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Mobile fintech adoption in Sub-Saharan Africa: A systematic literature review and meta-analysis

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  • Hornuf, Lars
  • Safari, Kulondwa
  • Voshaar, Johannes

Abstract

Financial technology (fintech) has become an important means of promoting financial inclusion in developing countries. Understanding why people use fintech services is crucial for improving financial inclusion and policy development. This study examines the drivers of mobile fintech service adoption in Sub-Saharan Africa, a region with the lowest financial inclusion rates in the world. We analyze the determinants of the use of mobile money, mobile banking, electronic wallets, and internet banking by summarizing the extensive empirical research through a systematic literature review. Based on a meta-analysis, we conclude that perceived ease of use and perceived usefulness are most important. We also find a lack of research on how the supply side drives fintech adoption. Finally, we find large-scale field experiments to be underrepresented in the literature. Policymakers should focus on enhancing digital and financial literacy and setting standards for technology compatibility to create a supportive regulatory environment for wider mobile fintech adoption in Sub-Saharan Africa.

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  • Hornuf, Lars & Safari, Kulondwa & Voshaar, Johannes, 2025. "Mobile fintech adoption in Sub-Saharan Africa: A systematic literature review and meta-analysis," Research in International Business and Finance, Elsevier, vol. 73(PA).
    • Handle: RePEc:eee:riibaf:v:73:y:2025:i:pa:s0275531924003222
    DOI: 10.1016/j.ribaf.2024.102529
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    More about this item

    Keywords

    Fintech; Mobile banking; Mobile money; E-wallet; Internet banking; Literature review; Meta-analysis;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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