A framework for addressing security vulnerabilities experienced by registered mobile money clients in Lusaka, Zambia.
Date
2024
Authors
Sakala, Tanje David
Journal Title
Journal ISSN
Volume Title
Publisher
The University of Zambia
Abstract
The rapid expansion of mobile money services has transformed financial transactions across developing economies, providing convenient access to banking for unbanked populations. However, this growth has also introduced significant security vulnerabilities, raising concerns over data privacy, fraud, and system vulnerabilities. This study investigates prevalent security vulnerabilities associated with mobile money transactions, analysing common threats, and potential mitigation strategies. Using a survey research methodology, the research conducted a review of security incidents of mobile money users, complemented by a quantitative analysis of user behaviour response to security vulnerabilities. A sample of 380 registered mobile money users from Lusaka, Zambia, who were conveniently chosen using the Slovins formula, participated in the study. (Raphael. G, 2016) Mobile Money Transaction Variables Relationship Framework served as the foundation for the study. The Statistical Package for Social Scientists (SPSS) was used to analyse the data. Pearson correlation tests with a p-value of < 0.05 was deemed statistically significant. The results showed that there is a significant compromise in the security of mobile money transactions due to the following vulnerabilities: Smishing, Stolen/Lost Mobile Phone, and Agent Driven Fraud, with t values of .011, .005, and .000, respectively. A significant positive relationship between mobile money security vulnerabilities and transactions was indicated by an aggregate coefficient correlation of .430. As a contributing element to safe mobile money
practices, the study also found considerable gaps in user awareness, underscoring the need for service providers to improve user education and strengthen security measures. This dissertation aims to contribute to mobile money security by proposing a framework that integrates solutions to
improve user safety in mobile money transactions. The research concludes that addressing these security issues is essential for ensuring trust and long-term sustainability in the mobile money ecosystems, contributing to policy recommendations for regulators and practical guidance for service providers.
Description
Thesis of Master of Business Administration General.