Snags in mobile money in developing economies

Lessening snags in the management of mobile money systems is a fundamental prerequisite. The study was motivated by the continuous mobile money management snags. Previous studies in developing economies focused mainly on technological algorithm for mobile money systems with untraceable attention given to management matters. The study aimed at lessening snags in the management of mobile money system. Underpinned by activity theory and guided by an interpretive paradigm, a qualitative inquiry was conducted. Semi-structured interviews and internal document review formed the key data instruments. Expert purposive sampling was adopted, data thematically analyzed and themes mapped on activity theory nodes. The study revealed inadequate monitoring of the mobile money agents, insufficient confidentiality and privacy in financial transactions; use of general accounts for financial transactions, use of generic guidelines and polices, third party involvement in sensitive mobile money activities and weak staff recruitment policies as the key findings. Managerial implications for the study include online registration of customers, introduction of online transaction monitoring, online categorization of mobile money accounts, digital financial crime checks, digital validation of customer identities and continuous review and updates of mobile money guidelines.