Impact of Cyber Security on Performance of Mobile Money Services in Tanzania:

Abstract

This study examined the impact of cybercrime on mobile money performance. This includes metrics such user trust and adoption. Conducting an examination of the influence of cybersecurity on mobile money services in this particular district offers a localized viewpoint that can contribute to more comprehensive policy suggestions, considering the intricacies of the local environment. Similar to numerous other rural regions, Rombo District mainly depends on mobile money services for conducting financial transactions, mostly because of the restricted availability of conventional banking services. Nevertheless, the growing dependence on digital platforms exposes the local populace to potential cyber risks, so jeopardizing their financial undertakings and undermining the advantages of financial inclusivity. The research assessed the impact of cybersecurity on the performance of mobile money services in Tanzania. The research adopted quantitative research approach with the explanatory research design. The data was analyzed quantitatively. 175 responses qualified for the data analysis. The study analyzed mobile money provider user authentication techniques for flaws. Weak or predictable passwords and weak multi-factor authentication (MFA) were noted. These vulnerabilities could undermine user account security, allowing unwanted access. The survey found varying user awareness with security recommended practices. Phishing and social engineering were unfamiliar to certain people, making them vulnerable to cyberattacks. The study found that mobile money providers lack robust incident response methods. Additionally, security documentation and handling standards were lacking. The interview analysis shows that cybersecurity affects mobile money services in Tanzania in many ways. The themes included user trust, awareness, security events, legislative implications, and the delicate balance between security and usability. To improve mobile money services, stakeholders must execute comprehensive strategies that prioritize security, user education, and user experience. This requires strong cooperation with regulators and service providers.