The agreement stipulates that the Postal Corporation is entitled to 20 percent of profits, while
Afripayments receives 80 percent. Posta pay was launched in 2006 and has since been exposed
to fraudsters. Gaining access to the electronic
money transfer system, these fraudsters make it
appear as if money has been sent when it has not been, enabling
them to withdraw funds and
causing losses to the corporation.
The government wants the forensic auditors to determine why the volume of business handled by
Posta pay has decreased from 600 million Kenyan shillings (US$8.6 million) per month in 2006
to 400 million shillings in 2007. The auditors were also expected to establish ways in which the
agreement is compromising accountability and transparency in the state-owned Postal
Corporation.
In order to reduce the potential vulnerabilities regarding to the security,
many vendors have
developed various solutions in both software-based and hardware-based systems. However
software-based solutions are more common because they are easier to distribute and are less
expensive. In order for e-banking to continue to grow, the security and the privacy aspects need
to be improved. With the security and privacy issues resolved, the future of electronic banking
can be very prosperous.
