New mobile banking bill 'will improve services for customers'
The introduction of new legislation in Kenya will improve the mobile payment system for those living in the country.The introduction of new legislation in Kenya will improve the mobile payment system for those living in the country.
This is according to Corporate Affairs Director at leading mobile banking firm Safaricom Nzioka Waita, who discussed the possible launch of the National Payments System Bill 2011, Business Daily reports.
He stated that the rules will make operators more accountable and ensure they comply with regulation without too much additional cost.
Furthermore, ordinary people will benefit from better services, thus increasing confidence among consumers.
If an online mobile money transfer service is declared insolvent, the legislation will mean individuals do not lose their funds, the newspaper explained.
Additionally, the cost of factors such as risk management and recruitment will be covered by service and network providers.
Safricom launched its M-Pesa mobile banking service in 2007 and it is considered to be one of the most successful in the world, allowing people to sign up for special free SIM cards that facilitate transactions by registering with an agent.