Mobile Money As A Driver of Digital Financial Inclusion: Technological Forecasting December 2022

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Mobile money as a driver of digital ﬁnancial inclusion
Article in Technological Forecasting · December 2022

DOI: 10.1016/j.techfore.2022.122158
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Technological Forecasting & Social Change 186 (2023) 122158
Contents lists available at ScienceDirect
Technological Forecasting & Social Change

journal homepage: www.elsevier.com/locate/techfore
Mobile money as a driver of digital financial inclusion

Aijaz A. Shaikh a, *, Richard Glavee-Geo b, Heikki Karjaluoto a, Robert Ebo Hinson c, d
a
Jyväskylä University School of Business and Economics, P.O. Box 35, FI-40014, University of Jyväskylä, Finland
b
Department of International Business, Faculty of Economics and Management, Norwegian University of Science and Technology, Ålesund, Norway
c
Ghana Communication Technology University, Ghana
d
University of the Free State Business School, South Africa
A R T I C L E I N F O A B S T R A C T
Keywords: Meeting the mobile money needs of the less privileged in developing and emerging markets opens up enormous
Stimulus-organism-response theory possibilities for banks and newly emerged financial-technology firms. Many consider mobile money services a
Empowerment separate domain within the banking and payment sector, different from its siblings: automated teller machines,
Mobile money agent
net banking, point-of-sale banking, etc. This study was conducted to investigate how mobile money services act
Mobile money technology
Continuous usage
as a reliable driver of digital financial inclusion and to determine the role of mobile money agents in the
Africa transformation from the traditional services to mobile money services. This paper presents a conceptual model
based on the stimulus-organism-response paradigm. We propose that the mobile money agent characteristics are
the stimuli, that the mobile money customer is the organism, and that the response of the organism to the stimuli
is continuous usage, which leads to financial inclusion in the developing country of Ghana. The continuous usage
of mobile money services by customers encourages more engagement experiences and advocacy intentions. We
provide empirical evidence suggesting that mobile money agent credibility and service quality stimulate
customer empowerment. Furthermore, we argue that for the less financially empowered customer segment,
mobile money agent credibility provides the needed impetus for the continuous usage of mobile money services.
1. Introduction several demographics, including Ghana.

