Mobile money as a driver of digital financial inclusion

Meeting the mobile money needs of the less privileged in developing and emerging markets opens up enormous possibilities for banks and newly emerged financial-technology firms. Many consider mobile money services a separate domain within the banking and payment sector, different from its siblings: automated teller machines, net banking, point-of-sale banking, etc. This study was conducted to investigate how mobile money services act as a reliable driver of digital financial inclusion and to determine the role of mobile money agents in the transformation from the traditional services to mobile money services. This paper presents a conceptual model based on the stimulus-organism-response paradigm. We propose that the mobile money agent characteristics are the stimuli, that the mobile money customer is the organism, and that the response of the organism to the stimuli is continuous usage, which leads to financial inclusion in the developing country of Ghana. The continuous usage of mobile money services by customers encourages more engagement experiences and advocacy intentions. We provide empirical evidence suggesting that mobile money agent credibility and service quality stimulate customer empowerment. Furthermore, we argue that for the less financially empowered customer segment, mobile money agent credibility provides the needed impetus for the continuous usage of mobile money services.