Tales of mobile money woes

Monday, January 20, 2014

Since entering the public domain, electronic money transfer using the mobile phone platform, has almost literally lit up the airwaves.

Paperwork is at the minimum and speed is usually counted in minutes. This is the kind of service business people and especially small traders appreciate since banks intimidate them.

Uganda currently has eight registered telecom companies and practically all are involved in mobile money services.

Unfortunately, the convenience the service offers, is also matched by the efforts to defraud the system by any number of unscrupulous people. Cruder methods like just merely robbing the mobile money agent are also not uncommon.

Source: East African Business Week (link opens in a new window)

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Tags
digital payments, financial innovation, mobile finance, mobile money