Malawi draws up new cyber security guidelines to protect finance

Batten down
the hatches

Malawi to better
protect finance sector.

ITWeb Africa

Wednesday, Feb 19th

Kenya's M-Shwari targets insurance firms


Commercial Bank of Africa (CBA) chief executive officer, Jeremy Ngunze, has hinted on the possibility to have insurance firms on the mobile banking platform, M-Shwari.

M-Shwari which was launched in collaboration with the CBA and telecoms firm Safaricom allows users to save, earn interest and borrow 30 day loans using their mobile phones.

Since the launch of M-Shwari more than 1 billion shillings in deposits have been moved using this service.

“Mshwari is driven by customer requirements, customer feedback has been very positive. We are likely to see wider access to lifestyle benefits such as ticket purchases off mobile banking platforms,” Ngunze said.

“I see commercial banks building on the financial inclusion agenda and beginning to drive towards financial empowerment. We are likely to see banks move from offering basic services to more comprehensive services such as insurance on the mobile platform,” he told ITWeb Africa.

This is not entirely impossible seeing that insurance companies such as UAP Insurance are already accepting mobile money deposits as premiums.

Ngunze says that he estimates about 30 banks are using mobile banking in various ways and reaching over 5 million people in Kenya alone. He lauded the mobile banking platforms as ways to get to the unbanked found mostly in rural areas.

“Future of mobile payments is really bright because of the convenience factor. All things seem to be converging on mobile phone,” he added.


What of Vodafone Ghana's economic future? Published on 12 February 2020

Transfer of control of the company to Vodacom Group reignites speculation over company's local listing.

More governments leaning on ICT to sustain strategies Published on 13 February 2020

Driven by increasing need for accurate, real-time data analytics and cyber security, say experts.

Zimbabwe launches first computer plant Published on 20 January 2020

Project is a joint venture between TelOne and Chinese firm Inspur.

Is your organisation prepared for the coronavirus? Published on 11 February 2020

Organisations should consider the direct and indirect impacts of the pandemic when evaluating whether they are prepared for the coronavirus, says Padma Naidoo, General Manager: Advisory Services at ContinuitySA.