Aged users face unique challenges as they use mobile banking applications, and financial institutions must adapt and include security in the design of mobile banking applications to cater to the unique needs of this demographic. Aging can result in physical challenges and disabilities that impact the use of mobile banking applications; however, these are not the only factors that could affect the usage of mobile banking applications by aged users. Multiple security factors need to be considered. By segmenting the aged by physical impairments and challenges, mobile banking application design possibilities for the aged are not fully realized. This paper proposes a conceptual model for mobile banking applications for aged users in South Africa. The conceptual model is derived from an analysis of current literature and is founded on the Extended Unified Theory of Acceptance and Use of Technology (UTAUT2), which may provide insights for designing secure mobile banking applications for aged users. A scoping literature review was carried out using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method, which involved the analysis of a total of 15 articles. The review of the existing literature indicated that limited research existed that examined the factors that impact the security of mobile banking applications for aged users in South Africa. Therefore, the conceptualized model could serve as a reference for the investigation of aged users’ perceptions of the security of mobile banking applications, which could inform the design of secure mobile banking applications for aged users.