20 August 2017
Find out more

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

22 June 2012  |  5632 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)

Finextra news in your inbox

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

Related stories

Airtel launches Chad mobile money service

Airtel launches Chad mobile money service

19 June 2012  |  4461 views  |  0 comments
Ugandan telco says employees stole $3.5m in mobile money fraud

Ugandan telco says employees stole $3.5m in mobile money fraud

28 May 2012  |  11741 views  |  4 comments
75% of world's poor unbanked but mobile phones revolutionising access

75% of world's poor unbanked but mobile phones revolutionising access

20 April 2012  |  10540 views  |  1 comments
M-Pesa processing more payments in Kenya than Western Union globally - IMF

M-Pesa processing more payments in Kenya than Western Union globally - IMF

24 October 2011  |  11731 views  |  0 comments | 1 tweets | 1 linkedin
Tanzania gets mobile NFC

Tanzania gets mobile NFC

15 July 2011  |  6960 views  |  0 comments
Mobiles to bank the unbanked

Mobiles to bank the unbanked

28 June 2011  |  10102 views  |  0 comments
Monitise partners E-Fulusi to develop East African m-banking service

Monitise partners E-Fulusi to develop East African m-banking service

23 February 2009  |  8100 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.niceactimize.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10143 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8507 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8168 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8151 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7429 views comments | 15 tweets | 14 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job