Wealth, Eukeria, Makanyeza, Charles and Svotwa, Tendai Douglas (2023) Chapter 3. Challenges and prospects of mobile money in promoting financial inclusion in Botswana, Namibia, South Africa and Zimbabwe. In: Chitimira, Howard Tafara and Warikandwa, Tapiwa Victor, (eds.) Promoting and Prioritising Financial Inclusion in Southern Africa, A Contemporary Law and Economics Perspective. Juta, Cape Town, pp. 77-105. ISBN 978-1485150169; 978-1485150510

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Abstract

The proliferation of cell phones and the need to migrate to a cashless society has resulted in the exponential use of mobile money. Its usage even surged after the Covid-19 pandemic as it helped to combat the economic effects of the pandemic through the provision of remote financial services where minimum physical contact is demanded. It is envisaged that the future of mobile money is promising in terms of enhancing the much-needed financial inclusion. While the emergence of mobile money is a welcome development largely to the mobile money operators and their clients, there is a clamouring from traditional banks that view mobile money as a threat to their sustainability. Existing literature has thus focussed on the challenges faced by the traditional financial institutions, leaving the plight of the mobile money sector unexplored. This chapter explores the challenges and prospects of this burgeoning sector in a bid to inform policy in a third world setting. Lack of collaboration from the traditional institutions, limited government support, non-existent regulatory framework and digitalisation-related risks are some of the challenges that hinder the full potential of this vital sector. Yet mobile money services are envisaged to improve financial inclusion in Africa through decreased transaction costs, ease of use and increased access especially in difficult-to-reach and unbanked communities.

Item Type:	Book Section
Uncontrolled Keywords:	financial inclusion, financial institutions, interoperability, mobile money, regulatory framework
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance T Technology > T Technology (General)
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > Executive Business Centre
Related URLs:	Publisher
Last Modified:	15 May 2025 14:53
URI:	http://gala.gre.ac.uk/id/eprint/50450

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