Effectiveness of Mobile Banking Phone Companies Strategies on Promoting Safetyness of Customers Money in Tanzania: Case Study of Vodacom M-Pesa, Tigo Pesa and Airtel Money Operations in Mbeya Region, 2008-2012

Kaijage, Chrispin (2013) Effectiveness of Mobile Banking Phone Companies Strategies on Promoting Safetyness of Customers Money in Tanzania: Case Study of Vodacom M-Pesa, Tigo Pesa and Airtel Money Operations in Mbeya Region, 2008-2012. Masters thesis, The Open University of Tanzania.

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Abstract

This work investigate the effectiveness of strategies used by mobile phone banking companies in Tanzania to ensure that there is maximum possible safety of customers money, through preventing loss of customers money through frauds by mobile phone banking employees, and incorrect entry by customers who use a network of mobile phone banking system. The study was motivated to be undertaken to increase number of customers who lose their money through a network of mobile phone banking system, and also through increasing amount of money of customers that is lost through increasing amount of money of customers that is lost through the network of mobile phone banking system in Tanzania. The study area was Mbeya region, and used a sample of three mobile phone companies which offer the services of mobile phone banking, namely Vodacom, Tigo and Airtel. The study used a field sampling survey method, and a combination of primary and secondary data. Primary data was collected through a combination of questionnaires, interviews and observations methods from customers duties of sending money, and at normal interviews when customers explains what they have encountered. Also an interview was done with the management of the Bank of Tanzania (B.O.T) and the Tanzania Communications Regulatory Authority (T.C.R.A) as the main regulators. Again interviews were done with selected commercial Banks in Mbeya city which use partnership mobile banking services with mobile phone companies, these were CRDB, NMB, Stambic and Barclays. The study found that since the year 2008, more customers in Mbeya region and other parts in Tanzania have been losing huge amount of money through frauds done by employees of mobile phone companies and incorrect entry by both customers and employees of the companies, hence causing customers to incur huge financial loss.

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