The objectives behind the development and deployment of mobile
The widespread diffusion of smartphones in emerging and devel money technology, which is defined as the provision of banking and
oping markets has inspired digital transformation, reduced the informal payment services through a network of agents on a cell phone with a
and undocumented volume of transactions, and increased digital in GSM connection (Batista and Vicente, 2020), were to provide easy and
clusion in Africa and elsewhere. The diffusion of smartphones, which convenient access to banking and payment services, expand the con
has played a remarkable role in reducing the digital divide, is now sumer base, and discover a new revenue stream for service providers,
considered the future of the industry, although mostly in developed given that the mobile money industry currently has over 1.2 billion
markets (Kabbiri et al., 2018). Cell phones and internet penetration registered accounts, over 300 million monthly active accounts, and the
reduce information asymmetry and cell phones continue to be the top global value of daily transactions exceeded 2 billion USD (GSMA, 2021).
choice of device for the vast majority of mobile money users with 5.2 Unlike traditional banking and payment models, where either the
billion mobile users worldwide (Wellalage et al., 2021; GSMA, 2021). It teller in the branch or the ATMs and the Internet facilitate banking
is difficult to overlook the case study of the highly popular mobile transactions, the mobile money ecosystem is complemented by a dedi
money model known as M-Pesa in Kenya, which provided huge moti cated agent network (See Fig. 1). Mobile money agents in the mobile
vation, wide acclaim, and a novel way of delivering innovative everyday money ecosystem (a typical digital and service channel) serves as the
financial and banking services to less privileged consumer segment. foundation of the mobile money initiative. These agents, which are
However, despite efforts to replicate the M-Pesa model, many banks and formally selected and designated by banking firms, FinTech, and Tele
non-financial institutions are struggling to launch mobile money tech coms, interact with consumers and provide everyday banking and
nology and its use to the same scale (Lepoutre and Oguntoye, 2018) in payment-related services using cell phones, thereby replacing the need
* Corresponding author.
E-mail addresses: [email protected] (A.A. Shaikh), [email protected] (R. Glavee-Geo), [email protected] (H. Karjaluoto), [email protected]
(R.E. Hinson).
https://doi.org/10.1016/j.techfore.2022.122158
Received 26 May 2020; Received in revised form 19 November 2021; Accepted 4 November 2022
0040-1625/© 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
A.A. Shaikh et al. Technological Forecasting & Social Change 186 (2023) 122158
for bank branches, ATMs and Internet banking. Therefore, it is safe to paradigm. We argue that mobile money agent characteristics are the
conclude that the success of mobile money technology is indispensable stimuli, that the mobile money customer is the organism, and that the
to the successful development and management of the demographically response of the organism to the stimuli is continuous usage of mobile
distributed agent network. money services, leading to financial inclusion. Moreover, agent credi
Despite their significance, research on mobile money agents is bility and service quality generally stimulate customer empowerment.
limited to non-scientific studies (cf. GSMA, 2021; McKinsey and Co., Prior research has manifested the relationship of consumer empower
2018; CGAP, 2018). In addition, African continent is considered pioneer ment with several variables, but its relationships with agent credibility
when it comes to mobile money innovations for financial inclusion and service quality have rarely been examined. Most of the previous
(Asongu et al., 2020). Despite this recognition, not every country on the studies considered consumer empowerment in the digital or online
African continent has achieved the scale and the satisfactory diffusion setting (e.g., Midha, 2012) or the hybrid/omni-channel environment
rate through mobile money technology that resulted from M-Pesa in (Ürgüplü and Hüseyinoğlu, 2021), leaving much room for the exami
Kenya (Lepoutre and Oguntoye, 2018). As an example that is exclusive nation of consumer empowerment in an offline setting requiring face-to-
to the Sub-Saharan and East-African region, as many as 13 African face interaction. Furthermore, we argue that for the less financially
countries who deployed various mobile money models have achieved empowered, mobile money agent credibility provides the needed
less than a 10 % adoption ratio; similarly, more than a dozen other Af impetus for the continuous usage of mobile money services.
rican countries have virtually no deployment of mobile money services Our study aims at making a contribution to the mobile money and
(Lashitew et al., 2019). Therefore, more research is required to under financial inclusion literature in Africa and elsewhere. We also develop a
stand the reasons for such low diffusion. research model to investigate the influence of mobile money agent
Furthermore, a little attention has been directed toward mobile credibility and service quality on customer empowerment; and
money and similar financial technology developments to examine the exploring the outcome of such empowerment. Our exploratory quanti
role played by mobile money agents' credibility and service quality in tative analysis also seeks to examine users' true user behavior instead of
promoting mobile money services and empowering mobile money users behavioral intention when adopting and using a financial technology,
in Ghana, which is the context of this study. The concept of consumer such as mobile money. To provide a point of orientation for an inves
empowerment—enhancing consumers' ability with sufficient knowledge tigation and after considering the research objectives and the scope of
and autonomy to access, understand, share information, and to exert the study, the following three research questions have been introduced
control over a certain decision (Khenfer et al., 2020) — is not well un and addressed:
derstood, is seldom used in the context of the mobile money environ RQ1: How prominent are mobile money agent characteristics in
ment, and has shown inconsistent and unstable prior results of promoting customer empowerment that leads to digital/financial
empowerment practices (Jiang et al., 2011). Therefore, we have pursued inclusion?
an unusual line of enquiry by targeting our analysis mainly at the role RQ2: What matters most for less financially included customers in
played by mobile money agents, their two major characteristics (credi terms of mobile money agent credibility versus service quality?
bility and service quality), and consumer empowerment. RQ3: Which mobile money agent characteristics are particularly
In addition, past empirical evidence has examined the direct rela essential to prioritize for managerial as well as regulatory actions?
tionship between source credibility and service quality on the one hand In Section 2, we present the literature and theory review, including
and attitude and intention to purchase or use a service, product, or an overview of mobile money, mobile money agents, and their role in
system on the other (Ayeh et al., 2013; Udo et al., 2010). Given that a increasing the financial inclusion, creating more equitable societies, and
positive relationship exists between source credibility/service quality empowering the less privileged consumer. We also present the S-O-R
and attitude/intention, examining the effect of consumer empowerment theory. Next, we highlight the research model and hypotheses devel
as a moderator of such relationship will make an important contribution opment in Section 3, which provides the theoretical support/argument
to the existing literature and will therefore be worth examining. While as well as a strong justification for the causal relationships. We follow
no prior study has tested the prediction that consumer empowerment with the research methodology (Section 4), results (Section 5), and
moderates the aforementioned relationship, it is believed that firms finally discussion and conclusion (Section 6).
maintaining contact (e.g., mobile money services) are more suited to
adopt a favorable and successful strategy of consumer empowerment
(Zhang et al., 2018).
This study is grounded in the stimulus-organism-response (S-O-R)
