South African consumers are exposed to online attacks because it is the only country in sub-Saharan Africa with a developed online banking service and is Africa's largest economy. Other countries in the region do not offer full-fledged online banking services because most of the population do not have bank accounts -- but criminals have not spared them either.

Cybercriminals in East and West Africa have been using mobile phone based tricks in which subscribers receive fake messages informing them that they have won money and are asked to transfer a certain amount via the phone as a "processing fee."

MasterCard World, Standard Chartered bank and Airtel Africa believe however that their online transaction system is secure and will provide secure and efficient services to customers.

"The introduction of the new product will address the huge gap between banks and mobile phone operators," said Fayaz King, Airtel Zambia managing direct at the launch of Airtel money last week.

Registered Airtel customers will be able to make purchases across Africa from any site where MasterCard is accepted. Airtel Africa has a presence in 16 countries in Africa including Zambia, Uganda, Kenya and Malawi.