Impact of Mobile Money and Fintech in Enhancing Financial Inclusion in the Gambia: A Case Study of Wave

This study investigates the complex relationships between key variables affecting financial inclusion, using SMART-PLS 4.0 for data analysis. Specifically, we focus on how Mobile Money Adoption (MMA), FinTech Services (FTS), Regulatory Environment (RE), Technological Infrastructure (TI), Social Influence (SI), and User Trust (UT) contribute to Financial Inclusion (FI). Results reveal that FinTech Services significantly influence the Regulatory Environment and User Trust, with path coefficients of 0.543 and 0.103, respectively. Mobile Money Adoption shows strong effects on FinTech Services (0.510), Social Influence (0.480), and User Trust (0.171), highlighting its pivotal role in shaping the financial ecosystem. The regulatory environment’s effect on user trust is minimal, while Social Influence significantly influences User Trust (0.751), but negatively impacts Financial Inclusion (-1.181). The study also identifies indirect effects, such as Mobile Money Adoption’s substantial impact on Financial Inclusion (0.384), and finds that Technological Infrastructure plays a minor role in shaping financial inclusion. The integration of these factors presents a robust model with high explanatory power for financial inclusion dynamics, as indicated by strong outer loadings and significant path coefficients. The findings underscore the complex interplay of variables in fostering financial inclusion and suggest that the role of technology and trust is paramount in shaping this dynamic.