Mobile Money

Despite the compelling value proposition that mobile money offers, the Reserve Bank of Zimbabwe recently placed significant regulatory restrictions on its operations. The regulator said mobile money services were fuelling illegal foreign currency exchange.

Credit, related to cash transfers, is a form of informal community support, and eliminating it is both undesirable and infeasible. However, agencies should take steps to prevent highly vulnerable refugee households from falling into high levels of debt.

Cameroon is planning to begin accepting the payment of customs duties and other related taxes via mobile money services.

Mobile money has proved popular among many African countries. However, in Cameroon, Glomo Money, an indigenous mobile money service, is struggling as it cites that government is supporting multinational companies better than local ones.

Many Cameroonians have reported a spike in the number of bank and mobile money fraud incidents in the last couple of weeks amid the partial coronavirus disease 2019 (COVID-19) lockdown.

Vodacom's Mobile Money Policy Forum 2019 event brought together representatives from mobile network operators and a cross section of sectors including Telecommunication, financial service providers, banking, and regulators.

Malawi wants to force companies to offer customers at least one digital payment channel as an option to use for payments.