Understanding Cryptocurrencies: What you need to know about cryptocurrencies

Understanding Cryptocurrencies: What you need to know about cryptocurrencies

What is a cryptocurrency?

Cryptocurrencies have many definitions. A cryptocurrency can be defined as a digital currency created from a computer code. A cryptocurrency can also be defined as a string of data encoded to signify a unit of currency. There are many cryptocurrencies the most popular being bitcoin. Unlike conventional currencies, cryptocurrencies are free of government oversight and manipulation. They are monitored via peer-to-peer Internet protocols.

Cryptocurrencies are created through ”mining” i.e. adding transaction records to the public ledger of the cryptocurrency in question. Cryptocurrency transactions happen instantly and are known to the entire network. The transactions must be confirmed to be finalised. Cryptocurrency transactions aren’t reversible or forgeable when they are confirmed.

To understand cryptocurrencies in depth, you need to understand their revolutionary, transactional and monetary properties.

Revolutionary properties of cryptocurrencies

Cryptocurrencies stand out from regular currencies because of their properties the most notable being their revolutionary properties. As mentioned above, cryptocurrencies have no oversight body i.e. government or a central bank that can create/influence supply or demand. Cryptocurrencies aren’t just entries in a database as is the case with conventional currencies. Cryptocurrency databases can’t be changed by anyone you can’t see or rules you don’t know.

The currencies derive their name from the fact that the consensus-keeping has been secured using strong cryptography. Unlike regular currencies, cryptocurrencies are secured by math and not trust or people. This makes cryptocurrencies favourable alternatives of regular currency because there is a very slim chance of them being compromised.

Transactional properties of cryptocurrencies

a. Cryptocurrencies are irreversible

Once a transaction is confirmed, it can’t be reversed by anybody including the creators of cryptocurrencies (miners) or government bodies.

b. Pseudonymous

Cryptocurrencies are also pseudonymous meaning accounts and transactions involving cryptocurrencies aren’t connected to any real world identities. Bitcoins are received via addresses which are simply random chains of approximately 30 characters. Although it is possible to assess cryptocurrency transaction flow, it is impossible to connect addresses with the real world identities of users. This property makes cryptocurrencies unmatched in regards to confidentiality.

c. Fast

Cryptocurrency transactions are instant. Transactions are confirmed in a few minutes.

d. Global reach/use

Cryptocurrency transactions take place in a worldwide network of computers which are indifferent of a user’s physical location. You can send/receive money from anywhere.

e. Unmatched security

Cryptocurrency funds are securely locked in a cryptography system which is accessible to the owner only using a private key. Cryptocurrencies are secured by strong cryptography and numbers which are impossible to break.

f. No permission to use

You are free to use cryptocurrencies as you wish. You don’t need any permission to use bitcoins. You can download the respective cryptocurrency software for free, install it and start receiving and sending bitcoins or any other cryptocurrencies.
Monetary properties of cryptocurrencies

a. Controlled supply

Cryptocurrencies are attractive in comparison to conventional currency because their supply is controlled. The supply of cryptocurrencies like Bitcoin decreases with time. Supply is controlled using schedules written in the cryptocurrency code. This simply means that the supply of any cryptocurrency at any time in the future can be estimated today.

b. No debt

Unlike fiat currency, cryptocurrencies aren’t created by debt. Cryptocurrencies represent themselves. They are not loaned into existence like fiat money.

Summary

Cryptocurrencies have a revolutionary impact when you consider their properties. Because cryptocurrencies are pseudonymous, irreversible and you don’t require permission to use them, they solve the problems associated with fiat money. Governments and central banks can’t manipulate cryptocurrencies at the expense of citizens. They can’t prohibit citizens to receive/send money or reverse transactions either.
The controlled supply of cryptocurrencies and global reach/use makes them the perfect currency of the future. Cryptocurrencies are here to stay. So far, they have proven to be the best alternative for fiat money. Although cryptocurrencies are not immune to speculation, they are still a better alternative.

UK Banks Are Now Paying People to Open Accounts

UK Banks Are Now Paying People to Open Accounts

According to the Financial Inclusion Commission, over 2 million UK citizens don’t have bank accounts. Also, a significant number of UK citizens with bank accounts (50%) prefer handing their money in cash, and 15% of all newly opened accounts are either abandoned or closed.

