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This study aims to assess how corporate telecommunication (telecom) policies follow telecom sector regulation in mobile money innovation for financial inclusion in developing countries.

Telecom policies are understood in terms of mobile subscriptions, mobile connectivity coverage and mobile connectivity performance, whereas mobile money innovations represent mobile money accounts, the mobile used to send money and the mobile used to receive money. The empirical evidence is based on Tobit regressions.

Telecom sector regulation positively influences mobile money innovations. From net influences, mobile subscriptions and connectivity policies moderate telecom sector regulation to positively influence mobile money innovations, exclusively within the remit of mobile money accounts because the corresponding net influences on the mobile used to send money and the mobile used to receive money are negative. The interactive influences are consistently negative, and hence, thresholds for complementary policies are provided to maintain the positive influence of telecom sector regulation on mobile money innovations.

This study has complemented the extant literature by assessing how corporate telecommunication policies follow telecommunication sector regulation in mobile money innovations for financial inclusion.

The purpose of this study was to examine the macroeconomic impact of mobile money in Somalia using quarterly data from 2010 to 2020.

This study applied the structural vector autoregressive approach to examine the response of the macroeconomic variables to the mobile money shocks.

The results show that mobile money increases consumer spending by reducing transaction costs and enhancing access to finance, which promotes the expansion of aggregate output. This study also finds that mobile money helps exchange rate stability and price level maintenance, boosting trade openness. Moreover, mobile money is linked to the rise in real income due to productivity improvement and price stability. The results of this study indicated that mobile money has a short-run relationship with aggregate output, household consumption, price level, trade openness and real income. Through the Granger causality test, this study finds that mobile money has a unidirectional relationship with the exchange rate, price level, household consumption and trade openness.

The empirical findings of this study imply that mobile money can create a wide range of financial services to improve the financial system in rural and urban areas; hence, it enables poor and rural members of society to make payments and receive-and-transfer money using their mobiles.

Mobile money is a service in which the mobile phone is used to access financial services. Thus, the mobile money platform should be user-friendly with hedonic features that are attractive and pleasurable to the users. The main purpose of this paper is to establish the mediating effect of hedonism in the relationship between mobile money adoption and usage and financial inclusion of micro small and medium enterprises (MSMEs) in Uganda.

This study reports interesting findings by using data obtained from MSMEs located in northern Uganda. The structural equation and measurement models were generated in analysis of moment structures (AMOS) to answer the hypotheses of this study.

The findings suggest that including hedonism in the model improves mobile money adoption and usage by 12.7 percentage points in order to promote financial inclusion of MSMEs in Uganda. Hedonism is found to affect mobile money adoption and usage, which in turn influences financial inclusion.

This study used cross-sectional data to document the mediating effect of hedonism in the relationship between mobile money adoption and usage and financial inclusion. The study analyzed mobile money adoption and usage, hedonism, and financial inclusion from the MSMEs owners' perspective. Future research could use relevant longitudinal data to verify multiple benefits of hedonism in enhancing mobile money adoption and usage as well as other potential digital financial technologies.

This study categorically informs mobile telephone network operators and inventors of mobile money applications to invest more in developing pleasurable and user-friendly mobile money features that can attract more users. The digital financial services' application developers should design user-friendly mobile money applications that suit the needs of all users. This requires careful understanding of diverse attractive features of mobile money services.

This study offers direction to developers of mobile money applications to design pleasurable and user-friendly mobile money platform with features, which are attractive to the different users. Particularly, it highlights the role of hedonic motivation in promoting adoption and use of mobile money technology to increase the scope of financial inclusion of MSMEs in a developing country like Uganda. Indeed, the novelty in this paper is grounded on a blend of financial technology and psychology to promote financial inclusion in under developed economies.

Currently, mobile payments have become pervasive in electronic commerce and are steadily increasing in many regions worldwide. In the literature, however, its continued usage among consumers is deemed equivocal, particularly among small businesses. This study uses the unified theory of acceptance and use of technology (UTAUT) to examine mobile money continuance intention among micro enterprises in an emerging/less-developed economy. This study aims to explore the mediating role of agent credibility on this relationship, given that these agents are contingent actors between service providers and mobile money users.

After a preliminary qualitative enquiry, quantitative data collected from 584 micro enterprises were tested from the UTAUT perspective, using structural equation modelling.

