Poor people׳s money: The politics of mobile money in Mexico and Kenya

Suárez, Sandra L.

doi:10.1016/j.telpol.2016.03.001

Cited by 41 publications

(25 citation statements)

References 8 publications

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“…However, in the virtual world, this stage can be overcome due to the loaded value already existing in electronic form (Filipkowski, 2008;Dumitrache & Modiga, 2011). Placement could potentially be loaded into an inadequately regulated financial institution or MNO creating the threat of oversight (Suárez, 2016) as they are subject to less stringent identification screening measures. This also presents the risk of customers' anonymity because of multiple accounts registration in an attempt to avoid detection (Dumitrache & Modiga, 2011).…”

Section: Threat Of Mobile Money Stage 1 -Placement/ Loadingmentioning

confidence: 99%

Anti-money laundering and counter-terrorist financing threats posed by mobile money

Whisker

Lokanan

2019

JMLC

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Purpose The purpose of this paper is to explore the various characteristics of mobile money transactions and the threats they present to anti-money laundering (AML) and counter terrorist financing regimes. Design/methodology/approach A thorough literature review was conducted on mobile money transactions and the associated money-laundering and terrorist financing threats. Four key themes were identified in relations to the three stages of money laundering and effective law enforcement. Findings The findings indicate that as money laundering and terrorist financing transactions continue to gravitate towards the weaknesses in the financial system, mobile money provides yet another avenue for criminals to exploit. Risk factors associated with anonymity, elusiveness, rapidity and lack of oversights were all integral considerations in building an effective AML regime. The use of cash is considered a higher threat than mobile money prior to implementation of systems and controls. Practical implications This rapidly changing environment of how individuals manage their money during transactions is set to further explode globally, which poses new problems for regulators and governments alike. Unless there is a unified concentration to heighten global awareness, the imposing threat of mobile money is set to increase at a rapid rate if appropriate actions are not taken. Originality/value The findings from this study can be used to gain greater insights on mobile money transactions and raise further awareness of the ever-increasing threat to global financial integrity.

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Section: Threat Of Mobile Money Stage 1 -Placement/ Loadingmentioning

confidence: 99%

Anti-money laundering and counter-terrorist financing threats posed by mobile money

Whisker

Lokanan

2019

JMLC

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“…With the cash-in and cash-out services through the agents or cash merchants, there has been a rapid increase in people using mobile money transfers (Mavhiki et al, 2015). Mobile money has provided opportunities for individuals to conduct financial transactions without being a bank account holder (Suarez, 2016). Mobile money transfers in Zimbabwe have been conducted through the use of agents.…”

Section: Mobile Money In Zimbabwementioning

confidence: 99%

Financial inclusion: disrupted liquidity and redundancy of mobile money agents in Zimbabwe

Rushwaya

Mutambara

2018

Investment Management and Financial Innovations

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Mobile money agents (MMAs) are the pedestal of inclusive finance by bringing financial services closer to unbanked people by offering them capabilities to move from cash to electronic money and vice versa. This function is effective in an environment where hard cash is in uninterrupted circulation. The aim of this paper is to investigate implications of cash liquidity challenges in Zimbabwe to the development of financial inclusion through MMAs in a rural set-up. Phenomenological in-depth interviews were conducted with MMAs. Due to national liquidity challenges, MMAs ceased to receive cash float support, limiting their cash-in and cash-out services. Pure agents were adversely affected, while those who operate retail goods services reported increased goods sales through mobile money point-of-sale payments. Consumers are restricted to deal in electronic funds in the cashless economy making the cash-in and cash-out function of MMAs redundant. MMAs need support to sustain their operations and recoup invested capital in infrastructure. Risk management strategies, including the principal-agent contracts that minimize the exposure of MMAs to disruption of the service are important. MMAs could form an association to lobby financial regulators for support, negotiation with principals, market research, political power and active participation of agents in deepening financial inclusion. Perhaps pure MMAs could improve their economic sustainability by diversifying their businesses.

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“…While financial institutions want to promote mobile money in Latin America, it has not been simple to replicate the success that has been observed in other developing countries [28,12]. Previous research has identified that the protective bank supervision and the infrastructure in Latin America is likely what is limiting the development of mobile money [5,4,8,30]. Nevertheless, we lack an understanding of how interface design might affect and facilitate the adoption of mobile money in Latin America [30], which might be one of the main reasons why this region of the world is currently heavily excluded from digital money transactions.…”

Section: Mobile Money and Developing Countriesmentioning

confidence: 99%

Understanding Interface Design and Mobile Money Perceptions in Latin America

Chiang

Anderson

Flores-Saviaga

et al. 2017

Proceedings of the 8th Latin American Conference on Human-Computer Interaction

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Mobile money can facilitate financial inclusion in developing countries, which usually have high mobile phone use and steady remittance activity. Many countries in Latin America meet the minimum technological requirements to use mobile money, however, the adoption in this region is relatively low. This paper investigates the different factors that lead people in Latin America to distrust and therefore not adopt mobile money. For this purpose, we analyzed 27 mobile money applications on the market and investigated the perceptions that people in Latin America have of such interfaces. From our study, we singled out the interface features that have the greatest influence in user adoption in developing countries. We identified that for the Latin America market it is crucial to create mobile applications that allow the user to visualize and understand the workflow through which their money is traveling to recipients. We examined the significance of these findings in the design of future mobile money applications that can effectively improve the use of electronic financial transactions in Latin America.

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Poor people׳s money: The politics of mobile money in Mexico and Kenya

Cited by 41 publications

References 8 publications

Anti-money laundering and counter-terrorist financing threats posed by mobile money

Anti-money laundering and counter-terrorist financing threats posed by mobile money

Financial inclusion: disrupted liquidity and redundancy of mobile money agents in Zimbabwe

Understanding Interface Design and Mobile Money Perceptions in Latin America

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