Challenges, Benefits, and Adoption Dynamics of Mobile Banking at the Base of the Pyramid (BOP) in Africa: A Systematic Review

Abstract

Increased mobile penetration in Africa offers great potential to accelerate financial inclusion through increased adoption of mobile banking by people at the base of the pyramid (BOP) on the continent. This article provides results from a systematic review of existing research findings on the challenges, benefits and adoption dynamics of mobile banking at the BOP in Africa. The systematic review, which followed PRISMA (preferred reporting items for systematic reviews and meta-analyses) guidelines, identifies the following key challenges for mobile banking diffusion at the BOP on the continent: poor mobile connectivity; lack of awareness of mobile banking services; illiteracy; poverty; lack of trust due to perceived security risks; legal and regulatory frameworks; and cultural factors. Based on analysis of these challenges, and of the benefits and adoption dynamics also identified, the article provides recommendations for how mobile banking services can be more sustainably implemented for the benefit of people at the BOP in Africa.

Keywords

• mobile banking
• financial inclusion
• base of the pyramid (bop)
• africa; prisma (preferred reporting items for systematic reviews and meta-analyses)
• challenges
• benefits
• adoption dynamics
• technology acceptance model (tam)
• unified theory of acceptance and use of technology (utaut)