Some telecom companies in the region already have arrangements with online payment providers such as Paypal that allow the transmission of funds from users in the U.S. and Europe to their relatives' mobile phones in the region via online accounts.

The push toward convergence of various services offered by commercial banks and telecom companies is not only providing easy access to bank accounts but also helps cut transaction costs, increase efficiency and profits.

But fears are rampant that African countries lack the skills, equipment and organizational abilities to fight cybercrime. Generally, ignorance has been cited as the reason many people in Africa fall prey to online scams as criminal's websites are built to entice and make people fill out even intimate details.