Financial and Payment landscape
Alternative Delivery
Channels
Telephone/
Banks/Credit Unions Mobile Network ATMs Mobile
IVR
/Microfinance firms Operators
Point of
Internet Wearable
Regulators Sale Mobile Money Agent / Unbanked/underbanked Consumer
Services (Financially Excluded)
Mostly traditional
Telecom Firms FinTechs
Mostly value-added
Scope of the
Servcies
Banked/Debanked Consumer
(Financially Included)
Fig. 1. The mobile money ecosystem.
2
2. Literature and theory review 2.2. Mobile money agent
2.1. Mobile money–a paradigm shift in the payment industry Mobile money allows customers with and without a formal bank
account to conduct everyday retail financial transactions, such as de
Reaching the unbanked consumer segment of society, creating posits and transfers, at designated mobile money agents or third-party
awareness about a financial product or service, and providing accessible outlets. These outlets can be a small retailer, a post office, etc. Consid
everyday banking and payment services to the low-income population ering the huge cost involved in opening and maintaining a bank branch
with poorly documented credit histories have always been difficult as well as installing and maintaining an ATM banking system, mobile
challenges for marketing companies, the mainstream financial sector, money agents provide a novel alternative to formal banking and pay
Fintech, and regulatory agencies (Mogaji et al., 2021). To that end, in ment tellers to customers. Per the GSMA (2021), there are over 9.1
recent decades, banking companies have tested and deployed various million mobile money agents with 4.8 million active agents.
business models that created some solutions, such as Automated Teller Research (cf. Senyo and Osabutey, 2020) has defined mobile money
Machines (ATMs) and Point-of-Sale deployment (which proved uneco or agency banking as a form of FinTech innovation that involves the use
nomical and had high operational and fixed costs) and online banking of agents and technology to transmit the details of financial transactions
(which was ineffective due to the dwindling infrastructure and week through mobile devices and is highly regarded as an essential game
internet facility). Under these circumstances, mobile money services changer in deepening financial inclusion. These mobile money agents
appeared as a viable banking channel that could radically transform facilitate the low-income, less-educated, and less-aware segment of the
access to financial services in many African and Asian countries. society, including female customers, in conducting financial trans
Mobile money (also referred to as agency banking and portable actions, using safe and secure formal banking and payment channels,
banking) allows users to remit, transfer, deposit, withdraw, invest, and and increasing their awareness on how to use mobile money services.
save money on a mobile phone (Riley, 2018). Mobile money is widely Therefore, the success of a mobile money service largely depends upon
considered a tool that allows the less-privileged consumer segment to the mobile money agent's characteristics, such as credibility, truthful
make financial transactions services at a low or zero cost (Pelletier et al., ness, consumer transactions, information privacy, reliability, service
2020). The key enabler of mobile money services is the use of everyday quality, etc.
retail stores and kiosks, which are known as agents, to capture cus An agency relationship exists whenever one partner (i.e., the prin
tomers' cash transactions (Batista and Vicente, 2020; Dermish et al., cipal) depends on another (i.e., the agent) to undertake some functions
2011) and provide day-to-day financial and payment services, including on behalf of the principal (Bergen et al., 1992; Eisenhardt, 1989). In this
local remittances, payment of utility bills, etc. The mobile money study, the mobile money intermediary is the agent working on behalf of
ecosystem is shown in Fig. 1. the principal (e.g., bank, FinTech, Telecom). Consequently, the agent
Considering the benefits of reaching the marginalized, less privi occupies a key position in promoting mobile money services, promoting
leged, or unbanked population, Global Finance (2021) has defined the awareness about the services, boosting the volume of transactions, and
term unbanked as that segment of the population without bank checking, expanding financial inclusion programs.
savings, or mobile money provider accounts; without access to financial
and payment products, including insurance, loans, or mortgages; 2.3. Stimulus organism response theory
without protection from the theft or loss of their hard-earned money;
and without any documentation of their financial transactions. Mobile The S-O-R theory (see Fig. 2) provides an appropriate framework for
money services have brought about a paradigm shift in the payment explaining the mechanisms related to environmental stimuli of behav
industry and has become increasingly dynamic and disruptive over the ioral responses (Mehrabian and Russell, 1974; Vieira, 2013).
last two decades. The mobile money channel has a significant potential The S-O-R theory proposes that the distinct attributes of the envi
to extend the distribution of formal financial services to the poor seg ronment respond to a stimulus that impacts the internal (psychological)
ments of society who are not reached by other banking channels. In the state of individuals/organisms and drives them to respond behaviorally
Middle East and Africa, 50 % of the population are unbanked or finan (Kim et al., 2010; Vieira, 2013). “Consistent with S-O-R theory, the
cially excluded; in South and Central America, 38 %; in Eastern Europe ‘stimulus’ is represented by a collection of attributes…. serve as cues
and the former Soviet republics, 33 %; and in Asia Pacific, 24 % (Global that penetrate the consciousness of customers and provoke them (as
Finance, 2021). receivers) to act” (Islam et al., 2020, p.1281). The stimulus is “the in
Mobile money services are now widely considered an integral fluence that arouses the individual” (Eroglu et al., 2001, p. 179). The
component of the financial-inclusion program (Dermish et al., 2011) stimulus influences a consumer's perception and internal state (Mehra
that was initiated in several developing and emerging countries in the bian and Russell, 1974; Mollen and Wilson, 2010). In our study, we
last two decades. Considering their importance in reaching the applied the S-O-R framework to the mobile money services and tech
unbanked and even underbanked, these financial-inclusion programs nology platform environment. The stimulus refers to the agent charac
have primarily been supported and promoted by national governments teristics and features that provide various levels of stimuli that the
and regulatory bodies across many countries, including Ghana. customer (organism) can react to and that the latter can thus evaluate.
Mobile money services allow the transfer of money and other Upon triggering the stimulus, the customer processes it into useful and
financial services with minimum physical contact and have therefore meaningful information, which leads to action-oriented decisions. Thus,
provided a lifeline and an impetus to mobile money businesses espe evaluations of the agent's service features can be either favorable or non-
cially across the non-Western or emerging and developing societies favorable. A favorable assessment of the agent's attributes should lead to
during the coronavirus disease 2019 (COVID-19) pandemic, which has the continuous use of the service. The response relates to the outcome
profoundly affected the global society and individuals' lives and well- that is reflected through the customer's actions and behavior (Eroglu
being. Considering that mobile money transactions have remained et al., 2003; Islam and Rahman, 2017). We argue that further engage
largely unaffected by the pandemic (GSMA, 2021) and that mobile ment and advocacy due to the positive experiences of the customers will
money services have largely supported remote financial-service provi enhance digital financial inclusion.
sion during the pandemic, several countries have adopted measures to
support and promote mobile money technology and services (Bazarbash 2.4. Mobile money agent credibility
et al., 2020).
Four dimensions of agent credibility are key concerns in this inves
tigation: Information or transaction privacy, information or transaction
3
INPUT PROCESS OUTPUT
Stimulus Organism Response

