Mobile Money Security is Kenya’s Next Big Challenge
Tuesday, April 8, 2014
Kenya has the world’s largest mobile money market as the country is home to over 25 million users of the transfer system, according to the local telecoms regulator.
The system has become so entrenched in Kenyan financial life that the Kenya Bankers Association (KBA) says 48% of the country’s citizens use mobile money to pay for key bills such as utilities.
But the mobile money market in Kenya is set to heat up after the Communications Authority of Kenya (CAK) has licensed three mobile virtual network operators (MVNOs): Equity Bank’s FinServe, Zioncell and Mobile Pay.