Measures to enact a law to regulate mobile money and Internet banking in the country have been finalised. The move will require new technology developments adopted in the e-commerce, e-banking and payment systems.
"We are asking stakeholders to examine Mobile Money and Internet Banking transactions in
The regulations will explore solutions and proposals aimed at addressing consumer protection, curbing fraud, system risks, privacy and allocation of liability.According to
He said the process seeks to harmonise the existing legislation which are relevant to mobile and internet banking transactions through a study to enable a deeper understanding of issues affecting electronic money transactions and the need for legislation.However, the law in offing comes to replace self-regulatory frameworks which were put in place in absence of a specific law.
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