Findings from the study establish the applicability of the UTAUT in explaining the antecedents, motivations and continuance intention of mobile money usage among micro enterprises. Further, beyond their direct effects, the UTAUT conditions have indirect effects on the continuance intention through their effect on perceived agent credibility.

The findings provide evidence to issues of research and managerial interest, offering insightful implications to the academic and practitioner communities, respectively.

The purpose of this paper is to explore the various characteristics of mobile money transactions and the threats they present to anti-money laundering (AML) and counter terrorist financing regimes.

A thorough literature review was conducted on mobile money transactions and the associated money-laundering and terrorist financing threats. Four key themes were identified in relations to the three stages of money laundering and effective law enforcement.

The findings indicate that as money laundering and terrorist financing transactions continue to gravitate towards the weaknesses in the financial system, mobile money provides yet another avenue for criminals to exploit. Risk factors associated with anonymity, elusiveness, rapidity and lack of oversights were all integral considerations in building an effective AML regime. The use of cash is considered a higher threat than mobile money prior to implementation of systems and controls.

This rapidly changing environment of how individuals manage their money during transactions is set to further explode globally, which poses new problems for regulators and governments alike. Unless there is a unified concentration to heighten global awareness, the imposing threat of mobile money is set to increase at a rapid rate if appropriate actions are not taken.

The findings from this study can be used to gain greater insights on mobile money transactions and raise further awareness of the ever-increasing threat to global financial integrity.

Fraud is a global economic menace which threatens the survival of individuals, firms, industries and economies, and the mobile money service is no exception. This paper aims to explore the main causes of fraud in the mobile money services in Ghana and the measures to combat the menace by the key stakeholders connected to the mobile money services. The paper is motivated by recent reports of numerous fraudulent transactions on the mobile money platform, and the need to clamp down these nefarious transactions with effective and practical measures to sustain the service.

A thorough review of existing studies on fraud risk relating to mobile money services was done revealing a paucity of literature on the subject. Primary data were gathered using an interview guide to explore the magnitude of the problem based on the views of employees of mobile money operators, mobile money agents, banking supervisors from Bank of Ghana, employees of partnering banks, employees of National Communications Authority and mobile money subscribers.

The study revealed that fraud in mobile money services is caused by weak internal controls and systems, lack of sophisticated information technology tools to detect the menace, inadequate education and training and the poor remuneration of employees. These factors disrupt the growth, and the smooth-running of the services. To curb this menace, a detailed legal code and internal fraud policy should be developed and used by mobile money operators and partner banks. Adequate training for mobile money agents should be encouraged coupled with public awareness campaigns to educate stakeholders especially the mobile money subscribers on the tricks of the fraudsters.

With the chosen research methodology and limited sample size, the findings may not reflect the views of all the stakeholders connected to the mobile money services. Therefore, future studies on this subject are entreated to use research methods which embrace larger samples to get more details about this menace.

The study will assist in tackling the mobile money fraud to sustain the service in the foreseeable future.

This paper contributes to scanty literature on fraud relating to the mobile money services by drawing lessons from a middle-income country.

Drawing from the argument that mobile money services have a significant potential to provide a wide range of affordable, convenient and secure financial services, there have been rampant frauds on consumers of financial products over the digital financial platform. Thus, this study aims to establish the mediating effect of digital consumer protection in the relationship between mobile money adoption and usage and financial inclusion with data collected from micro small and medium enterprises (MSMEs) in northern Uganda.

To achieve the main objective of this study, a research model was developed to test for the mediating effect of digital consumer protection in the relationship between mobile money adoption and usage and financial inclusion. The data were collected from MSMEs and structural equation modelling in partial least square (PLS) combined with bootstrap was applied to analyze and test the hypotheses of this study. The direct and indirect effect of mobile money adoption and usage on financial inclusion was tested through digital consumer protection as a mediator variable.

The findings from the PLS-structural equation modelling (SEM) showed that mobile money adoption and usage has both direct and indirect effect on financial inclusion. Moreover, financial inclusion is influenced by both mobile money adoption and usage and digital consumer protection.

