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Mobile Money Services and Sustainable Development Effect in Africa

In: The Fourth Industrial Revolution in Africa

Author

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  • Favourate Y. Mpofu

    (The University of Johannesburg, School of Accounting)

Abstract

Mobile money activities have greatly expanded in the African continent and are viewed as drivers for financial inclusion and economic development. Even though the researchers consider mobile money activities pivotal to financial inclusion, poverty alleviation, and inclusive development, there are views to the contrary arguing that the contribution to economic development is minimal, especially in rural African communities. These communities are underserved and underdeveloped and still face access, affordability, connectivity, and infrastructural challenges. The relationship between mobile money, financial inclusion, and social inclusion is an under-researched area; therefore, this chapter contributes to the literature addressing this research void and extends it to include how these three variables influence sustainable development and sustainable development goals. The findings were mixed. While the contribution of mobile money services to financial and social inclusion as well as sustainable development is indisputable, concerns about the objective of wealth maximization overshadowing the financial and social inclusion efforts were equally persuasive. Very little is done to address challenges such as inequalities, infrastructural deficiencies, lack of connectivity, and literacy challenges.

Suggested Citation

  • Favourate Y. Mpofu, 2023. "Mobile Money Services and Sustainable Development Effect in Africa," Advances in African Economic, Social and Political Development, in: David Mhlanga & Emmanuel Ndhlovu (ed.), The Fourth Industrial Revolution in Africa, chapter 0, pages 151-173, Springer.
    • Handle: RePEc:spr:aaechp:978-3-031-28686-5_8
    DOI: 10.1007/978-3-031-28686-5_8
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