The hidden cost of crime: Tanzanians pay as much as 7 percent to protect money from theft

By a News Reporter-Staff News Editor at NewsRx Law -- Key Takeaways:

CATONSVILLE, MD, November 13, 2017 - “Mobile money,” a checking account attached to a mobile phone number, has revolutionized the financial lives of millions of people in many developing countries without access to a banking infrastructure. Using text messages or apps on consumer phones and in partnership with mom-and-pop retailers, who serve as cash-in and cash-out points, telecom companies have created an accessbile and cost-effective virtual banking infrastructure in many developing countries.

While sending money to others is often seen as the primary value arising from mobile money, a forthcoming study in the INFORMS journal Marketing Science, a leading scholarly marketing publication, shows that in developing countries, mobile money provides another important source of value - a form of theft insurance by protecting cash from street robberies and stealing by relatives or …

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(2017-11-30), The hidden cost of crime: Tanzanians pay as much as 7 percent to protect money from theft, NewsRx Law, 150, ISSN: 0000-0000, BUTTER® ID: 014742362