Mobile money is a service that stores funds in a secure electronic account, linked to a mobile phone

number.
Mobile money is often provided by the same companies that run the country's mobile phone services
Mobile money transfer is a fast, easy and secure transaction whereby a sender sends money from their
bank, credit/debit card or own mobile money account to another mobile money account
In much of the world, people don’t live near banks or have bank accounts. In Senegal, for example, only
8 percent of the population (17 million) has a bank account. In Uganda, it’s 11 percent. For a long time,
that meant those people were locked out of the financial system
Alipay overtook PayPal as the world's largest mobile payment platform in 2013.
But Kenya started in 2000
Advantages
1. It is fast and easy to use.
2. It is easier for governments to monitor tax evasion and fraud.

3. It is more convienient for people who live far from a local bank.

4. Crimes involving cash will cease to exist.

5. It connects family and friends all over the world

6. Reduced contact with officials

Disadvantages

1. It is possible that someone can monitor what you are doing in ways they shouldn’t be doing

2. There are worries that private companies can use your data in ways which are not safe or that you
might not like.

3. Cyber Attacks can occur.

4. It will heavily affect people who are homeless and collect cash to survive.

5. The actual value of cash will suffer for example US dollar being the most dominant currency.

6. While sending money via mobile money transfers, it is possible that users may receive fake messages
called "Smishing" which ask for Bank details and because of this, many users fall victim to scam and theft