Abstract

This review explores mobile money security in Nigeria and Kenya, examining the differing approaches each country 
has adopted to address security challenges in the rapidly growing mobile money sector. Mobile money has become 
a key driver of financial inclusion in sub-Saharan Africa, offering millions of previously unbanked individuals access 
to financial services. However, the rise in mobile money usage has introduced significant security concerns, including 
fraud, data breaches, and cyberattacks. Kenya, with its mature regulatory environment and comprehensive security 
measures, serves as a global leader in mobile money security. In contrast, Nigeria's mobile money market is 
expanding rapidly but faces challenges in regulatory oversight and infrastructure, leading to more pronounced 
security vulnerabilities. This study compares the security strategies of both countries, analyzing the effectiveness of 
technologies, regulatory frameworks, and consumer education. It also identifies the security challenges faced by 
users and provides recommendations for improving mobile money security across the region.