According to the 2019 FinAccess survey, 8.4 percent of mobile money users in Kenya report having lost funds on their mobile money accounts—and 70 percent of these cases were due to third-party phone or SMS fraud. Yet no one has unpacked why certain consumers suffer from fraud, nor why they often don’t use formal complaints channels when they suffer loss of funds or fraud. Similarly, FinAccess found that 42 percent of mobile money users could not correctly interpret the price disclosure screen, and 19 percent of digital borrowers  report issues with transparency of fees. Yet little is known how this influences financial decisions and what new information or delivery channels may impact knowledge and choice. This survey will answer these and other key questions on consumer protection in digital finance to help inform further experimentation and policy development. We will also leverage this existing survey to provide governments and organizations responding to the COVID crisis information about the financial impacts of the pandemic by measuring recent changes in financial resiliency, use of mobile money and phone-based loans, and instances of digital fraud.

, William BlackmonRafe MazerShana Warren
Publication type: 
March 01, 2021
Program area: