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Adoption of mobile money and financial inclusion: a macroeconomic approach through cluster analysis

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  • Maëlle Della Peruta

Abstract

This paper investigates the patterns of adoption of mobile money in emerging and developing countries. Mobile money is a mobile-based service, which provides access to low-cost financial services for people excluded from the banking system. It is designed to overcome the difficulties related to entering the banking system and the unavailability of banking infrastructure. Drawing on macroeconomic comparative and case study analysis conducted by practitioner experts, this study takes a wide macroeconomic approach to the adoption of mobile money adoption in 2011 and 2014, based on the alternative strategy of cluster analysis. We exploit the new technology diffusion frameworks to evaluate dissimilarity among groups of countries with similar levels of adoption of mobile money. We investigate whether adoption of mobile money services are highest in countries where access to formal banking services is lowest. Our analytical results support the predictions in the technology diffusion literature and nuance the potential of mobile money as a tool to counter banking exclusion.

Suggested Citation

  • Maëlle Della Peruta, 2018. "Adoption of mobile money and financial inclusion: a macroeconomic approach through cluster analysis," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 27(2), pages 154-173, February.
    • Handle: RePEc:taf:ecinnt:v:27:y:2018:i:2:p:154-173
    DOI: 10.1080/10438599.2017.1322234
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    Cited by:

    1. Kouladoum, Jean-Claude & Wirajing, Muhamadu Awal Kindzeka & Nchofoung, Tii N., 2022. "Digital technologies and financial inclusion in Sub-Saharan Africa," Telecommunications Policy, Elsevier, vol. 46(9).
    2. Sionfou Seydou Coulibaly, 2021. "A study of the factors affecting mobile money penetration rates in the West African Economic and Monetary Union (WAEMU) compared with East Africa," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-26, December.
    3. Waqar Younas & K. Ramanathan Kalimuthu, 2021. "Telecom microfinance banking versus commercial banking: a battle in the financial services sector," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(2), pages 67-80, June.
    4. Luc Jacolin & Joseph Keneck Massil & Alphonse Noah, 2021. "Informal sector and mobile financial services in emerging and developing countries: Does financial innovation matter?," The World Economy, Wiley Blackwell, vol. 44(9), pages 2703-2737, September.
    5. Favourate Y. Mpofu, 2022. "Industry 4.0 in Financial Services: Mobile Money Taxes, Revenue Mobilisation, Financial Inclusion, and the Realisation of Sustainable Development Goals (SDGs) in Africa," Sustainability, MDPI, vol. 14(14), pages 1-24, July.
    6. Apeti, Ablam Estel, 2023. "Household welfare in the digital age: Assessing the effect of mobile money on household consumption volatility in developing countries," World Development, Elsevier, vol. 161(C).
    7. Kala Kamdjoug, Jean Robert & Wamba-Taguimdje, Serge-Lopez & Wamba, Samuel Fosso & Kake, Ingrid Bive'e, 2021. "Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).
    8. Luc Jacolin & Massil Keneck & Alphonse Noah, 2019. "Informal Sector and Mobile Financial Services in Developing Countries: Does Financial Innovation Matter?," Working papers 721, Banque de France.
    9. Ablam Estel Apeti, 2022. "Household welfare in the digital age: Assessing the effect of mobile money on household consumption volatility in developing countries," Post-Print hal-03819779, HAL.
    10. Avom, Désiré & Bangaké, Chrysost & Ndoya, Hermann, 2023. "Do financial innovations improve financial inclusion? Evidence from mobile money adoption in Africa," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    11. Hewa Wellalage, Nirosha & Hunjra, Ahmed Imran & Manita, Riadh & Locke, Stuart M., 2021. "Information communication technology and financial inclusion of innovative entrepreneurs," Technological Forecasting and Social Change, Elsevier, vol. 163(C).

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