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

This study systematically reviewed empirical evidence on the role of mobile money in advancingfinancial inclusion and philanthropic impact across Africa and Asia. Based on 47 peer-reviewed studiespublished between 2010 and 2024, the review examined how mobile money technologies haveinfluenced access to financial services and charitable behaviours. Using the PRISMA framework andthe PICOS model, a structured search was conducted across major academic databases. Thematicsynthesis revealed five core insights: mobile money enhances financial access for underservedpopulations; contributes to poverty reduction, gender inclusion, and rural empowerment; facespersistent challenges including infrastructural deficits, regulatory uncertainty, and digital illiteracy;holds emerging potential in philanthropic activities such as crowdfunding and disaster relief; andremains underexamined in the context of integrated financial-philanthropic strategies. Comparativeanalysis showed that mobile money systems in Africa tend to exhibit broader grassroots adoption andintegration into informal economies, while those in Asia are more commonly shaped by centralisedgovernance, 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 toexplore the intersection of financial inclusion and philanthropy within the mobile money landscapeacross two continents. By synthesising existing literature, it bridges a noticeable gap in digital financeresearch and offer practical insights for policymakers, development practitioners, and fintechinnovators working toward more inclusive and socially responsive growth.