Kenyans are at high risk of losing money through banking fraud owing to mobile banking that has grown from a mere 14 per cent in 2009 to 84 per cent in 2022. "These have implications on consumer confidence and overall financial stability," warned the government. A display of a phone showing Money transactions on Phone Capital GroupRapid adoption of mobile money has been categorized as disruptive in the financial services provision. It has, however, come with new risks and raised consumer protections issues, with implications on financial stability risks. Some of financial institutions that have been implicated in money fraud are based in Nigeria, Africa's most largest economy.

Source: Daily Nation August 05, 2022 07:34 UTC