Privacy Policy Analysis of Banks and Mobile Money Services in the Middle East

Abstract

Privacy compliance of the Middle East’s financial sector has been relatively unexplored. This paper evaluates the privacy compliance and readability of privacy statements for top banks and mobile money services in the Middle East. Our analysis shows that, overall, Middle Eastern banks have better privacy policy availability and language distribution, and are more privacy compliant compared to mobile money services. However, both the banks and mobile money services need to improve (1) compliance with the principles of children/adolescent’s data protection, accountability and enforcement, and data minimization/retention, and (2) privacy statement texts to be comprehensible for a reader with ~8 years of education or less.

Keywords

• banks
• FDIC
• GSMA
• middle east
• mobile money
• privacy compliance