Do mobile money services enhance business performance? An empirical analysis of Kenyan businesses

Pattanapong Tiwasing*, John Agyekum Addae, FZ Naab, Gilbert Zana Naab

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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This study examines the impact of mobile money services on business performance by comparing the performance between businesses that use and do not use mobile money. The analysis empirically draws on cross-sectional data of 1001 Kenyan businesses from the 2018 World Bank Enterprise Survey. Propensity Score Matching is used to control for selection bias and variations in business characteristics. The results reveal that businesses that use mobile money services are more likely to be innovative in products and processes than non-users. However, they perform as well as businesses that do not use mobile money. The results also show that differences in business-specific characteristics such as business size, sector, location, and business obstacles significantly influence the adoption of mobile money by Kenyan businesses. Therefore, these results highlight the importance of mobile money services for Kenyan businesses with effective digital tools and support. Policy recommendations to enhance the financial mobile ecosystem and financial inclusion are discussed.
Original languageEnglish
Number of pages13
JournalInternational Journal of Entrepreneurship and Innovation
Early online date16 Feb 2024
Publication statusFirst published - 16 Feb 2024

Bibliographical note

Publisher Copyright:
© The Author(s) 2024.


  • business performance
  • empirical analysis
  • FinTech
  • Kenya
  • mobile money


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