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"MOBILE MONEY"
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Assessing the Readiness of South African Financial Enterprises for Cloud-Based Mobile Money Platform Migration
This study explored the readiness of South African financial enterprises to migrate their services to cloud-based platforms It employs the Design Science Research (DSR) methodology, which involves iterative cycles of designing, testing, and validating a readiness assessment model. Data collection utilised a multi-method approach, including surveys and questionnaires distributed among mobile money service providers. The study is supported by the technology readiness and acceptance model (TRAM) and the Technology-Organisation-Environment (TOE) framework. Key findings indicate that IT security, infrastructure readiness, and organisational support significantly influence migration readiness. The study highlights challenges such as cybersecurity threats, regulatory compliance, and connectivity gaps but demonstrates that readiness assessment can mitigate migration risks Financial enterprises can use the proposed model as a structured way to assess and enhance their readiness for cloud migration. Recommendations include targeted staff training, infrastructure investments, and phased implementation strategies to facilitate smooth and secure transitions to cloud-based platforms.
Journal Article
Two-Factor Authentication Scheme for Mobile Money: A Review of Threat Models and Countermeasures
The proliferation of digital financial innovations like mobile money has led to the rise in mobile subscriptions and transactions. It has also increased the security challenges associated with the current two-factor authentication (2FA) scheme for mobile money due to the high demand. This review paper aims to determine the threat models in the 2FA scheme for mobile money. It also intends to identify the countermeasures to overcome the threat models. A comprehensive literature search was conducted from the Google Scholar and other leading scientific databases such as IEEE Xplore, MDPI, Emerald Insight, Hindawi, ACM, Elsevier, Springer, and Specific and International Journals, where 97 papers were reviewed that focused on the topic. Descriptive research papers and studies related to the theme were selected. Three reviewers extracted information independently on authentication, mobile money system architecture, mobile money access, the authentication scheme for mobile money, various attacks on the mobile money system (MMS), threat models in the 2FA scheme for mobile money, and countermeasures. Through literature analysis, it was found that the threat models in the 2FA scheme for mobile money were categorised into five, namely, attacks against privacy, attacks against authentication, attacks against confidentiality, attacks against integrity, and attacks against availability. The countermeasures include use of cryptographic functions (e.g., asymmetric encryption function, symmetric encryption function, and hash function) and personal identification (e.g., number-based and biometric-based countermeasures). This review study reveals that the current 2FA scheme for mobile money has security gaps that need to be addressed since it only uses a personal identification number (PIN) and a subscriber identity module (SIM) to authenticate users, which are susceptible to attacks. This work, therefore, will help mobile money service providers (MMSPs), decision-makers, and governments that wish to improve their current 2FA scheme for mobile money.
Journal Article
Digital Financial Services and Financial Inclusion: The effect of e-levy on the Adoption of Mobile Money in a Sustainable Economy
Purpose: This study analyses the impact of mobile money taxes on financial inclusion, focusing on actual usage and behavioural intentions. Design/Methodology/Approach: Data from 364 users were analysed using PLS-SEM. The study evaluates key Unified Theory of Acceptance and Use of Technology (UTAUT) constructs in conjunction with the influence of digital levies. Findings: Performance expectancy, effort expectancy, social influence, and facilitating conditions significantly shape behavioural intentions, which strongly drive mobile money adoption. However, mobile money taxes negatively affect actual usage, undermining financial inclusion. Originality/ Value: Grounded in the (UTAUT), it explores mobile money adoption in Odisha, India. Research Limitations: This study is limited by its focus on Odisha, India, and a sample that may not represent broader mobile money users. Practical Implications: Policymakers should reconsider taxation, while providers must enhance usability and support infrastructure to expand inclusive adoption. Keywords: Mobile Money Technology; Financial Inclusion; Digital Inclusion; Mobile Money Taxation; e-Levy. Citation: Vasudevan. A., ŞİMŞEK, S. A and Jamil, N. A. (2026): Digital Financial Services and Financial Inclusion: The effect of e-levy on the Adoption of Mobile Money in a Sustainable Economy. World Journal of Entrepreneurship, Management and Sustainable Development (WJEMSD), Vol. 22, No. 4, pp. 315-331.
Journal Article
Analyzing user perspective on the factors affecting use intention of mobile based transfer payment
Purpose
– This study makes an integrated approach in identifying the factors affecting usage intention of mobile-based payment services. Such services are being marketed aggressively by cellular service providers and are different from usual mobile-based banking. The study incorporates prominent factors like the technical characteristics, technology-specific characteristics, user-specific characteristics, and task-specific characteristics and others from published literature. The purpose of this paper is to highlight those factors which have significant impact on the adoption of such service so that the adoption rate can be increased.
Design/methodology/approach
– A nationwide primary survey was conducted using validated questionnaire requesting response for the factors obtained from published literature. In total, 196 respondents participated in the survey. Totally, 11 hypotheses were formulated and statistically tested for their significance in context to the study. Confirmatory study was on the significant factors and a model has been proposed.
Findings
– The study finds that factors like perceived usefulness, perceived ease of use, system quality, connectivity, discomfort, task-technology fit and structural assurance have significant impact on the usage intention of mobile money services whereas factors such as perceived monetary value, absorptive capacity and personal innovativeness have been found to be insignificant.
