Mobile money can help people without bank accounts take part in the economy, but trust and fairness will ultimately determine whether it succeeds, a new study has found.
More than two billion mobile money accounts are registered globally, with almost $1.7 trillion processed each year, highlighting the impact of the move towards phone-based finances.
Researchers at the University of East London analysed more than a decade of evidence on mobile money, examining 65 studies published between 2014 and 2026. They found that mobile money can make it easier for people to send and receive money, save, cope with emergencies and support small businesses.
The paper , published in the Journal of Financial Services Marketing , says mobile money has helped as an anti-poverty measure, widening financial access, especially for people who are unbanked. It can lower the cost of sending money, help families absorb shocks, support women and rural users, and improve cash flow for micro, small and medium-sized firms.
The impact and potential of mobile money is substantial. The study highlights evidence that access to M-Pesa, Kenya’s mobile money service, helped lift around 194,000 households out of poverty, with many of the benefits flowing to female-headed households.
But the authors, from the Royal Docks School of Business and Law , warn that mobile money is not a magic fix. Its benefits depend on more than having a phone. People need to trust the system and platforms need to be secure. And yet tax and regulation cannot be too onerous.
In Uganda, for example, the introduction of transaction taxes on mobile money was found to cut usage among low-income users by around 50 per cent.
Co-author Dr Godfried Adaba said, “Mobile money can give people a safer and easier way into financial life. But access alone is not enough. It must be backed by trust, fair regulation and systems that protect and support the people who need it most.”
Professor Kirk Chang said, “The strongest finding in our review is that mobile money works best when people, providers and regulators move together with the ultimate aim of empowering users. If one part fails, the promise of financial inclusion can turn into exclusion or risk.”
Looking ahead, the authors say more research is needed on how taxes, fraud, regulation, artificial intelligence and new digital finance systems affect mobile money.
Godfried B Adaba and Kirk Chang, “Mobile money: Systematic review, multilevel framework, and research agenda”, Journal of Financial Services Marketing.
Journal of Financial Services Marketing
Systematic review
Mobile money: Systematic review, multilevel framework, and research agenda
21-May-2026