There's a bigger worry than security when it comes to offering m-banking to the un- and underbanked. That is, how can banks make m-banking a going business concern?

This according to Thabiso Moerane, mobile commerce ecosystem leader at Alcatel-Lucent, who will address the ITWeb Security Summit, taking place from May 15–17 in Johannesburg, South Africa.

In a recent press release, Moerane said fears about the security of mobile banking were probably "more psychological than anything else." She said mobile banking can be just as secure as banking via Internet and ATM, and possibly more secure than using a credit card in a public place.

But as countries (particularly South Africa) contemplate the rollout of m-banking to the unbanked market, the question persists of how to make money. South Africa's 24 million un- and under-banked can only afford to spend R15 ($1.91) a month on banking services, said Moerane.

"Mobile banking makes the most sense because the mobile infrastructure is available across the country," she said. "What comes into play now is finding ways to achieve a business model that makes commercial sense and is still affordable enough for low-income customers.

"The key to making this work is to find a way to lower the cost of providing the service — and this means reducing the cost of the entire ecosystem. It requires collaboration between various partners in the ecosystem, which is difficult to do, but it is achievable," Moerane said.

For more on this topic, visit our mobile banking research center.