Competition watchdog orders mobile cash firms to reveal fees

The competition watchdog has ordered commercial banks and mobile telephone operators to disclose to customers all fees incurred in mobile-money transactions – shining light into what remains a dark corner of the financial services market.

The directive requires all entities providing financial services through applications, Unstructured Supplementary Service Data (USSD) codes or from SIM Toolkits to improve disclosures by end of the year.