(Service Agent (Mobile Money (Continuous
Characteristics) Customer) Usage)
Fig. 2. The S-O-R theoretical framework.
security, agent truthfulness, and agent reliability. Mobile money agent in the marketing literature (Hartmann et al., 2018; Khenfer et al., 2020),
credibility is quite similar to source credibility, which is the reliability of and it is found to be conceptually synonymous with consumer expertise
the source or facilitator that is providing services or information (i.e., (Balderjahn et al., 2019). Prior research (Hu and Krishen, 2019; Wolf
source credibility implies how much the message's recipient believes in et al., 2015) has defined consumer empowerment as empowering the
the sender) (Kang and Namkung, 2019). Sources can include company consumer through more meaningful information or understanding that
employees, a company spokesperson, company representatives, such as helps them choose what they want, when they want it, how they want it,
agents, and even a celebrity or model in an advertisement who is using and on their terms. From this definition, the mobile money agent
or demonstrating the good or service (Clow et al., 2006). network and the Internet environment are considered essential in that
Prior research as considered agent credibility a key to the success of they facilitate massive amounts of information resources' flow and un
mobile money services (Odoom and Kosiba, 2020) and has operation derstanding about the product and service to consumers.
alized it in several ways. Visentin et al. (2019) define a credible source as Our motivation to focus on consumer empowerment as a key
a communication medium that is seen as providing correct and rela endogenous variable stems from contemporary research's (e.g., de Luna
tively bias-free information. The most important elements of source et al., 2018) explicit identification of consumer empowerment as a
credibility include expertise, trustworthiness (such as reliability and major driver of the adoption and usage of mobile-based payment sys
integrity), reputation, attractiveness, objectivity, likeability, and tems. In addition, due to low literacy rates and virtually non-existent
homophily (Clow et al., 2006; Hussain et al., 2017; Ismagilova et al., internet connectivity, consumers are left with few choices for making
2019). In digital services, such as mobile money, the credibility and the every day financial and payment decisions. Under these circumstances,
reputation of the service provider or agent encourage customers to the frontline mobile money agent is of great value to these underprivi
reduce information asymmetry (Xiao and Dong, 2015) and increase leged and unbanked segments. Therefore, the role played by mobile
acceptance and usage of the service. In the online and social media money agents in empowering consumers is worthy of investigation.
environments, where face-to-face interaction is non-existent, deter Similarly, the COVID-19 pandemic has changed the economic and social
mining the reliability and trustworthiness of a source is difficult. How landscape and has challenged the traditional business models. Empow
ever, in mobile money services, the agent provides services face-to-face, ering customers to understand and use mobile money services can allow
which makes checking an agent's credibility more transparent and the execution of services to be maintained remotely via cell phone while
simple. Additionally, the need for source credibility is more astringent in also maintaining the parameters of social distancing as and when
the mobile money context due to the financial nature of the transactions. needed.
2.7. Consumer engagement

