to records of their mobile financial services transactions for the past 60 days.
Chapter 5: Confidentiality
- Data Protection: MFSPs, agents, and intermediaries must ensure the privacy and confidentiality of customer information and data.
Chapter 6: Complaint Procedures
- Complaint Process: MFSPs must establish effective processes for customers to submit complaints about MFS transactions.
- Complaint Resolution: Complaint procedures must provide easily understood information about the customer care system, allow oral or written complaints, specify a complaint duration, and resolve complaints within 5 business days (with an additional 10 business days if necessary).
Chapter 7: Submission of Information on Complaints
- Complaint Reports: MFSPs must submit details and outcomes of complaints to the Central Bank every six months.
Chapter 8: General
- Product Approval: Commercial banks seeking to conduct mobile financial services must apply for product approval from the Central Bank.
- Conflict with Laws: Provisions of these regulations do not conflict with the Financial Institutions Law, 2016.
- Interoperability: MFSPs must implement interoperable services with other MFSPs at various levels.
- Non-Compliance: Non-compliance with these regulations constitutes an offense under the Financial Institutions Law.