At present, there are over 67 banks actually offering mobile banking services to over 120 million registered customers, and these numbers are increasing. 25. The regulatory focus in this area has also been to ensure safety of transactions while at the same time facilitate convenience of transacting.
Transaction limits are applied only where the channel used does not facilitate end-to-end encryption (such as SMS and USSD). 26. Mpesa from Kenya has become the ‘poster instrument’ for mobile payments.