Parametric Analysis of Mobile Money Adoption and Women Financial Inclusion in Kogi State - Nigeria

An ever-increasing body of research and empirical evidence has demonstrated the positive impact of mobile money on individuals, households and businesses, especially in Sub-Saharan Africa, where there were almost 400 million registered accounts at the end of 2018. 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 women financial inclusion has not been fully analysed or investigated. To address this evidence gap, this study assesses the impact of mobile money across twenty-on (21) local governments areas of Kogi state - Nigeria. Something which, to our knowledge no previous study has done. This study explores the parametric effect of mobile money on women financial inclusion using cross-sectional data collected from 400 women across twenty-one LGAs of Kogi state in Nigeria. The probit regression results illustrate that mobile money is significant and positively related to women financial inclusion in Kogi state. In addition, economic activity positively plays a significant role in improving women financial inclusion, while gender discrimination and family financial resilience inversely reduces women financial inclusion in the state. Based on these empirical results, this study recommends the following. First, it is important that government at all level devise means to ensure and broaden usage of mobile money by of provision of communication networking, and internet services, especially in rural areas. This will go a long way in aiding and increasing individuals’ usage of mobile phone and money, hence promotion of financial inclusion among women. Secondly, there is need to enhance women economic engagement, most especially in the rural areas. This will boost their financial transactions, savings, and financial stability, thus stimulate their financial inclusion. Thirdly, while it may be unrealistic for gender equality but there is need to enforce gender discriminating law to give women sense of belonging and full participation to thrive their financial inclusion. Lastly, government at local level are also advised to increase and ensure financial stability and support families in building financial resilience. This can increase women financial inclusion.