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Fraud slows down uptake of mobile money payments
The start-ups build on top of popular mobile money services M-pesa, Zap and Yu cash. The fear of losses through fraudulent transactions has made companies hesitant to take up mobile phone payment systems, a survey by consultancy firm Financial Sector Deepening (FSD) has established. Photos/FILE
The fear of losses through fraudulent transactions has made companies hesitant to take up mobile phone payment systems, a survey by consultancy firm Financial Sector Deepening (FSD) has established.
Interviews with 75 businesses in Nairobi, Limuru, Kisumu, and Nakuru showed that companies mostly fear that fraudulent customers can request reversal of mobile phone payments after delivery of goods or using services.
