Impact of Financial Inclusion in Line with Mobile Money on Currency in Circulation

Temwa Joshua Kaluba. and Benjamin Kaira
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Temwa Joshua Kaluba.: Graduate School of Business, University of Zambia, Zambia
Benjamin Kaira: Graduate School of Business, University of Zambia, Zambia

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 9, 3593-3604

Abstract: Trade initially started from Barter System and progressing through time, money has become the most used commodity as a medium of exchange. Notes and Coins have outlived the longest till our current 4th Generation era where technology has improved the efficiency and effective means of trade with the use of electronic payment system. Despite electronic payment systems being implemented to a very large scale in Zambia, Bank of Zambia statistics showed an increase in Currency in Circulation over the past 10 years from K3.4 billion (FY12) to K13.5 billion (FY21). Pandemics such as Covid-19 have really shown us that doing business electronically is more steady, efficient, and effective than when doing it the traditional way. This study investigated the impact of financial inclusion in line with mobile money on currency in circulation in Zambia. The study found that Mobile Money agents increased by 21.16% to 156,040 in 2021 from 128,789 in 2020. This was explained by a very strong positive relationship (r= .934; p

Date: 2024
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