2.5. Mobile money agent service quality
Consumer engagement, which is composed of cognitive, emotional,

Parasuraman et al. (1994), who initially proposed the conceptual
behavioral, and social elements (Tarute et al., 2017), is defined as a
model of perceived service quality, note that service quality is consid
psychological process that leads to the formation of loyalty (Bowden,
ered the users' or customers' perceptions and value judgment of service.
2009). In the mobile application context, Hepola et al. (2016) define
There is a broad consensus among academic researchers (e.g., Prentice
consumer engagement as a consumer's mobile application-related
et al., 2019) that service quality can be judged on the basis of a single
cognitive, emotional, and behavioral activity that occurs during or is
encounter experience with a product or service. Similar to source
related to focal consumer and cellular interactions. Brodie et al. (2013)
credibility, the quality of service that is delivered by agents in the mobile
and Hollebeek (2011) define consumer engagement as a consumer's
money context is considered a key determinant of the success or failure
overall psychological experience with the brand as well as the company,
of the mobile money business because the service quality element is
its employees, and other consumers. Prior research on consumer
essential to achieving customer satisfaction, trust, loyalty, and behav
engagement has established mobile application design solutions and
ioral intention (Boonlertvanich, 2019; Prentice et al., 2019) with a
information quality to enhance consumer engagement, leading to the
certain product or service. Unlike product quality, which can be
sustained usage of mobile applications (Tarute et al., 2017). In addition,
measured and checked objectively by tangible or visible signs, such as
self-congruence positively influences consumer engagement in mobile
defects, cuts, durability, weight, etc. (Garvin, 1983), service quality by
banking applications (Hepola et al., 2016), and perceived ease of use,
nature is quite intangible and without any objective measures (Zietsman
perceived usefulness, convenience, and enjoyment influence customer
et al., 2019).
engagement with m-commerce applications (McLean, 2018), etc.
2.6. Consumer empowerment theory
Consumer empowerment is widely considered an emerging concept
4
2.8. Advocacy intention mobile money services to the less privileged section of society. We
therefore posit a positive correlation between an agent's credibility and
Wu and Cheng (2017. p. 105) define advocacy as “an advanced form consumer empowerment. Concerning credibility, Rezabakhsh et al.
of market orientation that responds to the new drivers of consumer (2006) argue that assessment of usefulness and source credibility is a
choice, involvement, and knowledge.” From the customer relationship consumer-empowering endeavor that can help consumers become more
perspective, Du et al. (2007) define advocacy intentions as consumers' adept at making informed decisions. We therefore came up with the
positive views of and support for an organization and their products and hypothesis below.
services, which are measured through intentions to consume the orga
H1. : Agent credibility positively influences consumer empowerment.
nization's products or services and then subsequently share their positive
experiences with the product or service with others using various A plethora of studies (cf. Lin et al., 2017; Gazzoli et al., 2010) have
channels, including social media. examined the effects of employee empowerment on customer service
Nonetheless, advocacy intention and word of mouth are considered quality, and a few have examined the correlation between the employee
the most influential channels of communication, and their influence in or agent service quality and consumer empowerment. Nonetheless, we
shaping the marketing strategy is continuing to grow due to digitally argue that in the case of mobile money services, a better service quality
driven explosion and expansion and wider usage in the communication enhances customer empowerment. For example, consumers can be
channels (Park et al., 2018). In the mobile money context, which is empowered by providing them with sufficient information and training
primarily based on mutual trust between the consumer and the mobile on the use of mobile money platforms. This will benefit the mobile
money agent in executing financial transactions, consumers' positive money service providers in several ways. For instance, the consumers
views or advocacy play a decisive role in increasing sales and profit will be able to make well-informed decisions, the workload of the agents
margins and promoting services among a more comprehensive sector of will be reduced, and consumer advocacy can be created. Also, Zhang
underprivileged society. et al. (2018) found that consumers are more likely to trust retailers or
agents who empower them by giving them greater control. We therefore
3. Research model and hypotheses development came up with the hypothesis below.
H2. : Agent service quality positively influences consumer
The proposed conceptual/research model (Fig. 3) suggests that two
empowerment.
antecedents of consumer empowerment (i.e., agent credibility and agent
service quality) are associated with the endogenous variable, continuous
usage. Moreover, continuous usage of mobile money services is posi 3.2. Consumer empowerment and continuous usage
tively related to consumer engagement and customer advocacy inten
tion. Continuous usage of the services should lead to increased customer Consumer empowerment has been viewed as a process and an
engagement and advocacy. Furthermore, we investigated if consumer outcome where an empowered consumer is free to choose what he/she
empowerment moderates the influence of agent credibility on contin wants when he/she wants it on his/her own terms (Li, 2016; Zhang
uous usage and agent service quality. We thus came up with an alter et al., 2018). An empowered consumer with necessary information
native model (see Fig. 4) in addition to the main research model (Fig. 3). about a particular product or service is certainly in a better position to
decide what to use. On the contrary, a sense of powerlessness leads to a
3.1. Agent credibility, agent service quality, and consumer empowerment lack of responsibility and consumer demotivation (Füller et al., 2009)
and subsequent discontinuation. It is therefore highly likely that
Examining the relationship between an agent's or a service provider's increased consumer empowerment will lead to the sustained usage of
credibility and service quality on the one hand and consumer empow services, such as mobile money.
erment on the other is considered necessary for mobile money services Several factors leading to the purchase intention and continuous
for several reasons. For example, social media and online services of usage of technological products and services have been examined and
fering immediate freedom of choice and expanded information oppor identified in prior research, such as mobile banking, internet banking,
tunities on personal devices (Hu and Krishen, 2019) increase consumer and mobile money. The most notable of these factors are consumer
self-efficacy and fully empower digital consumers to access and analyze empowerment (Hartmann et al., 2018), consumer satisfaction (Yuan
information and make rational decisions. By contrast, mobile money or et al., 2019), trust (Shaikh et al., 2015), consumer engagement (Glavee-
agent banking services mostly require face-to-face interaction and target Geo et al., 2019), and perceived value (Shaikh and Karjaluoto, 2016).
the less aware and educated consumers. Consequently, consumer While examining the impact of channel integration on consumer re
empowerment mainly depends on the credibility of the agent providing sponses in omni-channel retailing, Zhang et al. (2018) found
Service H1 H4
Characteristics Agent Consumer
Credibility Engagement
Privacy
Security H3
Consumer Continuous
Truthfulness
Empowerment Usage
Reliability
Timeliness
Responsiveness Agent Advocacy
Professionalism Service Quality Intention
Personalization H2 H5
Fig. 3. Proposed conceptual/Research model.
5
HIGH
Consumer
H6a
Engagement
Agent
Credibility
Consumer
Continuous
Usage
Empowerment
(Moderator)
Agent
Service Quality
LOW
Advocacy
H6b
Intention
Fig. 4. Alternative research model.
correlations between consumer empowerment and increased consumer therefore, it would seem that consumer empowerment will amplify the
patronage intention. We therefore came up with the hypothesis below. relationship between the agent's credibility/service quality and the
continuous usage of mobile money services.
H3. : Consumer empowerment positively influences continuous usage.
Moreover, the mobile money business model provides frequent in-
person communication and interactions between a FinTech's or bank's
3.3. Continuous usage, consumer engagement, and advocacy intention designated mobile money agent and the mobile money user. This per
sonal interaction also increases the agent's timely responsiveness to the
Prior research has established a direct relationship between the consumer's need, which in turn increases the agent's credibility, con
continuous usage of a technological product or service and consumer sumer empowerment, and consumer satisfaction level. We therefore
engagement. For example, in the context of mobile banking application posit that the element of empowerment among mobile money users is
usage, Hepola et al. (2016) found that two significant dimensions of developed via the backdrop of the agent's credibility and the quality of
consumer engagement, affection and activation, are positively corre his/her service, which either increase continuous usage or create sus
lated with continuous usage intention. Similarly, in the mobile money tained usage of the mobile money service. Therefore, in the mobile
context, Glavee-Geo et al. (2019) found a direct relationship between money context, we have introduced a promising moderating varia
consumer engagement (affect) and continuous usage. We thus came up ble—consumer empowerment—and hypothesize the following:
with the hypothesis below.
H6a. : Consumer empowerment moderates the relationship between
H4. : Continuous usage positively influences consumer engagement. agent credibility and the continuous usage of mobile money services
Similar to word of mouth and recommendation intention (Al-Ansi such that the relationship will be weaker when consumer empowerment
et al., 2019), the primary drivers of advocacy that build strong and deep is low.
relationships with customers are quality service, satisfaction, commit H6b. : Consumer empowerment moderates the relationship between
ment, and trust. These drivers of advocacy then produce several out agent service quality and continuous usage of mobile money services
comes, such as positive views, reviews, and recommendations from such that the relationship will be weaker when consumer empowerment
customers, and resistance to negative information about the company is low.
and its products or services.
The relationship between continuous usage or repurchase intention 4. Research methodology
and advocacy intention has been previously established. In the study by
Choi et al. (2015), customers' willingness to recommend a product or 4.1. Measurement, data collection, and non-response bias
service to others was shown to be a result of their repurchase intention.
That is, while examining a two-dimensional model of trust Using the purposeful-sampling technique, survey instrument devel
–value–loyalty in service relationships, such researchers found a sig oped on the scale from 1 (strongly disagree) to 7 (strongly agree). The
nificant relationship between repurchase intention and advocacy data were collected from mobile money users in Ghana belonging to
intention. We therefore came up with the hypothesis below. different socioeconomic groups. The scales and their sources are shown
H5. : Continuous usage positively influences advocacy intention. in Table 1. The analysis is based on 595 respondents using SmartPLS
technique. Nonresponse bias was evaluated by comparing the responses
of the first 25 % of respondents to the responses of the last 25 %. As no
3.4. The moderating role of consumer empowerment significant differences in the study constructs or demographics were
found between the two groups (p > 0.05), nonresponse bias should not
We assume that, when a consumer is empowered to access, choose, be an issue. The sample's demographic characteristics are shown in
and use a product or service, he/she will be better able to process Table 2.
complex information, make better decisions (Balderjahn et al., 2019),
and achieve his/her goals in a meaningful way. A mobile money agent's
credibility and service quality drive consumer empowerment in under
standing, accepting, and using mobile money technology and services;
6
Table 1 Table 1 (continued )

