24 Aug Mobile Money and Online and Mobile Payment Methods in Africa Increasingly Regulated

In Africa the competition to mobile financial services is cash.  Mobile payments are fulfilling a valuable gap in serving the financial needs of underserved African communities.  Payment gateways like African Payment Solutions are linking up these mobile financial services which are connected to the majority of economically active African consumers.  

African country governments have woken up to regulating the online payments and mobile payments ecosystem including banks (traditionally) and telcos (the new mobile money economy) and the way they provide financial services to African eCommerce and mCommerce consumers.

In the less developed countries, mobile money systems flourish in an incubator-like no rules environment where they grow reach and market penetration unfettered at a rapid pace.  In some of the more developed markets like Kenya for M-Pesa online and Nigeria with their debit card and pin for online payments and Paga for mobile money, regulation is becoming onerous and possibly even stifling growth.

Policymakers are looking to tidy up the mobile money and mobile payments market to protect consumers and ensure ethical money management.  Multinational eCommerce and mCommerce merchants can access a number local online and mobile payment methods in African countries via African Payment Solutions payment gateway.

Our thanks to http://allafrica.com/stories/201508050371.html for their content inspiration