Mobile money and financial inclusion: an analytical survey

We survey literature on mobile money and its contribution in promoting financial inclusion and development, with a focus on sub-Saharan Africa. We use taxonomic, descriptive and analytical methods to evaluate the state of knowledge in the area. We analyse how mobile technology in general may contribute to economic development and financial inclusion in theory and practise. We explain the mechanics of mobile money using Kenya's M-Pesa as a canonical example; and consider whether the literature has fully established the potential economic impact of mobile money especially its contribution to financial inclusion. We also consider market structure, pricing and regulatory implications of mobile money. We conclude by highlighting issues that require further investigation: the take-up of mobile money; mobile money and financial inclusion; substitutability between mobile money and conventional finance; and regulatory structures for institutions providing mobile money services.