Influence of Mobile Money on Economic Growth in Sub-Saharan Africa as Moderated by Financial Stability

This study investigates the influence of mobile money on economic growth in SSA, with a special focus on the moderating role of financial stability. The study utilizes a panel data from 38 SSA countries spanning the period 2000 to 2023. Mobile money adoption, financial stability, and economic growth are each measured using composite indices constructed from multiple indicators. The empirical analysis used Generalized Method of Moments to address endogeneity and capture dynamic relationships. The findings reveal that while mobile money does not independently exert a statistically significant effect on economic growth, its interaction with financial stability is both positive and significant. Control variables such as education and inflation are also found to be significant, reinforcing their importance in SSA’s development trajectory. The study offers key practical and theoretical implications for policymakers, and accounting and development researchers., and provides a novel framework for integrating digital financial metrics into macroeconomic modeling.