Mobile Money Services and Financial Crimes in Nigeria, 2019 - 2024

Student: Ambassador Chinatu Uzoma (Project, 2025)
Department of Political Science
University of Nigeria, Nsukka, Enugu State

Abstract

ABSTRACT Mobile money services have grown rapidly in Nigeria, increasing financial inclusion and contributing to economic growth. However, this progress has also led to concerns, particularly the rise of financial crimes such as internet fraud and identity theft. This study examines the relationship between mobile money services and financial crimes in Nigeria, addressing three key research questions: Has mobile money contributed to economic growth in Nigeria? Has poor regulation facilitated internet fraud? Has weak security increased identity theft? Using the Regulatory Capture Theory, the study adopts a mixed-method approach, analyzing both primary and secondary data through thematic and descriptive analysis. Findings reveal that while mobile money enhances financial inclusion and economic growth, weak regulatory enforcement allows fraudsters to exploit loopholes, and insufficient security measures expose users to identity theft. The study recommends stronger regulatory oversight, improved security frameworks, and stricter enforcement of Know Your Customer (KYC) policies to mitigate financial crimes in Nigeria’s mobile money sector. Keywords: mobile money, economic growth, financial crimes, financial inclusion, internet fraud, identity theft, regulatory policies, security, Nigeria.

Keywords
MOBILE MONEY SERVICES AND FINANCIAL CRIMES IN NIGERIA 2019 - 2024
Filters
Institutions