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Open AccessArticle

Mobile Money, Individuals’ Payments, Remittances, and Investments: Evidence from the Ashanti Region, Ghana

1
Graduate Program in Sustainability Science Global Leadership Initiative (GPSS-GLI), The University of Tokyo, Kashiwa 277-8563, Japan
2
Department of International Studies, The University of Tokyo, Kashiwa 277-0882, Japan
*
Author to whom correspondence should be addressed.
Sustainability 2018, 10(5), 1409; https://doi.org/10.3390/su10051409
Received: 30 March 2018 / Revised: 23 April 2018 / Accepted: 27 April 2018 / Published: 3 May 2018
(This article belongs to the Section Economic and Business Aspects of Sustainability)
While many studies that are focused on mobile money concern the effects of mobile money on consumption and informal risk-sharing, little evidence is provided on how mobile money influences payments and microbusiness investment for low-income people. We estimate the effects of access to mobile money on individuals’ payments and income-generating activities by using data from the Ashanti Region of Ghana. Based on propensity-score matching and propensity-score weighted regression, we find that participation in mobile money is not dependent on individuals’ financial status. We also observe that mobile-money users are likely to send and receive larger volumes of payments and remittances. We further find that mobile-money users are more likely to save higher amounts, invest more in education, microbusinesses, land, and buildings, and also consume more relative to non-users. View Full-Text
Keywords: mobile money; financial inclusion; payments; investments; Ghana mobile money; financial inclusion; payments; investments; Ghana
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Apiors, E.K.; Suzuki, A. Mobile Money, Individuals’ Payments, Remittances, and Investments: Evidence from the Ashanti Region, Ghana. Sustainability 2018, 10, 1409.

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