A Systematic Review of Supply-Side, MSMEs, and Regulatory Perspectives on Mobile Money in Sub-Saharan Africa

Abstract

This paper investigates digital finance technologies such as mobile money (MM) publications in management, business and development journals in Sub-Saharan Africa (SSA), focusing on the supply-side dynamics, Micro, Small, and Medium Enterprises (MSMEs) outcomes, and regulatory frameworks of MM. Using bibliometric and systematic literature review approaches, 194 peer-reviewed articles published between 2010 and 2025 were analyzed. Findings identified infrastructural deficits, institutional misalignment, and limited ecosystem integration as major suppliers’ barriers to MM effectiveness; and regulation, inflexible policies, lack of trust, and weak legal protection as regulatory issues. Further, the review indicates that mobile money significantly improves credit access, innovation, and business performance of MSMEs. This paper contributes to digital finance literature by using an integrated Technology - Organization - Environment (TOE) and Contextual conditions, Mechanism - Outcomes (CMO) frameworks to explain how the success of mobile money and effective service provision emerges from multi-level interactions of Telcos, banks, technology and enterprises. Key theoretical and methodological approaches are identified. Policy suggestions are provided.