CBK 'planning new mobile money security measures'

Apr 03, 2012

The Central Bank of Kenya (CBK) could introduce new measures to ensure mobile money systems are secure.

The Central Bank of Kenya (CBK) could introduce new measures to ensure mobile money systems are secure.

Information and Communications Permanent Secretary Bitange Ndemo explained cyber criminals may be able to interfere with transactions if they are not monitored, Capital FM reports.

Therefore, the government is working on tighter security checks and draft policies that will ensure the safety of mobile money customers, as there is currently no specific legal policy in place.

Mr Ndemo stated: "The government is spending a lot more money and focus on cyber security because we have not had virtual IDs, which would help the transfer of money beyond where we've been."

According to figures from the World Bank, two billion people in developing nations will have access to mobile banking by 2020, the Daily Nation reports, which could mean security measures such as these are more important than ever.

Mr Ndemo also revealed the CBK may carry out annual reviews of all transactions to ensure mobile money transfer systems are not abused.ADNFCR-2976-ID-801333241-ADNFCR