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Top Academic Journal of Economics and Statistics
Vol. 7 No. 6 (2022): November-December
Original Articles

BRIDGING THE FINANCIAL DIVIDE: MOBILE MONEY ADOPTION IN THE WAEMU REGION

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  • Dr. Serge Kaboré
Dr. Serge Kaboré
Department of Economics, Institut de Formation et de Perfectionnement aux Métiers, Université de Ouahigouya, Burkina Faso.

Published 2023-09-13

Keywords

  • Mobile money,
  • financial inclusion,
  • developing countries,
  • financial services,
  • digital finance

How to Cite

Serge, K. (2023). BRIDGING THE FINANCIAL DIVIDE: MOBILE MONEY ADOPTION IN THE WAEMU REGION. Top Academic Journal of Economics and Statistics, 7(6), 11–36. Retrieved from https://topjournals.org/index.php/TAJES/article/view/345

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Creative Commons License

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Abstract

he proliferation of mobile phones in developing countries has ushered in a transformative era for financial inclusion through mobile financial technology, commonly known as mobile money. This innovative approach leverages mobile phones to facilitate financial services, including remittances, savings, loans, and limited access to bank accounts, without requiring internet connectivity. The landscape of mobile money providers varies by country, encompassing mobile operators and banks in some regions while restricted to banks in others due to regulatory frameworks In the West African Economic and Monetary Union (WAEMU), mobile money services are contingent upon central bank approval, involving licensed banks, microfinance institutions, and electronic money issuers. This financial innovation has extended the reach of formal financial services by capitalizing on mobile phone accessibility and an expanding network of agents While mobile money promises to dismantle barriers to formal financial services and integrate marginalized populations into formal financial systems, its widespread adoption remains limited. The potential of mobile financial services to drive financial inclusion is not uniform, as convenience primarily benefits individuals with existing bank accounts.This study explores the multifaceted landscape of mobile money, its impact on financial inclusion, and the challenges associated with extending its reach to those excluded from traditional banking systems

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