Mobile Money's Dominance Causing KYC Headaches In Africa

Mainstream banks in Africa are struggling to gain a foothold in the payments space as a result of the dominating convenience and acceptance of mobile money, even as concerns gather over the sector’s ability to carry out accurate checks on its users.

The picture of Africa as a continent where mobile money has "leap-frogged" the bank-centered payment methods of Europe and the United States is well known, with the Kenyan M-Pesa system serving as poster child for the phenomenon.

With mobile money originally conceived as a response to the needs of an extensive unbanked population across the continent, traditional financial institutions now making a concerted effort to bring their services to the masses are finding its entrenched position difficult to counter.

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