Blockchain-enabled mobile money (MM) technology: revolutionizing financial services

Mohamed Ibrahim

Chapter 14 in Research Handbook on FinTech, 2026, pp 242-262 from Edward Elgar Publishing

Abstract: This chapter critically examines the transformative potential of blockchain technology in advancing mobile money (MM) systems, particularly in the context of financial inclusion in developing countries. It highlights how blockchain's decentralized, secure, and transparent architecture addresses longstanding challenges in MM ecosystems, including transaction inefficiencies, limited interoperability, and inadequate security and traceability. Emphasis is placed on blockchain's ability to enhance access to financial services for unbanked populations while strengthening anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Drawing on real-world examples such as M-Pesa and Promize, the chapter explores how blockchain integration can reinforce the operational integrity of MM platforms—most of which rely on USSD protocols—and enable inclusive, cross-border, and resilient financial infrastructures. It also outlines the technical and regulatory hurdles that must be overcome for scalable deployment. The discussion provides valuable insights for scholars, policymakers, and practitioners seeking sustainable digital financial solutions.

Keywords: Blockchain; Mobile money; Financial inclusion; USSD technology; Decentralization; AML; CTF compliance (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035321414
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