Thanks for the great and detailed post and deck - one of the clearest and most comprehensive I've seen. You describe some of the controls that are possible to deal with both the risks of feature-phone and smart-phone based apps. I think there is a lot more that both operators and DFS providers can do regarding the risks associated with SIM Swaps (For example, would it be wise to put a temporary hold on mobile money transactions for a period after a SIM Swap? Or to introduce extra verification for SIM Swaps for accounts with high DFS balances?).
For smart phones, there is an additional risk of fake apps that may intercept or impersonate a DFS transaction. This is a proven vector in mobile banking, and is surely due to migrate to the DFS space soon.