A Cross-Country Analysis of Mobile Money Drivers and Inclusion Outcomes

This study examines socioeconomic factors that shape financial inclusion through mobile money services across 102 low- and middle-income countries between 2017 and 2021. This research was motivated by persistent gaps in access to formal financial systems. The variables of research are education, employment, economic development, and digital connectivity influence the adoption and use of mobile money. Using World Development Indicators data, the analysis uses descriptive statistics, correlation patterns, and log-log OLS regression models to capture different phases of digital financial expansion. The results show that education and mobile access were the strongest drivers of inclusion in 2017. This, in turn, underscores the importance of basic literacy and connectivity in early adoption. By 2021, these effects weakened as digital penetration increased (all while broader structural factors became more influential). The findings suggest that financial inclusion has significantly evolved. This may be because when digital access becomes widespread, progress depends less on connectivity and more on economic conditions, institutional quality, and demographic structure. The study contributes to ongoing policy discussions by emphasizing that sustainable financial inclusion requires coordinated investments in education, digital infrastructure, and economic opportunity, particularly in low-income/rural settings.