UK banks have seen this as an opportunity which is why they are now paying people to open and use bank accounts. UK citizens who open new bank accounts or switch accounts stand to enjoy great deals in the form of monthly bonuses, cash backs, loyalty points, interest-free overdrafts, name it! There are many banks with great offers. TSB, for instance, has re-launched its free £125 to customers who switch to its Classic Plus accounts.
If you don’t have a bank account or you are unhappy with your current one, many UK banks have incentives for you. Here’s more on how UK banks are paying people to open accounts.

1. Free switching cash

Switching bank accounts has never been faster and easier. Furthermore, you stand to earn free switching cash. You can use the switching service to open a new bank account and transfer everything in record time. The top UK bank accounts offering free switching cash include; First Direct (offering £125 free switching cash), TSB (offering £125 free switching cash plus 5% cash back) and HSBC (offering £150 free switching cash plus £ to stay).

2. Cashback

UK banks are also offering great deals to people who open accounts paying cashback. These accounts are perfect for people who spend a lot of money on household bills and don’t have enough money to left to earn interest. These accounts are also perfect for individuals who pay their bills via direct debit. Some of the top UK bank accounts with cashback include; NatWest which has a 3% cashback currently for individuals who spend over £270 on household bills monthly. For a monthly fee of £3, NatWest will pay you 3% cashback on your household bills with no limit on the amount of money you can earn.
Santander 123 Lite is offering a 3% cashback with a lower fee £1. However, customers don’t get to enjoy in-credit interest.

3. Free insurance

UK banks are also offering bank accounts with free insurance. These accounts are perfect for individuals who need associated insurance and are always in credit. UK banks which are paying for their clients’ insurance include; Nationwide is offering £600 worth of high-end travel insurance as well as £120 worth of mobile and breakdown insurance. Although customers have to pay £10 per month to enjoy this deal, account holders stand to enjoy great benefits that are otherwise costly.

4. Overdrawing

If you need to open a new account to make your overdrafts cheaper, there are great options for you. UK banks like First Direct and Nationwide have great deals. First Direct has a £250, 0% overdraft plus £125 cash when you put money towards your overdraft to pay it off.

Nationwide has a 12 month, 0% overdraft deal to help you get your finances in order. You also enjoy a £100 bonus for referring a friend who successfully switches/opens a Nationwide current account. Your friend will also receive the bonus.

There are however conditions to enjoy this deal i.e. you must clear your overdraft in a year or start paying applicable charges. Also, Nationwide doesn’t promise to match the overdraft facility clients were receiving previously in cases where clients are switching accounts.

Summary

UK banks are offering many great deals to people who open accounts. These deals range from free switching cash to cashbacks, free insurance, and incentives for overdrawing. It is, however, crucial to check the conditions and fees applicable for you to qualify for the incentives. Missing anything in the fine print can easily reverse your gains. The bank account/s you open must match your needs and the bank’s conditions.

Citizens Advice Calls For a Cost Cap on Doorstep Loans

Citizens Advice Calls For a Cost Cap on Doorstep Loans

Consumer charity, Citizens Advice, has called for a cost cap to be set on doorstep loans stating that the loans are responsible for increasing levels of unmanageable debt in the UK.

According to a Citizens Advice report on doorstep lending, the charity claims to have evidence indicating that doorstep lenders use high-pressure sales tactics coupled with poor affordability checks and aggressive debt collection practices. The charity states that it has helped approximately 23,600 borrowers with unmanageable doorstep loans in 2016. Citizens Advice estimates that more than 1.3 million UK citizens use doorstep loans.

The charity has called out UK’s financial services watchdog; the Financial Conduct Authority (FCA) to introduce a cost cap on the interest and fees charged on doorstep loans in the same way the watchdog put a cost cap on payday loans.
According to Citizens Advice, the new limit should ensure borrowers don’t pay more than (double) the amount borrowed in total charges. Currently, doorstep loans aren’t included in the FCA’s definition of high-cost credit which means they aren’t covered by the payday loan cost cap introduced recently.

Citizen Advice argues that an extension of the cost cap to cover doorstep loans will safeguard borrowers in financial distress even though there is no doorstep loans lender charging more than double the amount borrowed.