Construct, indicators, and loadings (n = 595). Construct Indicators M SD Loadings
Construct Indicators M SD Loadings
Allow me to independently 4.78 1.46 0.924***
Agent credibility Using a mobile money agent 4.49 1.40 0.815*** manage my personal finances
Luarn and Lin service would not divulge my (such as funds transfers and the
(2005) personal information payment of utility bills)
(CRD_AG1) (EMP2)
I would consider a mobile 4.50 1.42 0.847*** Let me exercise my judgment 4.68 1.43 0.917***
money agent service secure for in managing my personal
conducting my mobile money finances (such as funds
transactions (CRD_AG2) transfers and the payment of
A mobile money agent is like a 4.03 1.45 0.807*** utility bills) (EMP3)
friend to me because of his/her Encourage my own initiative in 4.71 1.42 0.913***
truthfulness (CRD_AG3) managing my personal
A mobile money agent can 4.22 1.49 0.788*** finances (such as funds
always be relied upon when transfers and the payment of
completing cash transactions utility bills) (EMP4)
(CRD_AG4) Provide enough information to 4.68 1.47 0.874***
Agent service The mobile money agent 4.54 1.50 0.844*** let me manage personal
quality provides on-time services finances (such as funds
Kim et al. (2010) (SRQ_AG1) transfers and the payment of
The mobile money agent 4.67 1.42 0.874*** utility bills) on my own
provides prompt responses (EMP5)
(SRQ_AG2)
M: Mean; SD: Standard deviation.
The mobile money agent 4.35 1.44 0.809*** ***
provides professional services p < 0.001 (two-tailed).
(SRQ_AG3)
The mobile money agent 4.40 1.43 0.737***
provides personalized services Table 2
(SRQ_AG4) Demographic Characteristics (n = 595).
Customer I usually use mobile money 4.22 1.76 0.642***
engagement services regularly (CENG1) Demographic characteristics Frequency Percent
Hollebeek et al. I use mobile money services 4.19 1.84 0.636*** Gender
(2014) very often (CENG2) Males 316 53.1
I feel very positive when I am 4.93 1.40 0.831*** Females 279 46.9
using mobile money services Age (years)
(CENG3) 18–25 356 59.8
Using mobile money services 4.83 1.42 0.865*** 26–35 173 29.1
makes me happy (CENG4) 36–45 48 8.1
I feel good when I am using 4.88 1.41 0.862*** 46–55 18 3.0
mobile money services Highest level of education
(CENG5) Junior High School 9 1.6
I am proud to use mobile 4.87 1.49 0.822*** Senior High School 137 23
money services (CENG6) O’ Level / A’ Level 11 1.8
Using mobile money gets me to 4.67 1.51 0.516*** Polytechnic 17 2.9
think about the service Teacher training 4 0.7
(CENG7) Bachelor /Master 414 69.5
I think about mobile money a 4.45 1.48 0.600*** Ph.D. 3 0.5
lot when I’m using this service Current employment status
(CENG8) Student 346 58.2
Using mobile money 4.52 1.50 0.699*** Employee/professional 229 38.5
stimulates my interest to learn Unemployed 7 1.2
more about this service Entrepreneur 13 2.2
(CENG9) Usage frequency of cell phones
Advocacy intention I say positive things about 5.25 1.61 0.884*** <1 year 117 19.7
Zeithaml et al. mobile money to other people 1–3 years 159 26.7
(1996) (ADV1) 4–6 years 150 25.2
I recommend mobile money to 5.29 1.43 0.912*** 7–9 years 74 12.4
anyone who seeks my advice 10–12 years 32 5.4
(ADV2) 13–15 years 17 2.9
I encourage friends and 5.29 1.53 0.902*** >15 years 46 7.7
relatives to use mobile money MM Usage experience
(ADV3) <1 month 85 14.3
Continuous usage I intend to continue using 5.23 1.66 0.909*** 1–4 months 92 15.5
Zhou (2013) mobile money rather than 5–8 months 82 13.8
discontinue its use (CON1) 9–12 months 118 19.8
My intentions are to continue 4.64 1.76 0.914*** 13–16 months 69 11.6
using mobile money rather 17–20 months 37 6.2
than to use any alternative >20 months 112 18.8
means (CON2)
Customer The services offered from
empowerment mobile money: 4.2. Common method variance
Vatanasombut Allow me to have control over 4.69 1.57 0.858***
et al. (2008). my personal financial
management (such as funds Common method variance (CMV) is a critical issue, especially in
transfers and the payment of survey-based research, due to the inherent bias of the data collection
utility bills) (EMP1) method (Podsakoff and Organ, 1986). CMV is affected by several factors,
including social desirability and the survey measurement procedures
7
(Podsakoff et al., 2003). To limit the impact of CMV, we used an a priori credibility and continuous usage, the same could not be said for agent
method to reduce its incidence (Hulland et al., 2018). For example, in service quality and continuous usage. The interaction (agent credibility
the questionnaire design, we included a cover letter with an introduc x customer empowerment) was significant, while the interaction (agent
tory opening that concealed the real purpose of the study. We then service quality x customer empowerment) was insignificant. We
randomly ordered the sequence of the questionnaire and ensured that controlled for age, gender, and income, none of which had any signifi
the dependent and independent variables in the survey were separated cant effect on continuous usage. The structural model results, effect sizes
from each other. Finally, we avoided ambiguous scale items that are (f2), and collinearity (VIF) analysis for the full dataset (n = 595) are
difficult to understand and interpret by pretesting the questionnaire. shown in Table 4.
To provide increased understanding of the drivers of continuous
5. Results usage, we conducted an importance–performance analysis (IPMA).
Regarding the constructs and standardized effects and with continuous
5.1. Measurement model; convergent and discriminant validity usage (CONUS) as the target variable, the IPMA (Fig. 5) showed that
agent credibility was of high importance compared to service quality.
The model (Fig. 3) consists of six main constructs. Using the two-step However, agent credibility fell below agent service quality regarding
approach (Hair et al., 2019), we firstly evaluated the measurement performance. Customer empowerment had the highest performance
model consisting of 27 items (indicators). Our evaluation focused on the index. Regarding the indicators and standardized effects and with
factor loadings, item reliability, and convergence and discriminant CONUS as the target variable, the IPMA (Fig. 6) showed the impact of
validity. We found all factor loadings to be significant (p < 0.001) with a the following specific agent characteristics and the elements of customer
minimum loading of 0.516 and a maximum of 0.924 (see Table 1). We empowerment:
evaluated internal consistency using Fornell and Larcker's (1981a)
composite reliability index and Cronbach's alpha. Average variance • Agent service characteristics: Privacy (indicated by CRD_AG1); se
extracted values ranged from 0.53 to 0.83 (> critical value of 0.5). All curity (indicated by CRD_AG2); truthfulness (indicated by
reliabilities (i.e., Cronbach's α and the ρC composite reliability) had CRD_AG3); reliability (indicated by CRD_AG4); timeliness (indicated
values above 0.7 (Hair et al., 2019; Sarstedt et al., 2017). The results by SRQ_AG1); responsiveness (indicated by SRQ_AG2); profession
showed that the measures of all the constructs were reliable and ach alism (indicated by SRQ_AG3); personalization (indicated by
ieved convergent validity. Discriminant validity was assessed using SRQ_AG4)
Fornell and Larcker's (1981b) criterion (see Table 3) and Henseler et al.'s
(2015) heterotrait-monotrait (HTMT) ratio of correlations (see Table 3). • Customer empowerment: Control of personal finance (indicated by
All the HTMT values were substantially lower than 0.85, which provided EMP1); financial independence (indicated by EMP2); financial de
enough evidence to show that the measurement model achieved cision making (indicated by EMP3); personal financial initiatives
discriminant validity. (indicated by EMP4); access to financial information (indicated by
EMP5)
5.2. Structural model evaluation
The IPMA results revealed that privacy and security had the greatest
We evaluated the structural model using the bootstrapping func importance, and professionalism and personalization had the least
tionality of SmartPLS 3 (Ringle et al., 2015). We hypothesized that agent importance. Timeliness had a medium level of importance with control
credibility maintains a direct positive relationship with consumer of personal finance. In terms of performance, the customer empower
empowerment (H1), while agent service quality continues a direct ment element of financial independence had the highest performance
positive relationship with consumer empowerment (H2). We also found index, and truthfulness had the lowest performance index. A summary of
that high agent credibility increases customer empowerment (p < the IPMA results is shown in Figs. 5 and 6.
0.001), while high agent service quality also increases customer
empowerment (p < 0.05). Thus, we found support for H1 and H2. 5.3. Post-hoc analysis
Regarding H3, we proposed that consumer empowerment maintains
a direct positive relationship with continuous usage behavior and found Finally, we conducted a post-hoc analysis with an alternative model.
support for that statement. Consequently, continuous usage was hy We respecified the antecedents (agent credibility and agent service
pothesized to influence consumer engagement (H4) and consumer quality) that influence continuous usage and consequently did so with
advocacy (H5). Our analysis found very strong support for the positive consumer engagement and advocacy intention. In addition, agent
influence of continuous usage on consumer engagement and on con credibility and service quality were postulated to influence consumer
sumer advocacy intention. The strong and significant outcomes of engagement and advocacy intention directly, and the alternative model
continuous usage show the significant impact that customer empower was estimated simultaneously. We firstly used the mean value of the
ment and its antecedents (agent credibility and service quality) can empowerment construct (4.71) to create a dummy variable, with values
achieve from a theoretical perspective. In this respect, we also assessed below the mean coded as 0 (less empowerment) and values above the
the moderating role of consumer empowerment. We found that, while mean coded as 1 (more empowerment).
customer empowerment was a significant moderator between agent The goals were to investigate whether the results and findings based
Table 3
Reliability, average variance extracted (AVEs), and discriminant validity assessment (n = 595).
Construct Cronbach's alpha Composite reliability AVE 1 2 3 4 5 6
Agent credibility (1) 0.83 0.89 0.66 0.82 0.53 0.49 0.59 0.52 0.33
Agent service quality (2) 0.84 0.89 0.67 0.44 0.82 0.34 0.42 0.43 0.30
Consumer empowerment (3) 0.94 0.95 0.81 0.43 0.30 0.90 0.53 0.53 0.45
Continuous usage (4) 0.79 0.91 0.83 0.48 0.36 0.46 0.91 0.66 0.57
Consumer engagement (5) 0.89 0.91 0.53 0.47 0.38 0.49 0.57 0.73 0.68
Advocacy intention (6) 0.88 0.93 0.81 0.28 0.25 0.42 0.48 0.61 0.90
Note: Bold numbers on the diagonal show the square root of the AVEs; numbers below the diagonal represent construct correlations. Heterotrait-monotrait (HTMT)
ratios are shown above the diagonal.
8
Table 4
Structural model results, effect sizes (f2), and collinearity (VIF) (n = 595) (original model).
Criterion R2 Predictors Path coefficients t-Values# f2 VIF
Consumer empowerment 0.20 Agent credibility 0.37*** 7.51 0.14 1.24

