Mobile Fintech Adoption in Sub-Saharan Africa: A Systematic Literature Review and Meta-Analysis

Abstract

Financial technology (fintech) has become an important means of promoting financial inclusion in developing countries. To improve financial inclusion using fintech and develop appropriate policies, it is important to understand why people use fintech services. This study examines the drivers of mobile fintech service adoption in Sub-Saharan Africa, which is one of the regions with the lowest financial inclusion rates in the world. In particular, we examine which determinants lead to the use of mobile money, mobile banking, electronic wallets, and internet banking. We summarize the extensive empirical research through a systematic literature review and, based on a meta-analysis, conclude that the most important determinants of mobile fintech adoption in Sub-Saharan Africa are perceived ease of use and perceived usefulness. We also find that there is little research on how the supply side drives fintech adoption. Finally, we find that large-scale field experiments in particular are underrepresented in the literature.

Keywords: fintech, mobile banking, mobile money, e-wallet, Internet banking, literature review, meta-analysis

JEL Classification: D14, G21, G53