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

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  • 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.

Suggested Citation

  • Mogaji, Emmanuel & Nguyen, Nguyen Phong, 2022. "The dark side of mobile money: Perspectives from an emerging economy," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    • Handle: RePEc:eee:tefoso:v:185:y:2022:i:c:s0040162522005662
    DOI: 10.1016/j.techfore.2022.122045
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    3. Johnen, Constantin & Parlasca, Martin & Mußhoff, Oliver, 2023. "Mobile money adoption in Kenya: The role of mobile money agents," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    4. Nhan-Thanh Thi Nguyen & Phuc-Thien Tran & Tri-Quan Dang & Luan-Thanh Nguyen, 2024. "The future of non-contact commerce: the role of voice payments," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1260-1278, December.
    5. Kingsley K. Arthur & Simplice A. Asongu & Peter Darko & Marvin O. Ansah & Sampson Adom & Omega Hlortu, 2025. "Financial crimes in Africa and economic growth: Implications for achieving sustainable development goals (SDGs)," Journal of Economic Surveys, Wiley Blackwell, vol. 39(3), pages 1212-1251, July.
    6. Mancuso, Ilaria & Petruzzelli, Antonio Messeni & Panniello, Umberto & Vaia, Giovanni, 2025. "The bright and dark sides of AI innovation for sustainable development: Understanding the paradoxical tension between value creation and value destruction," Technovation, Elsevier, vol. 143(C).
    7. Nalluri, Venkateswarlu & Chen, Long-Sheng, 2024. "Modelling the FinTech adoption barriers in the context of emerging economies—An integrated Fuzzy hybrid approach," Technological Forecasting and Social Change, Elsevier, vol. 199(C).
    8. Karl van der Schyff & Greg Foster & Karen Renaud & Stephen Flowerday, 2023. "Online Privacy Fatigue: A Scoping Review and Research Agenda," Future Internet, MDPI, vol. 15(5), pages 1-31, April.
    9. Osabutey, Ellis L.C. & Jackson, Terence, 2024. "Mobile money and financial inclusion in Africa: Emerging themes, challenges and policy implications," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    10. Mogaji, Emmanuel & Nguyen, Nguyen Phong, 2024. "Evaluating the emergence of contactless digital payment technology for transportation," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    11. Wang, YiZheng & Zhang, ZhenTian, 2025. "Digital development and rural financial inclusion: Evidence from China," Research in International Business and Finance, Elsevier, vol. 73(PA).
    12. Sinha, Neena & Paul, Justin & Singh, Nidhi, 2024. "Mobile payments for bottom of the pyramid: Towards a positive social change," Technological Forecasting and Social Change, Elsevier, vol. 202(C).

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