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Researchers Examined the “Dark Side” of Mobile Money in Nigeria

They got valuable insights from customers, agents and financial technology (fintech) developers. They found that the mobile money system presents challenges of fraud, insecurity, high costs and poor infrastructure. The fintech industry in Nigeria and the increasing point of sale agents, pose challenges in monitoring compliance. Regulators need to catch up with growing trends and provide policies that support and drive financial inclusion. They must also do spotchecks to identify those not complying with the regulations.