Agent service quality 0.14** 2.81 0.02 1.24
Continuous usage 0.35 Agent credibility 0.27*** 6.18 0.08 1.44
Agent service quality 0.16*** 3.82 0.03 1.32
Consumer empowerment 0.27*** 6.15 0.09 1.29
Agent credibility x Consumer empowerment − 0.13*** 4.48 0.04 1.27
Agent service quality x Consumer empowerment 0.03 0.80 1.24
Age 0.01 0.16 1.37
Gender 0.004 0.11 1.02
Income 0.06 1.32 1.35
Consumer engagement 0.33 Continuous usage 0.57*** 17.42 0.49 1.00
Advocacy intention 0.23 Continuous usage 0.48*** 11.21 0.29 1.00
#
Based on 10,000 bootstrapping samples.
***
p < 0.001.
**
p < 0.05 (two-tailed).
Fig. 5. Importance-Performance Map (Constructs and standardized effects) with target variable continuous usage.
on the original research model were consistent with the respecified 0.01) customer segments, with no significant difference found (β1 - β2 =
model and to examine the direct effect of agent credibility and agent 0.06, p > 0.05).
service quality on consumer engagement and advocacy intention. The
results showed that agent credibility and service quality had a signifi 6. Discussion and conclusion
cant effect on continuous usage and consumer engagement (Table 5).
The continuous usage effect on consumer engagement and advocacy 6.1. Theoretical contributions
intention were significant. However, the direct effects of agent credi
bility and service quality on advocacy intention were insignificant. Our The study makes several contributions to theory. It begins with
analysis showed that the agent credibility effect on advocacy intention seeking answers to the following questions: RQ1) How prominent are
was mediated by continuous usage. Similarly, service quality's effect on mobile money agent characteristics in promoting customer empower
advocacy intention was also mediated by continuous usage, which was ment that leads to digital/financial inclusion? RQ2) What matters most
evidenced by the significant indirect effects shown in Table 6. Lastly, the for less financially included customers in terms of mobile money agent
results of the multigroup analysis (Table 5) showed that the effect of credibility versus service quality? RQ3) Which mobile money agent
agent credibility on continuous usage was significantly greater (β1 - β2 characteristics are particularly essential to prioritize for managerial as
= 0.27, p < 0.01) for the less empowered (n = 291, p < 0.001) than for well as regulatory actions? In our search for answers, we integrated the
the more empowered (n = 304, p < 0.05) customer segments. No sig S-O-R framework (Mehrabian and Russell, 1974; Vieira, 2013) with
nificant differences were observed between the two samples regarding consumer empowerment theory and the services literature to explain
the effect of agent service quality on continuous usage. Agent service technology/innovation adoption. Regarding RQ1, we found that the
quality significantly increased continuous usage for both the less exchanges and interactions between the agent, the customer, and the
empowered (n = 291, p < 0.01) and the more empowered (n = 304, p < digital financial platform provided by mobile money technology
9
Fig. 6. Importance-Performance Map (Indicators and standardized effects) with target variable continuous usage.
Table 5
Structural model results and t-statistic for multi-group analysis (alternative model).
Criterion Predictors Combined Less empowered More empowered β1 - β2 t-Value
(n = 595) (n = 291) (n = 304)
Path coefficient t-Value Path coefficient t-Value Path coefficient t-Value

