Diffusion of Innovations: Mobile Money Utility and Financial Inclusion in Nigeria. Insights from Agents and Unbanked Poor End Users

Olayinka David-West, Oluwasola Oni, Folajimi Ashiru

Research output: Contribution to journalArticlepeer-review

Abstract

Despite a rigorous policy drive towards financial inclusion in Nigeria, and although the country has a high tele-density ratio, the vast unbanked largely poor remain excluded from the financial sector. Adopting a mixed method approach of the supplier and consumer sides of mobile money, using documentary analysis, focus groups, interviews, and surveys; this article relies on the diffusion of innovations theoretical framework to explore the utility of mobile money with a view to not only assess its application in the enhancement of financial inclusion, but also better tailor the current applications for these low-income users. We identify 4 factors (lack of customer demand and experimenters, lack of integration in the ecosystem, lack of trust and preference for effective local savings scheme and policy short-termism resulting in mobile money operational unsustainability) that are responsible for non-diffusion of mobile money. Our paper reveals interest dynamics that can advance a more long-term mobile money regulatory policy which takes care of the concerns of the unbanked poor.
Original languageEnglish
Pages (from-to)(In-Press)
JournalInformation Systems Frontiers
Volume(In-Press)
Early online date8 Sep 2021
DOIs
Publication statusE-pub ahead of print - 8 Sep 2021

Bibliographical note

Publisher Copyright:
© 2021, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

Keywords

  • Adoption
  • Diffusion
  • Financial inclusion
  • Financial services
  • Mobile money
  • Unbanked

ASJC Scopus subject areas

  • Theoretical Computer Science
  • Software
  • Information Systems
  • Computer Networks and Communications

Fingerprint

Dive into the research topics of 'Diffusion of Innovations: Mobile Money Utility and Financial Inclusion in Nigeria. Insights from Agents and Unbanked Poor End Users'. Together they form a unique fingerprint.

Cite this