The dark side of mobile money: Perspectives from an emerging economy

Mogaji, Emmanuel; Nguyen, Nguyen Phong

Abstract

Advancements in money transfer protocols have resulted in the growth of financial technology (FinTech) and the acceleration of digitalisation, yet studies have often focused on the advantages of adopting these protocols without empirically recognising the disadvantages that may jeopardise the success of this innovation. This study aimed to qualitatively examine the dark side of mobile money by engaging with key stakeholders in the mobile money ecosystem of Sub-Saharan Africa (SSA). Qualitative data from interviews with financially vulnerable customers, mobile money agents and FinTech developers were analysed thematically. A typology of four relationships between the stakeholders – customer–developer, customer–agent, developer–agent and developer–regulator – was found along with issues of fraud, security, information privacy and emotional connections with money. The customer–developer relationship requires effective communication, engagement and reassurance. The customer–agent relationship requires assurances that customers' information is safe and not vulnerable to fraud and other security threats. The developer–agent relationship requires training, security and technical support. Developer–regulator relations should recognise the inherent challenges of policies and regulations and the uniqueness of business operations in SSA. Firms must have contingency plans in place should policies change, which may affect their business activities.

Citation

Mogaji, E., & Nguyen, N. P. (2022). The dark side of mobile money: Perspectives from an emerging economy. Technological Forecasting and Social Change, 185, 122045. https://doi.org/10.1016/j.techfore.2022.122045

• Journal Article Type: Article
• Acceptance Date: Sep 13, 2022
• Online Publication Date: Sep 21, 2022
• Publication Date: 2022-12
• Deposit Date: Jun 16, 2023
• Journal: Technological Forecasting and Social Change
• Print ISSN: 0040-1625
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 185
• Pages: 122045
• Series Title: Technological Forecasting and Social Change
• Series ISSN: 0040-1625
• DOI: https://doi.org/10.1016/j.techfore.2022.122045
• Keywords: Management of Technology and Innovation; Applied Psychology; Business and International Management
• Additional Information: This article is maintained by: Elsevier; Article Title: The dark side of mobile money: Perspectives from an emerging economy; Journal Title: Technological Forecasting and Social Change; CrossRef DOI link to publisher maintained version: https://doi.org/10.1016/j.techfore.2022.122045; Content Type: article; Copyright: © 2022 The Author(s). Published by Elsevier Inc.