The charity has also gone ahead to state it would prefer to see the end of traditional doorstep loans marketed door-to-door as well as the current Financial Conduct Authority guidelines on responsible lending transformed into rules. The Charity also wishes for more stringent supervision on collection practices.

The three largest doorstep loan providers in the UK include; Morses Club PLC, Non-Standard Finance PLC, and Provident Financial PLC.

In response to Citizens Advice, Morses Club PLC C.E.O. Paul Smith stated that Morses Club customers value the lender’s service as is evident from the independent customer satisfaction surveys the company conducts. The survey scores over the past two years indicate that over 95% of Morses Club customers are happy. According to Smith, Morses Club prides itself in treating customers fairly in business processes as well as how the company’s agents/teams conduct themselves.

Morses Club also goes ahead and assesses the affordability of all its loans using high-tech technology ensuring that loans are issued only to those customers that are able to pay back. According to Smith, Morses Club has invested in costly software to ensure doorstep loan lending practices are above board. Smith also went ahead and stated that the affordability of Morses Club doorstep loans has decreased over the years dispelling the need for a cost cap as suggested by Citizens Advice.

Financial inclusion in the UK

Financial Inclusion in the UK

What is financial inclusion?

Financial inclusion is a term used to refer to the inclusion of people in a modern financial system fit for everyone regardless of factors like income. For any economy to enjoy consistent growth and prosperity, financial inclusion is of utmost importance. Although Britain is a global leader in financial services, there are still people who lack access to basic banking services. According to the latest World Bank statistics, over 2 million UK citizens are unbanked (don’t have bank accounts).

The UK government understands the importance of financial inclusion which is why a special commission dubbed; Financial Inclusion Commission was formed recently. The commission has members from all sectors including politicians whose aim is improving UKs financial wellbeing.

Financial exclusion brings forth many problems. For instance, citizens who are financially excluded don’t have access to basic financial services which prevents them from participating fairly and fully. Financial exclusion has a negative effect on education, health, employment, housing as well as the overall well-being.

Financial exclusion

Anyone who is not financially included is financially excluded. Financial exclusion affects different people at different times. People with unstable or low income are usually the worst hit by financial exclusion. Other groups of individuals who are bound to be affected include; immigrants, disabled people, single pensioners, lone parents and people who have stayed for a long time without work. Part-time workers and students are also affected by financial exclusion in the UK.

Financial inclusion statistics in the UK

According to recent World Bank statistics, the UK ranks 9th in the world in regards to financial inclusion. The UK has over 1.5 million unbanked adults. Approximately 50% of unbanked adults are interested in having a bank account.

Of all the UK citizens with bank accounts, 50% prefer to handle their money in cash. Customer satisfaction levels in the banking industry stand at 60% for the 4 largest providers.

The newly banked incur the highest penalty charges i.e. approximately 5.6 charges every year. In fact, 26% of newly banked UK Citizens have suffered penalty charges exceeding their gains in savings. Also, 15% of all newly opened accounts are either abandoned or closed.

Between years 1989 – 2012, the UK banking industry lost approximately 7,500 bank & building society branches due to closure. This represents 40% of the entire industry the most affected areas being low-income areas.

Credit statistics

Unsecured consumer credit has increased drastically (tripled) in the past two decades from £51.8 billion to £160.4 billion. It is estimated that over 2 million people take out high-cost loans every year in the UK because they lack access to cheaper forms of credit. Between 3 and 7 million households use any one or more forms of high-cost credit. 49 to 64% of all UK households hold one or more forms of unsecured credit.

The payday loans market has enjoyed the highest growth of all unsecured lending markets. The market has grown from just £330 million to over £3.7 billion in the last decade.

Saving statistics

According to the Financial Inclusion Commission, over 13 million UK citizens lack enough savings to cater for their monthly expenses for a month if they suffered a 25% income cut. The same statistics indicate that UK citizens save less than their counterparts in the EU. Of all UK households, only 41% are active savers.

Insurance statistics

Insurance penetration and uptake statistics are also valuable when assessing financial inclusion in any country. In the UK, 50% of households falling in the bottom half of UKs income distribution chart lack basic insurance coverage i.e. contents insurance. Only 20% of all average income households have contents insurance despite the fact that households which lack contents insurance are three times more likely to be burgled compared to those with insurance.

