Mobile Banking and Financial Inclusion: A Comprehensive Review of Adoption, Accessibility, and Outcomes
DOI:
https://doi.org/10.61424/vqw22d27Keywords:
Mobile Banking, Financial Inclusion, Digital Finance, Banking Adoption;, Financial AccessibilityAbstract
Mobile banking has emerged as a transformative financial technology with significant potential to expand financial inclusion, particularly among underserved and unbanked populations. This review examines the relationship between mobile banking and financial inclusion, focusing on adoption, accessibility, and socioeconomic outcomes. Drawing on findings from existing academic literature and empirical studies, the review explores the major factors influencing mobile banking adoption, including perceived usefulness, ease of use, trust, security, affordability, digital literacy, network availability, and regulatory support. The findings indicate that mobile banking can reduce geographic and financial barriers to formal financial services by enabling users to conduct payments, transfers, savings, and other transactions through mobile devices. However, persistent challenges—including limited digital literacy, inadequate telecommunications infrastructure, cybersecurity concerns, transaction costs, privacy risks, and disparities in access to mobile technology—continue to constrain its inclusive potential. The review further demonstrates that effective mobile banking ecosystems can contribute to improved household financial management, expanded access to savings and credit, greater participation in digital commerce, and increased economic opportunities for underserved communities. Overall, mobile banking represents an important mechanism for advancing financial inclusion, but its benefits depend on affordable access, user trust, appropriate consumer protection, digital skills, reliable infrastructure, and supportive regulatory frameworks.
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