Issues with mobile money in developing countries

Abstract

A major criterion is the reduction of snags in the management of mobile money systems. The study was prompted by the ongoing problems with mobile money management. Previous research in underdeveloped nations concentrated mostly on technology algorithms for mobile money systems, with little attention paid to managerial issues. The research aims to reduce hiccups in the management of mobile money systems. A qualitative investigation was carried out, which was supported by activity theory and directed by an interpretative paradigm. The major data tools were semi-structured interviews and an internal document review. Expert purposive sampling was used, and data was thematically evaluated and themes were mapped onto activity theory nodes. The study's key findings included inadequate monitoring of mobile money agents, insufficient confidentiality and privacy in financial transactions, the use of general accounts for financial transactions, the use of generic guidelines and policies, third-party involvement in sensitive mobile money activities, and weak staff recruitment policies. The study's managerial implications include online customer registration, the implementation of online transaction monitoring, the online categorization of mobile money accounts, digital financial crime checks, digital validation of customer identities, and the continuous review and updating of mobile money guidelines.