Abstract
Mobile money has gained a lot of acceptance in the Ugandan financial sector since its inception a decade ago. This is due to high mobile phone usage, especially in rural areas where branch banking is rare. The financial sector’s adoption of mobile money has enhanced financial inclusion by providing banking services to individuals previously excluded from the financial sector. Mobile money services offer a variety of financial transactions, including payment, saving, credit, and insurance, without the need to visit a banking hall. These are poverty reduction, job creation, GDP, and the development of a sound financial sector. However, despite the increased use and growth of mobile money in Uganda, it has presented the following challenges: Some of the problems undermining the future of this innovation include regulatory barriers, cybersecurity threats, compatibility questions, and consumer scepticism about digital financial services. Solving these challenges calls for cooperation between mobile money operators, regulators, policymakers, and other interested parties to foster innovation, competition, and consumer protection while enhancing the access and usage of financial services and products. This review examines mobile money adoption in Uganda. We used available data from many reputable databases, spanning the time period from 2010 to 2024. Findings suggest that in the future, mobile money in Uganda has bright prospects in terms of future trends, new uses, and improved connections with other electronic systems. New technologies like biometric identification, artificial intelligence, machine learning, and blockchain will enhance security, user experience, and other conditions that are necessary to fulfil user needs. Communication with mobile money providers, regulators, and stakeholders is a necessary step to fully benefit from these opportunities and manage the remaining challenges. Lastly, measures such as the promotion of consumer protection, availability of financial products and services, investment in technology, and constant public sensitization would go a long way towards tapping the full potential of mobile money in Uganda, as this fuels positive social and economic change in the country. Keywords: mobile money, Uganda, financial sector, cybersecurity, Gross Domestic Product (GDP)
Published Version
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