Mobile money and SMEs in sub-saharan African: Bridging the financial access gap

Olipha Mpofu
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Olipha Mpofu: Ba Isago University

International Journal of Research in Business and Social Science (2147-4478), 2025, vol. 14, issue 7, 297-305

Abstract: SMEs play a critical role in employment generation and improving economic growth but continue to be excluded from the financial systems. However, the emergence of financial technologies such as mobile money provides a critical tool to address financial exclusion. As such, this study investigates the impact of mobile money on access to finance by small and medium enterprises (SMEs) in Sub-Saharan Africa (SSA). Using a sample of thirteen sub–Saharan African countries, covering the period between 2015 to 2022, the study utilised secondary data and employed panel data regression techniques in estimation. This study demonstrated that mobile money impedes access to financial services at commercial banks by SMEs. To promote financial inclusivity, this study proffers policy advice as it recommends partnering of mobile money providers and traditional financial institutions to develop financial products which are tailor-made to SMEs using mobile money platforms to take advantage of its popularity in the SSA region. Key Words: Mobile money; financial access; financial technology (FinTech); small and medium enterprise; sub-Saharan Africa

Date: 2025
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