Mobile Money and Financial Inclusion: A Systematic Review in Africa and Asia

This study systematically reviewed empirical evidence on the role of mobile money in advancing financial inclusion and philanthropic impact across Africa and Asia. Based on 47 peer-reviewed studies published between 2010 and 2024, the review examined how mobile money technologies have influenced access to financial services and charitable behaviours. Using the PRISMA framework and the PICOS model, a structured search was conducted across major academic databases. Thematic synthesis revealed five core insights: mobile money enhances financial access for underserved populations; contributes to poverty reduction, gender inclusion, and rural empowerment; faces persistent challenges including infrastructural deficits, regulatory uncertainty, and digital illiteracy; holds emerging potential in philanthropic activities such as crowdfunding and disaster relief; and remains underexamined in the context of integrated financial-philanthropic strategies. Comparative analysis showed that mobile money systems in Africa tend to exhibit broader grassroots adoption and integration into informal economies, while those in Asia are more commonly shaped by centralised governance, formal institutional linkages, and stricter regulatory regimes. Despite regional variations, both contexts illustrate mobile money’s transformative potential. This review is one of the first to explore the intersection of financial inclusion and philanthropy within the mobile money landscape across two continents. By synthesising existing literature, it bridges a noticeable gap in digital finance research and offers practical insights for policymakers, development practitioners, and fintech innovators working toward more inclusive and socially responsive growth.