Quantifying the Role of Mobile Money Services to Financial Inclusion: Evidence from EVC-PLUS in Somalia

This study aims to quantify the impact of mobile money services on fnancial inclusion, focusing on EVC-PLUS services in Somalia. Access, quality, usage, and welfare of fnancial services are measured in fnancial inclusion. A sample of 385 respondents was examined, and regression methods were employed to estimate the model parameters. The strength and stability of the model are examined to confrm the ability of the model to estimate the relationship between mobile money and the fnancial inclusion. This study discovered that mobile money directly and positively impacts fnancial inclusion in Somalia. Access, quality, usage, and welfare indicators are positively and substantially associated with fnancial inclusion. Mobile money facilitates access to bank accounts and enhances the quality of fnancial services, including savings mecha-nisms and loan availability. EVC-PLUS further enhanced the usability of the fnancial service by enabling its customers to access banking services at convenient times and regularly. The study found that mobile money usage reduced the gender gap, where women have the same fnancial inclusion privileges as men. This paper suggests that government institutions should adopt a policy framework encouraging fnancial inclusion through mobile money services.