21 April 2015

East African countries should work together on mobile money regulation - UNCTAD

22 June 2012  |  4809 views  |  0 iPhone on top of Keyboard

East African countries should work together on establishing financial and telecommunications regulations that cover the region's hugely popular mobile money schemes, says a United Nations report.

Led by Kenya's M-Pesa, East Africa has pioneered mobile money, with countries such as Uganda and Tanzania taking advantage of the high level of handset ownership to bring financial services to the unbanked.

The UN Conference on trade and Development (UNCTAD) report says that this rapid growth in the region has outpaced the regulatory framework and there is now an urgent need to address the issue.

If mobile money is to continue to flourish, it will require heightened co-ordination and co-operation across various regulatory and market sectors, such as telecommunications, banking and electronic commerce.

Building consumer confidence and trust in the systems is essential, the report says, meaning that steps are needed to address concerns related to protection, registration and transaction limits, regulatory collaboration and interoperability.

This is best done at the regional level, by East African Community members Burundi, Kenya, Rwanda, Uganda and Tanzania, argues UNCTAD, so that intraregional use of the technology can be expanded - a step that could boost regional economic growth.

You can read details of the recommendations in the report here:» Download the document now 1.7 mb (PDF File)

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

19 June, 2012
28 May, 2012
18 May, 2012
20 April, 2012
24 October, 2011
15 July, 2011
28 June, 2011
23 February, 2009
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
BBVA buys UX firm Spring Studio
7326 views comments | 35 tweets | 17 linkedin
UK banks covering up cybercrime losses - C...
7215 views 14 comments | 26 tweets | 14 linkedin
PayPal exec wants to replace passwords wit...
5926 views comments | 38 tweets | 17 linkedin
World Bank reports big drop in numbers of...
5403 views 10 comments | 37 tweets | 16 linkedin
RBS and NatWest customers go into meltdown...
5195 views comments | 10 tweets | 8 linkedin

Featured job

To £130K + Bonuses
London based with substantial travel in the Region

Find your next job