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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. |
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