Mobile Money

Abstract

This review provides an overview of the operations and impacts of mobile money in the developing world. Over the past decade, mobile money has become a ubiquitous tool in some developing economies, allowing individuals to digitally transact money without formal bank accounts. The impacts, where documented, have been sizeable: For example, poverty decreased by two percentage points in Kenya. However, adoption still lags in many economies and, even where there is universal adoption, product innovation over the rails of these digital accounts has been slow. The review concludes by discussing what the future of mobile money in developing economies may look like and, thus, where the most exciting opportunities for research may be.