Summary

A lot need to be done about financial inclusion in the UK. Although only 2 million out of the 64+ million citizens lack basic financial services like banking, UK citizens are still lagging behind in regards to other aspects of financial inclusion i.e. insurance and access to affordable credit. The UK is also lagging behind on saving. However, with the Financial Inclusion Commission in place, the UK is headed for better days.

How Do Changes To The Pensions in the UK Affect Me?

New Changes To UK Pensions – How Does It Impact You?

UK’s State Pension changed on 6th April 2016. If you attained State Pension age on/after 6th April 2016, you will get the new State Pension with new rules aimed at simplifying everything. Here’s what you need to know about the new changes if you’ve made contributions under the previous/old system.

How are you affected?

If you have been receiving a State Pension, the new changes won’t affect you. You will still continue receiving your pension under the old system rules. The same applies to individuals whose State Pension was taken early i.e. 1953 but deferred to any date after 6th April 2016. In such a case, calculations will still be made using the old system rules. If you had not accumulated any State Pension before/by 6th April 2016, new State Pension rules apply.

Key changes

One of the key changes to UK’s State Pension touches on the earnings-related section applied to employees. This part which was known as Additional State Pension has been abolished. The new pension is now based on National Insurance alone. Currently, the new pension stands at £155.65 per week. It is, however, possible to get more if you have entitlement to more state pension (under the previous system). To be eligible to receive £155.65 per week under the new system, you will require 35 years National Insurance record.

How the new State Pension is calculated

Your National Insurance record as of 6th April 2016 will be used to come up with a starting amount that is higher than what you would get under the previous system. If the starting amount happens to be higher than the new full State pension, you will get the entire new State Pension sum plus anything else above as protected payment which is inflation-adjusted. However, you can’t be able to accumulate more State Pension going forward.

If the starting amount equals the full new pension, you will get the full new pension. However, you can’t be able to accumulate more State Pension going forward. When your starting amount is less than the new full State Pension, you can accumulate more State Pension to a max. of £155.65 per week until you attain State Pension age.

Deferring new State Pension

You can still defer taking your pension under the new changes. For every year deferred, you stand to enjoy a 5.8% increase compared to a 10.4% increase enjoyed under the old system. The new changes also deny you the right to take the entire deferred amount at once.

New State Pension in regards to women’s/widow’s reduced rate National Insurance contributions

The new pension system is based on your National Insurance contributions alone. Your pension can, however, be calculated using different rules resulting in a higher rate if you choose women’s/widow’s reduced rate National Insurance contributions.

Topping up

The new system avails two schemes for topping up your pension. The scheme you use will depend on; if you have attained State Pension Age.

Class 3 Voluntary NI Contributions

In the new pension system, it is possible to make Class 3 NI contributions if you haven’t attained State Pension Age, but you are worried about having enough NI contributions to qualify. The contributions are voluntary and solely meant for helping people fill gaps in their NI records for purposes of boosting basic pension entitlement.

Passing over your pension to your dependants

The new rules have made it easy to pass over your pension to your dependants. For example, if you die before reaching 75, your pension will be transferred over to your dependants tax-free. Tax has also been reduced from 55% to 45% for individuals who die after 75, and your dependants want the entire pension as a lump sum.

For more information, visit https://www.gov.uk/check-state-pension

Do All Credit Report Companies Have The Same Data?

Do All Credit Report Companies Have The Same Data?

If you try getting your credit report from different credit bureaus at once and compare them, you will notice that different credit bureaus tend to have different information. Although all credit reports tend to have personal information, summary of accounts, public records, inquiries and customer statements, the information contained in each of these fields tends to differ from one credit bureau to another. For instance, a credit report from Equifax may have unique information that isn’t captured by Experian. If both reports from different credit bureaus have the same information, it may be presented or displayed differently.

How do credit bureaus work? Why is credit report data different?

To understand why credit report companies tend to have different data, it’s important to learn how credit bureaus work. Credit bureaus tend to use predictive FICO scoring systems. However, some credit scores may not be FICO scores. This is a notable reason why credit scores tend to differ from one credit bureau to another. Make sure you are comparing FICO scores first.

It’s also worth noting that some credit bureaus tend to optimize predictive value of their data. In such cases, underlying data may be identical, but differences arise due to each bureau’s FICO scoring system being different.

Credit report companies may also have different data because of time differences. Ideally, you should generate credit reports from different credit report companies at the same time. Credit reports tend to change every day as you use credit. Your credit report this week will, therefore, have different data when compared to a credit report generator a month ago.