Originality/value
– There have been no studies conducted which reported mobile-based transfer payment adoption issues where-in the transfer mechanism is independent of formal banking. The findings would be beneficial for service providers of mobile-based payment services to understand their subscribers and roll out value added services.
Journal Article
Evaluation of Key Security Issues Associated with Mobile Money Systems in Uganda
Smartphone technology has improved access to mobile money services (MMS) and successful mobile money deployment has brought massive benefits to the unbanked population in both rural and urban areas of Uganda. Despite its enormous benefits, embracing the usage and acceptance of mobile money has mostly been low due to security issues and challenges associated with the system. As a result, there is a need to carry out a survey to evaluate the key security issues associated with mobile money systems in Uganda. The study employed a descriptive research design, and stratified random sampling technique to group the population. Krejcie and Morgan’s formula was used to determine the sample size for the study. The collection of data was through the administration of structured questionnaires, where 741 were filled by registered mobile money (MM) users, 447 registered MM agents, and 52 mobile network operators’ (MNOs) IT officers of the mobile money service providers (MMSPs) in Uganda. The collected data were analyzed using RStudio software. Statistical techniques like descriptive analysis and Pearson Chi-Square test was used in data analysis and mean (M) > 3.0 and p-value < 0.05 were considered statistically significant. The findings revealed that the key security issues are identity theft, authentication attack, phishing attack, vishing attack, SMiShing attack, personal identification number (PIN) sharing, and agent-driven fraud. Based on these findings, the use of better access controls, customer awareness campaigns, agent training on acceptable practices, strict measures against fraudsters, high-value transaction monitoring by the service providers, developing a comprehensive legal document to run mobile money service, were some of the proposed mitigation measures. This study, therefore, provides a baseline survey to help MNO and the government that would wish to implement secure mobile money systems.
Journal Article
Examining Trust and Risk in Mobile Money Acceptance in Uganda
Mobile money adoption can contribute to achieving Sustainable Development Goals in Uganda but the factors affecting its sustainable adoption remain largely unknown. This paper explores the extent to which mobile money users’ trust and risk perceptions affect mobile money services adoption of in Uganda. A survey was conducted with 438 mobile money users from Uganda and data was analyzed using Partial Least Squares (PLS) Structural Equation Modelling (SEM). From the results, we obtained new empirical evidence for applying trust and risk perceptions for analyzing mobile money acceptance. We found that mobile money users rely on the structural soundness of mobile money services providers and their ability to provide mobile money services with low perceived risk. Performance expectancy, perceived risk and structural assurance significantly influenced behavioral intention to adopt mobile money. Trust belief did not significantly influence behavioral intention. These results help us to understand and promote mobile banking services in underdeveloped countries, which is of practical and scientific interests. We finally provide practical implications for mobile money services providers, commercial banks and central banks in Africa.
Journal Article
Mobile money use: The impact of macroeconomic policy and regulation
This paper examines the effects of macroeconomic policy and regulatory environment on mobile money usage. Specifically, we develop an autoregressive distributed lag model to investigate the effect of key macroeconomic variables and mobile money tax on mobile money usage in Uganda. Using monthly data spanning the period March 2009 to September 2020, we find that in the short run, mobile money usage is positively affected by inflation while financial innovation, exchange rate, interest rates and mobile money tax negatively affect mobile money usage in Uganda. In the long run, mobile money usage is positively affected by economic activity, inflation and the COVID-19 pandemic crisis while mobile money customer balances, interest rate, exchange rate, financial innovation and mobile money tax negatively affect mobile money usage.
Journal Article
Mobile Money, Individuals’ Payments, Remittances, and Investments: Evidence from the Ashanti Region, Ghana
While many studies that are focused on mobile money concern the effects of mobile money on consumption and informal risk-sharing, little evidence is provided on how mobile money influences payments and microbusiness investment for low-income people. We estimate the effects of access to mobile money on individuals’ payments and income-generating activities by using data from the Ashanti Region of Ghana. Based on propensity-score matching and propensity-score weighted regression, we find that participation in mobile money is not dependent on individuals’ financial status. We also observe that mobile-money users are likely to send and receive larger volumes of payments and remittances. We further find that mobile-money users are more likely to save higher amounts, invest more in education, microbusinesses, land, and buildings, and also consume more relative to non-users.
Journal Article
Perception of Maize Farmers’ Financial Inclusion Via Mobile Money. A Case Study of the Dormaa-Ahenkro Municipality, Ghana
The study looks into maize farmers’ perceptions of being financially included through mobile money services. The available data collected was analysed through the perception index by the SPSS. Data were collected through the primary data which 150 questionnaires were used and respondents’ responses were collected on the questionnaire administration. perception of the maize farmers was analysed and based on the series of questions through frequency, mean and percentages from the perception index, which came out that 47.3% were very familiar and 36.7% were familiar with mobile money as a financial inclusion which shows mobile money has become very important in the system and as financial inclusion in some African countries and Ghana as a whole. However, respondents stated the fact that they use mobile money for saving and paying bills with a percentage of 96%. To further conclude the maize farmers said the mobile money concept has increased their access to financial services with 28.0% strongly agreeing to the fact that it has increased their chances to have financial services, 33.3% agreed, 28.7 were neutral to the statement, 6.7% were also disagreeing and 3.3% strongly disagreed. The outcome has affirmed that mobile money has increased access to maize farmers’ financial inclusion.
Journal Article