The study used partial least square (PLS-SEM) combined with bootstrap confidence intervals through a formative approach to establish the mediating effect of the mediator variable. Hence, it ignored the use of covariance-based SEM and the MedGraph programme. Furthermore, data were collected from samples located in Gulu district, northern Uganda and specifically from MSMEs. This limits generalization of the study findings to other population who also use mobile money services.

Promoters of digital financial services, managers of telecommunication companies, and financial inclusion advocates should consider strengthening the existing digital consumer protection laws on the mobile money platform. A collaborative approach between the mobile network operators, financial institutions and regulators should tighten the existing laws against mobile money fraudsters and an efficient mechanism for recourse, compensation and remedy should be set up to benefit the victims of frauds and cybercrime on the Fintech ecosystem.

The current study gives a useful insight into the critical mediating role of digital consumer protection as a cushion for promoting financial inclusion through mobile phones over the Fintech that face great threat and risk from cyber insecurity.

To examine the key factors that can engender initial trust in mobile money and to also determine whether initial trust can contribute to the perceived value of mobile money, use and recommendation intentions. More specifically, this paper, based on initial trust building model, aims to identify the institutional, cognitive and socially related factors enhancing initial trust in mobile money and its relationship with perceived value, use and recommendation intentions.

A self-administered questionnaire was used to collect data from 781 research participants. Variance-based structural equation modelling was used to examine the proposed research model.

This research shows the importance of the institutional factor of structural assurance, in conjunction with perceived firm reputation and communicability, in engendering initial trust in mobile money and, in turn, enhancing perceived value, use and recommendation intentions. The research further confirms the mediating influence of perceived value in the relationships between initial trust, use and recommendation intentions.

The originality of this work lies in the development and empirical confirmation of the research model and which together contributes to an increase understanding of initial trust building in mobile money acceptance. Value-wise, this work has the potential to inform managerial and public policy interventions by helping mobile money operators and policymakers’ rollout essential and even sophisticated financial services like borrowing using the mobile phone for the financially under-served in developing and trust-deficit settings.

The purpose of this study is to examine the impact of mobile money access on internal remittances received, per capita consumption expenditure and welfare of household in Ghana.

The study used data from the latest round of the Ghana Living Standards Survey (GLSS 7) and employed the propensity score matching technique to estimate average treatment effect between users and non-users of mobile money transfer services.

The study finds that using mobile money is welfare enhancing, particularly for poor households and the channel by which it impacts on welfare is through higher internal remittances received and per capita expenditure. The results from the average treatment effect indicate that mobile money users receive significantly higher remittances and consequently spend averagely higher on consumption than non-users.

Although the data employed in this study is limited to one country, the findings support the financial inclusion role and developmental impact of mobile money transfer services. Hence, mobile money transfer services should be promoted and facilitated by the telecommunication and financial sector regulators.

In addition to making original contribution to the literature on the welfare impact of mobile money, the study's use of the propensity score matching is unique.

This paper aims to investigate the impact of fintech, mobile money and digital financial services in Uganda and factors impacting adoption of the services. The study will also determine their social impact through financial inclusion in the Ugandan market.

This study covers the adoption and use of fintech, mobile money and digital financial services in Uganda. A case study approach was used through a survey questionnaire for 400 randomly selected participants within the Kampala region. Questionnaire was designed to measure customer perception of digital financial services and adoption including mobile money and agency banking.

The adoption of mobile money services is driven by mobile devices penetration and the need for access to financial products and services for the unbanked. Results support CGAP (2013) that observed that mobile money adoption was based on two key variables: social network and social interactions of the customer and a segment of customers who can be described as mobile technology leaders (early adopters). There has been positive impact on person to person transfers, grocery payments and mobile money providers have to continue to simplify the access to financial services and bring convenience to the bottom of the pyramid. And mobile money positively impacts sustainable developmental goals covering Gender Equality (SDG5), SDG 8 – Decent Work and Economic Growth; expanding financial inclusion through mobile money and SDG 10 – Reduce Inequalities.

This study has limitations commonly prevalent with qualitative research, including the small size limited to Kampala and challenges of making generalisations beyond this context.

The paper might serve as a valuable source of information for government and fintech companies in developing the digital financial services ecosystem as well as for students and academics for further case studies in this area.

This paper serves as one of the first qualitative research papers concerning mobile money and digital financial services adoption, solely focused on Uganda. Its value is in its showcasing of the importance of mobile money among customers in emerging markets.