Mobile money has been viewed as transformative in developing countries, because it provides basic financial services via mobile phones to people who lack easy access to formal financial services such as bank accounts. Given its accessibility, security, and affordability, mobile money has been increasingly touted as a promising digital solution for socioeconomic development in Sub‐Saharan Africa. Despite its potentially disruptive impacts, research on this innovation remains fragmentary. To take stock of what is known and to advance future research, a systematic review was conducted of 82 empirical academic studies on the socioeconomic impacts of mobile money in Sub‐Saharan Africa. Results show that mobile money, when widely used in Sub‐Saharan African countries, has enabled a wide range of socioeconomic benefits at multiple levels including household welfare, business benefits, community development, financial development, and country well‐being. In addition, the systematic review reveals multifaceted research biases and gaps in the literature and accordingly suggests promising directions for future research.
This study investigates the impact of mobile money (MM) on SMEs' resilience and the associated business outcome in developing countries amid Covid‐19. Despite the potential of MM to improve SMEs' resilience, little evidence has been documented. Using Enterprise Survey data in Zambia, we show that SMEs are more likely than large firms to experience catastrophic sales decline, reflecting their inherent vulnerability. Further analysis reveals that this unfavourable effect can be effectively counteracted when SMEs incorporate MM into daily business. An important policy implication is that the use of digital technologies should be a key element of policy responses to Covid‐19.
Inclusive digital innovations are IT-enabled innovations with the potential to promote inclusive socioeconomic development for the poor and underserved inhabitants of developing countries. This paper inquires about the extent to which this worthy objective has actually been achieved. Specifically, the paper focuses on M-Shwari, the Kenyan mobile savings and credit service. Although members of the development community and other stakeholders might hope M-Shwari to serve poor, rural, and financially underserved Kenyans, the research findings show that M-Shwari primarily reaches wealthier urban inhabitants who are already financially served. These results call for greater scholarly attention to excluded groups when evaluating the impacts of digital innovations in developing countries.
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