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M-Pesa and Airtel Money Face Mandatory Theft Reporting to CBK

The mobile-money services must report every theft of mobile cash to CBK, according to Business Daily Africa.

By Teqwah Desk05 Oct 04:01Updated 05 Oct 04:011 min read

M-Pesa and Airtel Money Face Mandatory Theft Reporting to CBK — Photo: Business Daily Africa (direct)

Key takeaways

M-Pesa and Airtel Money must report all mobile-cash theft to CBK.
Business Daily Africa cites official data referring to Sh1.59 billion stolen from banks by hackers.
The supplied extract does not specify reporting procedures, a timetable or penalties.

M-Pesa and Airtel Money must report all thefts of mobile cash to CBK, according to Business Daily Africa (direct). The requirement puts reporting of stolen money at the centre of the two mobile-money services’ obligations.

The report also cites official data on hacking losses at banks, referring to Sh1.59 billion stolen by hackers. That figure concerns banks; the supplied material does not give a separate loss total for M-Pesa or Airtel Money.

For business readers, the key development is the scope of the reporting requirement: all mobile-cash theft must be reported, rather than only selected incidents. The source headline names both services.

The next point to watch is how that reporting requirement is implemented. The supplied report extract does not specify a timetable, reporting procedures or penalties.