Mobile Money service providers sign trust deed
July 17, 2014 7:00 pm
Mobile Money service providers, Vodafone Fiji and Digicel have signed a trust deed to protect funds customers provide in exchange for electronic money or E-money.
A Reserve bank of Fiji statement says the Deed is designed to help protect mobile money customers against losses that could arise from providers’ Bankruptcy or Insolvency, ill-liquidity and other operational losses.
Mobile Money Providers undertake to hold customers funds in trust with strict rules to govern its operations.
For every dollar of E-money created, an equivalent amount must be deposited in the Trust Fund, held in a commercial bank.
The Reserve Bank will also decide how interest from the Trust Fund must be applied.