(β) (β1) (β2)
Continuous usage Agent credibility 0.40 8.60*** 0.45 8.47*** 0.18 2.41* 0.27 2.92 **
Agent service quality 0.18 4.01*** 0.17 2.68 ** 0.23 3.15 ** 0.06 0.60
Consumer engagement Agent credibility 0.20 4.77*** 0.20 3.15 ** 0.14 2.32* 0.06 0.70
Agent service quality 0.14 2.90** 0.04 0.52 ns 0.17 2.38* 0.13 1.18
Continuous usage 0.42 9.58*** 0.40 5.74*** 0.37 6.62*** 0.03 0.29
Advocacy intention Agent credibility 0.05 1.03 ns 0.01 0.18 ns − 0.001 0.02 ns 0.01 0.14
Agent service quality 0.08 1.86 ns 0.06 0.77 ns 0.03 0.43 ns 0.04 0.34
Continuous usage 0.43 9.71*** 0.43 7.24*** 0.28 4.54*** 0.15 1.78
***
Significant at p < 0.001 level (two-tailed test).
**
Significant at p < 0.01 (two-tailed test).
*
Significant at p < 0.05 (two-tailed test).
ns
Not significant.
the service agent's credibility has a more substantial impact on customer

Table 6 empowerment. Concerning RQ2, the study suggests that, for less
Unique indirect effects (alternative model) (n = 595).
financially included customers, mobile money agent credibility could be
Mediation relationship Indirect t- a key factor in boosting usage. For example, privacy and security issues
effect Values#
remain a top customer concern, followed by concern for the agent's level
Agent credibility ➔ Continuous usage ➔ Advocacy 0.17 6.20*** of truthfulness and service reliability. The ability to perform a function is
intention associated with continuous usage. An empowered consumer is in a
Agent service quality ➔ Continuous usage ➔ Advocacy 0.08 3.66***
intention
better position to use or discontinue a service. However, a sense of
Agent credibility ➔ Continuous usage ➔ Consumer 0.17 6.41*** helplessness can lead to consumer demotivation (Füller et al., 2009; Gu
engagement et al., 2009).
Agent service quality ➔ Continuous usage ➔ Consumer 0.08 3.49*** Moreover, we suggest that the customer engagement process is more
engagement
feasible when the agent possesses characteristics that can provide
#
Based on 1000 bootstrapping samples. favorable customer journeys and experiences. Regarding RQ3, the study
***
p < 0.001 (two-tailed), mediator variable shown between arrows. identified agent credibility and its elements - truthfulness and reliability
as essential to prioritize for managerial as well as regulatory actions.
(FinTech) gives a powerful impetus to financial inclusion. The agent However, privacy and security seem to be the top concern of consumers
plays a key role in the customer empowerment process. Agent service (Semerikova, 2020). The low level of professionalism implies the need
characteristics have a significant impact on customer empowerment. for some interventions (e.g. training) so as to improve the performance
Our study also shows that, although both service quality and agent of the service agents. Nonetheless, the findings of the present study can
credibility significantly impact empowerment (Rezabakhsh et al., 2006), be summarized in a four-point proposition as follows: 1) The perceived
10
credibility of the agent and the extent of service quality can stimulate increase the capacity of the people in rural areas to exploit their digital
the efficacious ability of the customer/consumer (Rezabakhsh et al., potential when accessing and using innovative services such as mobile
2006); 2) consumer empowerment is strongly related to continuous money services. Alternatively, a wider digital divide will create a
usage (Hartmann et al., 2018); 3) for the less empowered consumer debacle for the relevant companies and service providers because the
segment, agent/source credibility enhances continuous usage (Erkan new products and services added to the mobile money platforms are not
and Evans, 2016); and 4) the service characteristics of the agent affect likely to be accepted and used by the less empowered and informed
the further engagement and advocacy intentions of the consumer. consumers, thereby making such product and service delivery channel
less attractive.
6.2. Managerial implications
6.3. Social implications
In mobile money services, the agent occupies a key position; there
fore, mobile money is sometimes referred to as “agent banking.” Our Among the major social implications, this study includes financial
findings highlight the need for financial and Fintech companies to in inclusion, which gained prominence after the introduction of mobile
crease the credibility of frontline staff (i.e., agents) to ensure the smooth money in most developing and emerging countries. In terms of financial
execution of mobile money transactions and the reliability and confi inclusion, our study provides evidence that is based on a theoretical
dentiality of these transactions as well as to protect the privacy of the model, which seeks to suggest that technology and service innovation
customers who are executing these transactions. This could be achieved can provide the impetus to digital financial inclusion and have a sig
by streamlining the operational processes with periodic agent on- nificant impact on transforming societies by way of documenting the
boarding and training and enhancing agent monitoring. transactions, reducing the instances of corruption, and promoting
One of the objectives of our study was to examine which mobile savings.
money agent characteristics are particularly important to prioritize In addition, desirable and efficient social change that is associated
regarding managerial as well as regulatory actions. The results showed with the initiatives concerning financial inclusion can be realized
that the agent service characteristics of professionalism and personali through designing and implementing a comprehensive strategy consid
zation were of low importance, while truthfulness and reliability were ering three major parameters: 1) designating the mobile money agent
low on the performance index. Hence, the industry needs to prioritize and deploying the digital platforms in the areas that are virtually inac
improving service agents' characteristics to deliver quality service and cessible to offer digital banking and payment solutions; 2) empowering
experiences to consumers. For regulators, the policies and procedures the less privileged with the help of a designated agent network, as
governing the mobile money (or branchless banking in some Asian evident from the results of this survey study, to understand, access, and
countries) industry should ensure the service integrity, safety, and se use innovative mobile money services; and 3) designing and imple
curity of mobile money transactions. For example, lack of trust in menting a comprehensive set of rules, regulations, and standard oper
financial institutions and low financial literacy among the majority of ating procedures to safeguard the interest of the poor while maintaining
the rural population can hinder financial participation, but mobile consumer trust in mobile money services.
agents can offset that by building trust and credibility. Another significant social implication is effectively reaching the
An in-person interaction can be invaluable in helping new users forcibly displaced segment of the population in the wake of the recent
develop a better understanding and relationship with the mobile money refugee crises. Per recent estimates released by the GSMA (2021), over
platform's features and capabilities, which will increase both the number 235 million people required humanitarian assistance, stable financial
of active users and the services that they use. This can lead to sustainable support, and protection in 2021, which is an increase of 40 % from pre-
financial inclusion (Loughran, 2019). pandemic levels. With the help of mobile money technology and an
Empowering consumers or mobile money users (and keeping them agent distribution network, the service provider can establish partner
well informed about the usage of the services) is an interesting matter ships with governments, organizations, NGOs, and humanitarian orga
that needs careful consideration and attention from the service pro nizations to facilitate the disbursement of financial support and provide
viders, such as banks and FinTech. Nonetheless, the mobile money in access to necessary financial services to displaced populations.
dustry should be mindful when seeking to empower consumers because
most mobile money users are not tech-savvy and thus still need to 6.4. Limitations and future research directions
depend on the mobile money agents. However, due to the COVID-19
pandemic and the resulting social distancing, which have drastically This study is not without limitations. Several factors that were not
changed the business and service landscape, the element of “consumer considered by the present study could influence consumer empower
empowerment” has become more important and meaningful. Empow ment. For example, the extent of user's involvement in the co-creation of
ered and well-informed consumers can easily sustain the pandemic- the service could affect perceived empowerment. Higher involvement
related shocks and can continue using the services conveniently and leads to focused attention in computer-mediated interactions such that
remotely to attain a variety of goals, without any interruption or highly involved consumers consider themselves experts (Bloch, 1986;
discontinuation of the services. This empowerment, however, is not Füller et al., 2009). The fear of agent opportunism could enhance the
tantamount to achieving ubiquitous autonomy (Schweitzer and Simon, uncertainty and risk of the use of mobile money services and conse
2021), which allows consumers complete independence in accessing and quently affect the extent of customer empowerment. Agent opportunism
using services such as mobile money services. This is perhaps not significantly increases transaction uncertainty (Pavlou et al., 2007).
possible in the case of mobile money services, and a degree of inter Future research could consider other factors that are not discussed here.
vention from the agent will be required. The cross-sectional nature of the study could also be a limitation; hence,
Relevant to consumer empowerment is the concept of digital divide. there is a need for more longitudinal studies. The dataset that was used
Empowered and well-informed consumers will reduce the digital-divide in the current study is heavily represented by highly literate re
gap, which can otherwise impact the adoption and usage of mobile spondents. Future studies should consider samples with varied respon
money services. The banking companies, Fintech, and other third-party dent demographics. Though it was not the aim of the current study to
service providers should value consumer empowerment and pursue it achieve external validity, future studies that consider the issues high
through different means, such as by offering digital education, holding lighted here would help achieve high external validity and
awareness campaigns, and training the people in rural areas in using generalizability.
digital applications (Pontones-Rosa et al., 2021). These initiatives will The fast proliferation of mobile money models in various countries
reduce the digital divide in the rural and urban segments and will across the globe has created a diverse mobile money market that is
11
accessible by various consumer segments in both rural and urban areas distancing parameters, and can look into the possibility of the contact
and has offered a diverse portfolio of services across the spectrum of less or remote access of financial and payment services becoming the
financial services. This has changed the mindset of the financial houses, new normal. After all, the disruptive yet very famous Burger King slogan
policymakers, and developers who traditionally considered mobile “Have It Your Way” (Khenfer et al., 2020) has become the reality and
money a buzzword for the less privileged. Accordingly, it is worthwhile motivation for many firms during the COVID-19 pandemic and is likely
to expand the research scope and examine the popularity as well as the to remain such even post-pandemic.
usage of mobile money services by financially included and excluded
populations. CRediT authorship contribution statement
We could not examine whether there are gender differences when
adopting and using mobile money services in Africa and elsewhere, but All four authors made significant contributions to this paper, without
there could be different parameters for male and female populations. In which publication would not have been possible. All the authors
addition, the gender gap in designating the mobile money agent could participated in the data collection process. All authors have read and
also hinder the usage and wider spread of mobile money services. For agreed to the published version of the manuscript.
example, in most rural areas in indigenous societies with huge gender Aijaz A. Shaikh: Conceptualization, Intro, Theory, Hypothesis sec
disparities, a female agent could emerge as a powerful tool for reaching tions, Writing- Original draft preparation, Data collection. Richard
and facilitating the female mobile money customer base and is therefore, Glavee-Geo: Survey design and its pre-testing, Data collection, Data
worthy of investigation. curation, Validation, Methodology, Software (SmartPLS), Results sec
The lifeline of mobile money and related financial technological tion. Heikki Karjaluoto: Project administration, Writing- Reviewing
solutions is widely considered the mobile money agent. We have pro and Editing. Robert Ebo Hinson: Data collection, Discussion, implica
vided the consumer perspective with the help of empirical evidence to tions, limitations, and future research directions sections.
suggest that agent credibility and service quality stimulate customer
empowerment in general. Furthermore, we argue that, for the less References
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87–99. https://doi.org/10.1016/j.dss.2015.05.013. ness School. He has also served as Rector of the Perez University College in Ghana. Hinson
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ternational Journal of Contemporary Hospitality Management, Journal of Retailing and Con
sumer Services, and others.
14
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Mobile money as a driver of digital ﬁnancial inclusion

Article in Technological Forecasting · December 2022

Aijaz A. Shaikh Richard Glavee-Geo

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Heikki Karjaluoto Robert Ebo Hinson

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Contents lists available at ScienceDirect

Technological Forecasting & Social Change

Mobile money as a driver of digital financial inclusion

1. Introduction several demographics, including Ghana.

Financial and Payment landscape

Fig. 1. The mobile money ecosystem.

2. Literature and theory review 2.2. Mobile money agent

INPUT PROCESS OUTPUT

Stimulus Organism Response

Fig. 2. The S-O-R theoretical framework.

2.7. Consumer engagement

Consumer engagement, which is composed of cognitive, emotional,

2.6. Consumer empowerment theory

Consumer empowerment is widely considered an emerging concept

Fig. 3. Proposed conceptual/Research model.

Fig. 4. Alternative research model.

Table 1 Table 1 (continued )

Consumer empowerment 0.20 Agent credibility 0.37*** 7.51 0.14 1.24

Path coefficient t-Value Path coefficient t-Value Path coefficient t-Value

the service agent's credibility has a more substantial impact on customer

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