Rwandan bank to go mobile

KCB Rwanda is in the final stages of introducing a mobile banking product, reveals allAfrica.

According to Gloria Nyambok, head of banking at KCB Rwanda, the mobile banking product dubbed 'KCB Connect' is in the final stages of being introduced once all regulatory issues have been thrashed out.

She said KCB Connect will be introduced before the end of the year. “The key product differentiation from similar offerings by our competitors lies in the fact that ours goes across the borders. This is the value proposition that KCB Connect brings to the market over and above what is available currently."

Telecom regulator Trai floated a consultation paper on making mobile banking easily accessible and more secure for users, reports Silicon India.

The consultation paper by Trai has sought comments from the operators on how to make basic financial services easily available through mobile phones.

Trai has sought views on methods of communication on mobile network that would be suitable for enabling financial transactions through mobile phones and parameters to be defined to ensure timely delivery of information.

German police say they have uncovered an Internet scam that relied on a Trojan virus to spy on banking transactions conducted by 2.5 million private computers worldwide and divert at least 1.65 million euros, says M&C.

The suspects in the scam, who partly worked from Estonia, are said to have released the Katusha virus on the Internet last year.

The gang also recruited 470 people to act as conduits for the stolen funds. They are now likely to face money-laundering charges.