Do mobile money services enhance business performance? An empirical analysis of Kenyan businesses

Pattanapong Tiwasing, John Agyekum Addae, Francis Zana Naab, Gilbert Naab

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This study examines the impact of mobile money services on business performance by comparing the performance between businesses that use and do not use mobile money. The analysis empirically draws on cross-sectional data of 1001 Kenyan businesses from the 2018 World Bank Enterprise Survey. Propensity Score Matching is used to control for selection bias and variations in business characteristics. The results reveal that businesses that use mobile money services are more likely to be innovative in products and processes than non-users. However, they perform as well as businesses that do not use mobile money. The results also show that differences in business-specific characteristics such as business size, sector, location, and business obstacles significantly influence the adoption of mobile money by Kenyan businesses. Therefore, these results highlight the importance of mobile money services for Kenyan businesses with effective digital tools and support. Policy recommendations to enhance the financial mobile ecosystem and financial inclusion are discussed.
Original languageEnglish
Pages (from-to)(In-Press)
Number of pages13
JournalThe International Journal of Entrepreneurship and Innovation
Early online date16 Feb 2024
Publication statusE-pub ahead of print - 16 Feb 2024

Bibliographical note

This article is distributed under the terms of the Creative Commons Attribution 4.0 License ( which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access page (


The paper was supported by 2022-23 School Research Fund (SRF), Faculty of Humanities and Social Sciences, Keele University.


  • mobile money
  • FinTech
  • business performance
  • empirical analysis
  • Kenya


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