Financial Technology Revolution: Transforming Banking Operations in Sub Saharan Africa

Abstract: Across Sub-Saharan Africa, technological revolution, particularly in the financial sector through mobile money, is restyling banking operations. The study examined the revolutionary effect of mobile money, a critical financial technology (FinTech) innovation, on traditional banking services in Sub-Saharan Africa. It contributed to the enduring discussion on whether mobile money threatens or boons traditional banking institutions, highlighting the study's significance and employing the robust PMG-ARDL panel model to assess the extent of the interplay between mobile money and banking operations. The annualised time series data from the decomposed Sub-Saharan African countries were also employed to evaluate the extent of the interplay between mobile money influence and banking operations from 2011 to 2022. The findings shed light on the extent of FinTech's influence in reshaping banking operations and increasing financial inclusion in the region. A 1% change in mobile money services through active mobile money accounts and the value of transactions reduces reliance on traditional banking operations in the long run. Mobile money technology has a substitutional and complementary influence on regional and sub-region banking operations. Mobile money offers convenient, cost-effective, and flexible services. These findings align with the technology acceptance models and provide valuable insights for policymakers and stakeholders to embrace synergies to foster trust in secure mobile money transactions. Traditional banking services increase financial inclusion. Address defies arising from the disruptive nature of FinTech.