Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Banks raise alarm over mobile cash deposit insurance
An agent sends money using M-Pesa. Safaricom said the risk of M-Pesa customers losing funds is quite remote as it has deposited the cash in big, stable banks. FILE
Users of mobile phone money transfer and payments services could lose their cash if any of the banks that hold their deposits collapse, the banking industry’s lobby group has said.
The Kenya Bankers Association (KBA) has suggested increased insurance cover for the mobile money deposits to minimise the risk exposure.
