Study: Kenya’s sector most policed globally
News
By
Moses Omusolo
| Apr 07, 2019
Kenya is the most State-supervised mobile money market in the world, an industry report has shown.
According to the new GSMA Mobile Money Regulatory Index, while Kenya is among 31 countries in the world with the most enabling environment for mobile money business, the country also has the most supervised sector in the world.
This is demonstrated by its business authorisation score which stands at 96 per cent while the consumer protection score is at 100 per cent.
As a result, Kenya ranks among the top 10 countries in the world under the ease of setting up a mobile money business index.
“Their authorisation requirements are favourable for non-banks and mobile network operators seeking licensing as mobile money providers while the capital requirements are non-prohibitive,” says the report.
READ MORE
Boost for farmers as state seeks to expand mango processing plant
Why tech experts are against regulation of fast-growing AI
Bridging the digital divide calls for inclusive development
Treasury to cut borrowing, spending on shortfall in revenue collection
State to shut down 25 entities, privatise others in new reforms
Why Kenya must move fast to invest in digital rights security
State, workers' pay tensions cloud function
Why the super-rich are ditching commercial property investments
S Sudan Central Bank Governor Rallies East Africans to Invest in Juba
Co-op Bank lines up billions for women-owned SMEs after German loan deal
According to the study, the country also leads in the world in terms of implementing consumer protection through a raft of stringent measures, including the maximum number of transactions as well as the minimum identification requirements.
This means that while the limits are determined or authorised for each licensed provider by the Central Bank which also monitors them regularly, there are stringent limits on individual transactions and the number of transactions in a specific time period (for example per day).
There are also limits on the total transaction value over a given period (usually per month, but in some instances per day or year) as well as limits on mobile money balances.
- Families move to higher ground as dams water levels rise
- Why tech experts are against regulation of fast-growing AI
- State to shut down 25 entities, privatise others in new reforms
- Forget miraa: Discovery of minerals stirs up Meru locals