Mobile Banking and Financial Inclusion in Africa: A Case Study of Kenya and Nigeria

Abstract

Mobile banking has revolutionized financial inclusion in Africa by providing banking access to previously unbanked populations. This study explores the role of mobile financial services such as M-Pesa in Kenya and fintech startups in Nigeria in promoting economic inclusion. The research analyzes adoption rates, user experiences, and regulatory challenges affecting mobile banking expansion. Findings suggest that mobile financial services have significantly improved economic participation, but concerns remain regarding cybersecurity, fraud, and regulatory oversight. The study recommends policy interventions to enhance security while fostering innovation in the African financial sector.