Holding a third of the world’s 61 million active mobile money accounts, Kenya is the clear global leader in digital finance. Across East Africa, Kenyan agents generate the highest amount of transactions per agent, but the lowest amount of profits in the region. Surprisingly, Kenyan agents earn a lower median profit per month ($70) than
Cybercrime is on the rise in Kenya and one of the most affected areas is mobile money, according to a report launched by Serianu and the Telecommunication Service Providers Association of Kenya (TESPOK). The Kenya Cyber Security Report 2014 said: “In 2013, we noted an increase in mobile money fraud targeting individuals and organisations. The
Mobile money has redefined financial services locally and every serious service provider in the industry has tried to get in on the action. Local banks were relatively late adopters of m-commerce but despite this some of these institutions have managed to make remarkable progress even in the face of steam rolling competition from the likes
FNB has announced that more than R10bn has been sent to recipients via its mobile money solution, eWallet in South Africa, since its inception. Fifty-three percent, R5.3 billion, of the R10 billion was sent in the last year alone (May 2013 to April 2014), proving that mobile money is fast becoming an accepted replacement for
Kenya’s Equity Bank plans on issuing subscribers with ultra-slim SIM cards to access mobile money accounts provided by the bank while saving users the trouble of migrating networks, according to a report. The company was last monthgranted a mobile virtual network operator licence by the Communications Authority of Kenya (CAK) and this weekannounced its rollout
Ugandan startup Beyonic has developed a cloud-based platform allowing businesses to make, track and manage payments to mobile money accounts across numerous providers. Beyonic was named a finalist in the finance category for this year’s edition of the PIVOT East conference to be held in Nairobi on June 24 and 25, and will benefit from
A lack of interoperability is harming the mobile money market, with only ten operations reaching success out of the 150 launched in the past few years, according to Virginie Bonnot, mobile financial service sales director for Southern and Central Europe at Oberthur Technologies. Bonnot was speaking at the 2014 Mobile Money and Digital Payments conference,
After more than a year spent building anticipation, Nettcash has officially launched its mobile money service. As most people had noticed for more than a year now, Nettcash has established an online presence with a website that gave an outline of their products (albeit with a coming soon tag) as well as a subtle offline
Ooredoo has announced that it has committed to the GSMA’s Mobile Money Interoperability (MMI) programme to accelerate the implementation of interoperable mobile money services across Africa and the Middle East. Ooredoo joins a group of operators in supporting the programme, who together represent 582 million mobile connections across 48 countries in Africa and the Middle
MTN Rwanda has partnered with Tele10 to enable customers to pay their DStv, Canal+ and GOtv subscriptions using MTN Mobile Money. At a press conference to announce the partnership, Norman Munyampundu, general manager of MTN Business, said to use the service customers need to have a DStv, Canal+ or GOtv account and be a registered
