The Impact of Mobile Money on Monetary and Financial Stability in Sub-Saharan Africa

Mobile money reduces transaction costs for users and helps households to better manage their cash flows; it allows firms to invest and build capital over time, fostering the creation and expansion of business; and it facilitates faster and more efficient government transfers. These benefits have enabled many mobile money users to realise significant quality of life improvements.However, the impact of mobile money on macroeconomic and financial development is not as well understood, particularly in relation to monetary and financial stability, which form the two primary objectives of central banks. To address this evidence gap, this study assesses the impact of mobile money across several countries in Sub-Saharan Africa - something which, to our knowledge, no previous study has done.