A new study has found that simple digital finance tools such as mobile money can help small businesses build long-term competitive strength, not just improve access to banking.
The study , led by the University of East London, examined 113 micro, small and medium-sized enterprises (MSMEs) in Ghana and found that businesses gained the greatest benefits when digital finance tools became part of everyday business operations rather than being used only for payments. Firms reported improvements in efficiency, customer service and flexibility.
Mobile money services allow people and businesses to send, receive and store money using mobile phones without needing a traditional bank account. The researchers say this means mobile phones are no longer just communication devices for many small firms but are becoming strategic business tools that help companies manage money, reach customers and compete in fast-changing markets.
Researchers, from the Royal Docks School of Business and Law along with partners in Ghana, say the findings could have implications far beyond the African test case.
Across many developing economies, millions of small businesses still face barriers to banking, credit, and digital infrastructure. The study suggests that easy-to-use financial technology could help smaller firms compete more effectively, strengthen local economies, and become more resilient during economic shocks.
Lead author Dr Godfried Adaba , Lecturer in Business Analytics, said, “Our findings show that digital finance can also become a strategic tool that helps small businesses compete and innovate. The wider lesson is that digital finance works best when it is simple enough for everyday use and deeply embedded into how businesses operate.”
The research, published in Global Business Review , also found that ease of use mattered more than many experts expected. Businesses were much more likely to adopt tools that felt simple and reliable.
Co-author Dr Francis Frimpong said, “Ease of use is not a minor issue for small businesses. Indeed, it is often the deciding factor. If digital finance systems are too complex or difficult to trust, many firms simply will not use them. That matters globally because it shows that successful FinTech innovation must be about creating tools ordinary businesses can use confidently every day.”
The researchers say policymakers, banks and technology companies should focus not only on expanding digital access, but also on improving usability, trust and digital skills among small business owners.
Adaba, GB, Ayoung, DA, Frimpong, FB and Kubuga, KK (2026) “ From Inclusion to Advantage: FinTech Adoption and Competitive Strategy Among MSMEs in Ghana ”, Global Business Review, DOI: 10.1177/09721509261428912.
Global Business Review
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From Inclusion to Advantage: FinTech Adoption and Competitive Strategy Among MSMEs in Ghana
28-Apr-2026