06 Mar 2017
Mobile money providers like M-Pesa have disrupted traditional financial systems in many countries in ways conventional banks could only dream of. But, despite the significance of such services in the lives of millions of people, they remain vulnerable for use by money launderers, says a US Department of State report (pdf, pg.116).
The addition of international money transfer capabilities to M-Pesa with users in Kenya and Tanzania able to transfer or receive funds directly across borders has made illicit financial flows effortless. Currently, M-Pesa users in East Africa can receive or send money internationally following mobile money providers’ partnerships with a host of providers.
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