Mobile banking services and financial inclusion among customers of commercial banks: Evidence from an emerging economy

The study is set against the backdrop of rapid technological advancements in the banking sector, specifically in the adoption of mobile banking. Over the last three decades, the banking industry in Ghana, like many others in emerging economies, has transitioned from traditional, branch-based banking services to more automated and digital solutions. This transformation has been largely driven by increasing internet penetration, mobile phone adoption, and the need to reach underserved populations. Despite these advances, a significant proportion of the population remains financially excluded, with limited access to formal financial services. Thus, mobile banking offers an opportunity to enhance financial inclusion, particularly for marginalised communities in Ghana. The study aims to investigate the factors influencing mobile banking services and assess how they impact financial inclusion among customers of commercial banks in an emerging economy. The study through the use of a structured questionnaire gathered 65 primary data from managers and supervisors within 13 commercial banks in Ghana. The study employed a purposive sampling technique to select the 13 commercial banks whilst using convenience sampling to gather data from managers and supervisors within these banks. The results show that mobile banking transfer has a significant negative relationship with financial inclusion, but mobile account management has a significant positive relationship with financial inclusion. Furthermore, the results depict that Mobile banking payment and financial inclusion have no significant relationship. Policy development should focus on increasing financial inclusion among unbanked individuals, enabling access to banking services. Commercial banks should innovate mobile money connections and expand motivation for technical financial inclusion to provide value-added services and improve access to financial services, ultimately promoting financial inclusion. The study shed light on the impact of mobile banking transfer, mobile banking payment, and mobile account management on financial inclusion in Ghana. The study further provides implications for commercial banks and policymakers in sub-Saharan Africa.