Mobile Money Services, Benefits and Challenges, Evidence from Selected Communities in Epe Local Government, Lagos State, Nigeria

Abstract

This study explores the dual nature of mobile money services in Nigeria, focusing on their benefits and challenges within five communities of Epe Local Government Area (LGA), Lagos State. Mobile money platforms like MTN MoMo, Airtel SmartCash PSB, and Paga have enhanced financial inclusion by bridging the gap between traditional banking systems and underserved populations. Key benefits identified include improved accessibility to financial tools, business empowerment, and reduced dependence on cash. However, the study also highlights significant challenges, including fraud, operational inefficiencies, regulatory gaps, and socioeconomic disparities. Using a descriptive survey design and structured questionnaires, findings reveal the uneven adoption of mobile money services, with gender and geographic disparities further complicating its impact. The study recommends strengthening regulatory frameworks, promoting digital literacy, and enhancing technological infrastructure to create a secure and inclusive mobile money ecosystem. These insights contribute to the broader discourse on financial inclusion in emerging markets