Also, different credit bureaus may get access to your credit information at different times. In other cases, some credit information may fail to be reported to one credit bureau resulting in different data. It’s worth noting that the information presented in credit reports is provided by lenders among other institutions like collecting agencies. The information can also come from court records. As a result, don’t assume all credit bureaus receive the same information because this isn’t the case.

Credit report companies also tend to have different information because of errors you may have committed when applying for credit. For instance, applying for credit using different names can cause one credit bureau to have different information. Such errors usually cause fragmentation or incomplete files. Your information can appear in another person’s credit report.

Your lenders may also report your credit information at different times. Lenders aren’t obligated by law to report the credit information of their customers instantaneously to all credit bureaus. This makes it possible for one bureau to have some information another bureau doesn’t have.

Last but not least, different credit bureaus tend to record, display as well as store credit information differently. This alone can introduce some differences in data.
Understanding credit report data by company

1. Equifax

Equifax credit reports summarise open and closed accounts. Credit report companies like Experian and TransUnion group all accounts together making it hard to distinguish account information. Also, Equifax credit reports show more credit accounts data i.e. 81-month credit history.

2. Experian

Experian credit reports have unique features that most users find enlightening. For instance, Experian shows status details i.e. when accounts are scheduled to be removed from your credit report. This information is useful to individuals with negative information since you get to know when the information will stop appearing in your report.
Experian also offers reports with monthly balance history dating back years (November 2007). This information is important because it lets you know if you have any outstanding balances on closed accounts or any open accounts. You also get to discover information such as when you opened different accounts.

 

Changing inaccurate information in your credit report is important because helps to generate accurate reports. Changing credit score information can boost your credit score increasing your chances of getting a low interest payday loan.

Final thoughts

So, do all credit report companies have the same data? NO! Some credit report companies use different scoring systems. Others also go as far as optimising the predictive value of their data. Generating your credit report from different credit report companies at different times may also result in differences since credit information changes on a daily basis. Credit bureaus also get credit information at different times and record/display the information differently.

Top Investment Mistakes People Must Avoid

Top Investment Mistakes People Must Avoid

Introduction: What is investing?

Most people make investment mistakes because they fail to understand what investing is. Investing can be defined as the practice of putting money into activities that generate more money. The main purpose of investing is to make profits and/or generate material results. You can put your money in financial schemes, buy shares, property, etc. Such activities equate to investing.

Investing is crucial because it’s the best way of ensuring your money works for you. To become financially independent, you need to find activities i.e. investments that generate money for you. In fact, it’s very hard to become rich without investing your money. Many people understand this fact so, why is it so hard to become rich? Well, here are the top investment mistakes most people make.

1. Following investment trends blindly

This has to be the most common investment mistake you must avoid. Many people tend to copy other people’s investments without doing their own research. This mistake is catastrophic. Although picking suitable investments is a daunting task, you should never copy someone else’s investments. Investigate and find out if the investment in question is viable according to your own research. Investment trends may appear lucrative at first glance. However, you must do your own research before committing your hard earned money. Your success as an investor is highly dependent on the accuracy of the information you use to make investment decisions so, research thoroughly before following investment trends.

2. Poor goal setting/planning

Most people also tend to set poor investment goals or lack investment goals altogether which is detrimental when it comes to measuring investment success. For instance, you should know why you are investing, how long you want to invest, the risk you should take, when to take profits, etc. Goal setting is very important when investing since investments undergo cycles. The stock market for instance rises and falls with time. Without clear goals/plans, you can’t be able to know when you should liquidate your stock holdings. In such a case, you might return all your gains to the market. In a nutshell, the investment you choose must serve your purpose for investing, and the best way of ensuring your investment purpose is served is to have clear goals.

3. Focusing on current performance of investments

This is another top investment mistake you must avoid. Most people fail as investors because they focus on top performing investments. Although it is possible to make money by investing in something that is currently doing well i.e. stocks, it’s not always a good idea. The best/highest returns are enjoyed by investors who identify lucrative investments before everyone else. In simpler terms, most people fail in investing because they focus on the present instead of the future. You must learn to identify investments long before everyone else otherwise you will enjoy average gains like everyone else. As a result, the future prospects of any investment are more important than the current performance.

