Mobile

UN drives for cross-border mobile money transacting

UN drives for cross-border mobile money transacting

Business, Mobile
A United Nations agency and the African Union (AU) are pushing for cross-border mobile money payments to boost electronic trade on the continent. The AU has been piloting the use of a common payment system in the Economic Community of West African States (ECOWAS) region and is scheduled to roll out the same across Africa by the end of this year. The move is intended to facilitate interconnectivity between registered mobile money account owners within Kenya and across the continent, totaling 277 million according to a 2017 report. These represent 140 mobile money schemes across 39 countries. The roll-out of the common payment system will coincide with the commencement of trade under the Continental Free Trade Area expected later this year. The agreement aims to create a single cont...
Social media bots an influential force in Africa’s elections

Social media bots an influential force in Africa’s elections

Internet, Mobile, social media
Automated bots are increasingly muddying election cycles in Africa, disrupting conversations, distorting facts, and bringing into focus the changing dynamics of politics in the continent. Bots on social media became an influential voice during crucial Africa polls over the last year, claims a report called How Africa Tweets from communications consultancy Portland. These bots, defined by some as a new form of media, are software programs that combine artificial intelligence with communication skills and intimate human behavior. Using them, one could amplify a specific conversation on social media outlets like Twitter and Facebook by posting videos, photos, and biased statements targeting particular hashtags and wordings. In 10 elections across nine African nations which took place be...
70% of Kenyans vulnerable to digital financial transaction fraud says USSD firm

70% of Kenyans vulnerable to digital financial transaction fraud says USSD firm

Cyber Security, Mobile, social media
Myriad Connect has concluded recent research that found that over 70% of Kenyans have been the victims of digital financial transaction fraud, or know someone who has. Other figures indicate 57% sms, 73% phone calls, 17% social media and 19% email were the channels through which Kenyan consumers were targeted to become victims of financial service transaction fraud. “Financial service transaction fraud in Kenya is costing banks billions and customers their life savings,” says Fabien Delanaud, GM of Myriad Connect. “While financial service transaction fraud is a global issue; Kenya has been a leader in the adoption of mobile and digital payments, which unfortunately brings with it a growing risk of fraud.” One of the most prolific forms of financial service fraud is SIM swap fraud, wh
Tame fraud executed through mobile money channels

Tame fraud executed through mobile money channels

Cyber Security, Mobile
Fraud has in the recent past incrementally found its way to the path of least resistance transaction channels such as mobile money leading to hefty losses of revenue, survey findings by Myriad Connect shared during the Fintech Summit 2018 shows. The study established that fraud in Kenya continues to be a major key performance indicator (KPI) for Financial Services. The findings reveal that 90 percent of CIOs strongly agree that fraud is a key challenge facing the industry. In a report, Myriad Connect noted that 82 percent of CIOs stated that addressing fraud is a business-critical priority while 95 percent of CIOs in Kenya confirmed that they are targeted to reduce fraud in their organizations. As financial service authentication specialist, Myriad Connect commissioned the res...
Retail giant Shoprite partners with Standard Bank, Google and Celbux to launch a mobile money platform

Retail giant Shoprite partners with Standard Bank, Google and Celbux to launch a mobile money platform

Business, Mobile, Technology
The Shoprite Group has announced ‘Shoprite Money’ – a new mobile transactional banking service which is available to everyone, even those without existing bank accounts the retailer said in a statement on Wednesday. The service has been launched in partnership with global fintech company Celbux, Google and Standard Bank. “Using their Shoprite Money mobile wallet, this new service will allow customers to deposit, withdraw or send money as well as buy groceries at any of the till points in all Shoprite, Checkers, Checkers Hyper or Usave stores,” it said. Customers can also send money and buy electricity or airtime using their mobile phones, provided they have funds in their Shoprite Money account. “Basic transactional banking services in South Africa are expensive and in many cases