The use of cell phones for money transfers, payments and more sophisticated financial activities is becoming increasingly popular in East Africa.
Now UNCTAD, the UN Conference on Trade and Development says “mobile money” could benefit from region-wide rules to coordinate and harmonize regulations.
More than half a billion dollars are transferred in the region using cell phones each month.
The report, Mobile Money for Business Development in the East African Community studied existing platforms and regulations in the East African community.
Patrick Maigua in Geneva spoke with Cecile Barayre an Economist at UNCTAD about mobile money in East Africa.