• Contact
Wednesday, February 8, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Finance

Banking fraud fears, poor network keep card payments low

TAB by TAB
09/03/2022
in Finance
0
Banking fraud fears, poor network keep card payments low
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Banking fraud fears, poor network keep card payments low

Customer fears over fraud and poor network connectivity have hindered the use of bank cards for merchant transactions in Kenya, the Central Bank of Kenya (CBK) has said.

Related posts

Digital banking revolution can help SA banks regain their customers’ love, says BCG

Digital banking revolution can help SA banks regain their customers’ love, says BCG

02/02/2023
3
Nigeria launches payments card program to rival Visa and Mastercard

Nigeria launches payments card program to rival Visa and Mastercard

30/01/2023
1

The monetary regulator said in its national payments strategy released last month that the cost of terminals and lower acceptance by merchants as opposed to cash and mobile payments have also held back the growth of card usage.

At the end of 2021, there were 48,968 point of sale (POS) terminals in use in the country, up from 16,604 in 2011.

The number of mobile money Lipa na Mpesa merchants in the meantime stood at 387,000 as at September 2021, data from Safaricom  shows, having jumped from 122,000 in March 2013.

“Usage of cards in Kenya is still relatively low and there is still significant room for growth if key issues would be addressed such as poor network of POS terminals, cost of POS terminals and acceptance by merchants, and negative perception among customers due to incidents of fraud,” said CBK.

“Also, mobile money transactions –particularly merchant payments– may have become a substitute for card payments.”

Card users face the risk of skimming when unscrupulous merchants swipe their cards, exposing their accounts to fraudsters, hence the general reluctance among some to use them for payments.

Mobile transactions also carry an advantage of convenience over cards due to the wider acceptance, and the fact that they are not linked to a particular bank like is the case with cards.

CBK’s observations have now put the onus on banks to strengthen their POS networks in order to compete with the preference for mobile money in payments.

Lenders have in the past decade put in stronger security measures on their cards to curb fraud, including phasing out magnetic stripe cards —that were prone to skimming— and replacing them with ones using chip-and-pin technology that is more secure.

Banking fraud fears, poor network keep card payments low

Source: Business Daily
Previous Post

South Africa has driven into a USD 13.2 billion-plus pothole

Next Post

Ahly crush Pyramids 3-0 in top-of-table clash to move clear

Next Post
Ahly crush Pyramids 3-0 in top-of-table clash to move clear

Ahly crush Pyramids 3-0 in top-of-table clash to move clear

RECOMMENDED NEWS

news8

How The Premier League Became A Dream Destination For Young Brazilians

2 years ago
2
eNaira downloaded over 566,000 times from 160 countries – CBN

eNaira downloaded over 566,000 times from 160 countries – CBN

1 year ago
4
Nairobi Securities Exchange plans to take up stakes in Botswana Stock Exchange, Nigerian Exchange and other bourses

Nairobi Securities Exchange plans to take up stakes in Botswana Stock Exchange, Nigerian Exchange and other bourses

10 months ago
3
Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

5 days ago
2

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • Zanzibar’s president is looking to make horticulture a significant part of his country’s economy
  • Shell oil tanker questioned over payment of losses and damages
  • Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In