Abstract

Mobile money platforms have revolutionized financial inclusion in East Africa, enabling millions of previously 
unbanked individuals to access digital financial services. Platforms such as M-Pesa, MTN Mobile Money, and Tigo 
Pesa have facilitated financial transactions, promoted entrepreneurship, and strengthened the region’s digital 
economy. However, the rapid adoption of these services has also introduced significant cybersecurity challenges, 
including social engineering attacks, agent-driven fraud, and fragmented regulatory frameworks. These threats 
compromise user trust, financial integrity, and the sustainability of mobile money ecosystems. This review examines 
the key cybersecurity risks affecting mobile money platforms in East Africa and evaluates potential mitigation 
strategies. Proposed solutions include enhanced authentication mechanisms, multi-factor verification frameworks, 
user education and awareness programs, and strengthened regulatory policies. By integrating technological, 
educational, and policy interventions, stakeholders can enhance the security and resilience of mobile financial 
services. The study underscores the importance of collaborative efforts among telecom operators, financial 
institutions, regulators, and users to ensure safe, trustworthy, and sustainable mobile money platforms across the 
region.