The Central Bank of Kenya and the Communications Commission of Kenya reported regulatory development has been unable to match the rapid growth of the mobile money market, reported All Africa.
Both organizations acknowledged the rest of the world thinks Kenya has led the global market with mobile money regulations, however they have not been able to keep pace with the businesses since the its launch and high growth rate. They reported that they would like to work towards implementing regulation to help prevent future risks.
The Central Bank Governor, Njuguna Ndungu, stated, “What we need is a regulatory system that can keep in check any emerging risks. Let us not think about more controls, lets focus on better regulation.”
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