Mobile Banking And Security Risks
- February 28, 2011
Looking back, a prolific chief executive once mentioned that Kenyans have peculiar habits and second to their peculiar calling habits is the love of their cellphone handsets. The astute CEO read the Kenyan environment well and built a multi award winning innovation around this peculiar habit.
He saw that along with increased usage of mobile phones, the handset would become an excellent primary digital channel for money transfer in the local market.
Fast forward to the current situation. Mobile money products now directly compete with local banks for market share on deposits and money transfer commissions.
And now according to Gartner “almost every bank has a little research and development project going on with mobile banking. They’re all experimenting with it.” However the question is: how safe is mobile banking?
To read the full story, click here: Mobile Money Africa