Central Bank of Kenya governor Njuguna Ndung'u yesterday said the rapid expansion of mobile money services in the country came with systemic risks that need to be addressed. "To date, over 17.8million Kenyans transfer over Sh3.1billion to each other with over 1.1million transactions," the governor said.
"With increased use of mobile phone money transfer services by the wider general public, inherent system-wide implications are bound to arise."
The governor who spoke at the re-launch of Airtel Money, Airtel's mobile money service, said safeguards must be installed to protect customers from fraud, loss of money and even privacy.
He added that money transfer systems must also be able to prevent money laundering and withstand access from unauthorized personnel such as hackers. "We (should also) have operating platforms within reach and disaster recovery sites in secure locations and tested at all times."
Airtel relaunched its money service with an offer to users to make free money transfer to any network in Kenya until September 10.
New users will also get free airtime worth 10 per cent on their first deposit to make Airtel to Airtel calls. MD Rene Meza said the service now has 6000 agents countrywide and also works with banks like Coop, KCB, Equity Bank as well as Nakumatt and Kenya Airways.
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