Telco giant Safaricom has pledged to supply currency scanners to all of its registered M-Pesa Agents across the country in an effort to mitigate the flow of fake currency within the country.
This comes in the wake of a report released by the United States Department of State Bureau for International Narcotics and Law Enforcement Affairs last week that identified Kenya as being vulnerable to money laundering and financial fraud as a result of domestic and foreign criminal activities that occur in both the formal and informal sectors.
The Central Bank of Kenya in 2017 similarly revealed that 97 per cent of fraud cases faced by money agents involved the use of fake currency.
According to a news report by the Business Daily, the move by the telco seeks to supply the currency scanners to 168,320 registered M-Pesa agents, as at December 2018, across the country by the end of the year.
“We will roll out the scanners to all our agents by December this year. This is part of our efforts to fight the flow of fake currency,” Safaricom’s Chief Corporate Security Officer Nicholas Mulila is quoted as saying by the Business Daily.
Mr. Mulila similarly revealed in the news report that the M-Pesa agents will receive training on how to operate the money scanners before the roll out.
Though Safaricom did not reveal the cost of obtaining and distributing the scanners, the initiative will go a long way in helping M-Pesa Agents across the country identify fake currency issued to them by fraudulent customers which has left them incurring losses as a result.