Is Mobile Money a Complement or a Substitute for Formal Financial Services? A Cross-Country Analysis
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2018
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Haverford College. Department of Economics
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Thesis
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Award
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eng
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Dark Archive until 2038-01-01, afterwards Haverford users only.
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Abstract
Using Survey Data from Kenya, Uganda and Bangladesh this thesis explores the impact of mobile money as a complement or a substitute of formal financial instruments. The analysis looks to extend the previous research on the household level effects of M-PESA in Kenya to other country case examples. I look at how the relation between mobile money usage and formal banking varies as the levels of mobile money penetration and access to banking differ across the countries in the sample. The findings suggest that in more highly banked countries Mobile Money acts more as a complement while in countries with a lower banked proportion it may be more of a substitute. The results also suggest that those who are already banked might use mobile money with different scopes compared to those who are unbanked. Lack individual income data in the sample makes it difficult to further describe these demographic differences in financial behavior.