4. Investing in the short-term

You should also avoid short-term investment approaches since such approaches never offer significant gains. Investments hardly offer significant returns in a year or two. Unfortunately, most people are in a hurry to reap returns. The importance of practicing patience when investing can’t be overlooked. If you do your research, set clear investment goals and focus on the future, you shouldn’t have a problem picking great investments that are bound to reap you good returns in the future. In fact, you won’t be required to do much once you make lucrative investments. You just need to wait for years to reap big. Think long-term i.e. 5-20+ years.

5. Poor risk management

Many investors also fail because of poor risk management. You should never take too much risk or uncalculated risk when investing. For instance, you shouldn’t invest all your money in one investment since there’s always a risk factor in investing. To avoid being destroyed financially when your investment fails, spread risk by investing in different things as opposed to one thing. You should, however, avoid diversifying too much since such a practice tends to dilute returns. If you are investing using a loan, makes sure you can afford to pay for the loan comfortably whether your investment succeeds or not.

Emerging Money Trends: What You Should Know About Mobile Money

Emerging Money Trends: What You Should Know About Mobile Money

One of the most popular emerging money trends today is mobile money.

Definition

Mobile money can be defined as an alternative method of sending and receiving money. Instead of using cash, credit cards or cheques, mobile money utilises a mobile application and a phone number acts as a bank account number. Consumers are able to use their cell phones to send and receive money as well as access a variety of financial services including loans. Below are interesting facts you should know about mobile money.

Developing countries are leading the way

The mobile money concept is most popular in developing nations with Kenya leading the way. According to the latest statistics, over 90% of all adults in Kenya use mobile money services. Mobile money is also popular in other developing countries like Uganda, Tanzania, and Zimbabwe. Outside Africa, the concept is most popular in Bangladesh and Pakistan. Developing countries attribute the popularity of mobile money to the scarcity of traditional banking services.

In fact, the United Nations among other international bodies have extended their support for mobile money services in developing countries because mobile money addresses financial inclusion problems. The trend is perfect where traditional banks can’t reach. As mobile money services evolve, the trend will easily spread globally serving other purposes besides financial inclusion i.e. to offer financial services more conveniently.

The major setback is agent liquidity

Mobile money services such as sending and receiving money require intermediaries (agents). To use mobile money applications like Kenya’s M-PESA, you must visit an agent to deposit or withdraw money. Although mobile money agents are readily available in developing countries, most lack the liquidity to handle large transactions.

Mobile money services usage varies

Mobile money allows customers to execute numerous transactions ranging from buying airtime to paying for goods and services. Person-to-person payments and airtime top-ups are the most popular mobile money transactions in developing countries. Bill payments are however catching up as the most popular mobile money services in South Asia.

Mobile money is largely cash-based

Contrary to popular belief, mobile money services are largely over-the-counter cash transactions. This may be surprising but true. As mentioned above, most transactions are facilitated by agents. Before you can start transacting, you must load money into your phone. To receive hard cash, you must visit an agent to withdraw. Although it is possible to send money from your phone to your bank account and vice versa, most transactions are still cash based. This will, however, change with time as mobile money services continue being connected to mobile wallets.

Top benefits of mobile money

Mobile money services attract a lot of benefits the most notable being;

1. Unmatched convenience: There are more people in the world with mobile phones than there are people with traditional bank accounts. Mobile money allows people to enjoy banking services anywhere, anytime. You never have to travel to a bank and queue to perform basic banking transactions. Since your mobile number is your bank account number, your phone is your bank.

2. Financial inclusion: Mobile money solves a very common banking problem i.e. financial inclusion. For many years, many people especially those in the developing world haven’t been able to access traditional banking services. Since there are more people with mobile phone globally today, mobile money bridges important gaps by ensuring everyone enjoys basic financial services.

3. Affordable financial services: Mobile money has brought the cost of banking services down. By creating competition in the banking sector, mobile money providers have been able to force banks (especially those in developing countries) to lower transaction fees charged on major services.

Fast, reliable and safe: It takes a few seconds to send or receive money using your phone. Mobile money is also reliable given the fact that it relies on cellular coverage. Mobile money is also safe given the fact that it eliminates the need to handle/carry physical cash. As long as users safeguard their PIN. No. Mobile money remains one of the safest emerging money trends today.