DIGITAL CURRENCY REVOLUTION: EXAMINING THE LANDSCAPE OF MOBILE MONEY IN THE WAEMU REGION

Abstract

The proliferation of mobile phones in developing countries has ushered in a transformative era for financial inclusion through mobile financial technology, commonly known as mobile money. This innovative approach leverages mobile phones to facilitate financial services, including remittances, savings, loans, and limited access to bank accounts, without requiring internet connectivity. The landscape of mobile money providers varies by country, encompassing mobile operators and banks in some regions while restricted to banks in others due to regulatory frameworks.

In the West African Economic and Monetary Union (WAEMU), mobile money services are contingent upon central bank approval, involving licensed banks, microfinance institutions, and electronic money issuers. This financial innovation has extended the reach of formal financial services by capitalizing on mobile phone accessibility and an expanding network of agents.

While mobile money promises to dismantle barriers to formal financial services and integrate marginalized populations into formal financial systems, its widespread adoption remains limited. The potential of mobile financial services to drive financial inclusion is not uniform, as convenience primarily benefits individuals with existing bank accounts.

This study explores the multifaceted landscape of mobile money, its impact on financial inclusion, and the challenges associated with extending its reach to those excluded from traditional banking systems