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Mobile Money Use: The Impact of Macroeconomic Policy and Regulation

Published: 7 April 2021
 by  MDPI AG
Economies , Volume 9; doi:10.3390/economies9020051

Abstract: This paper examines the effects of macroeconomic policy and regulatory environment on mobile money usage. Specifically, we develop an autoregressive distributed lag model to investigate the effect of key macroeconomic variables and mobile money tax on mobile money usage in Uganda. Using monthly data spanning the period March 2009 to September 2020, we find that in the short run, mobile money usage is positively affected by inflation while financial innovation, exchange rate, interest rates and mobile money tax negatively affect mobile money usage in Uganda. In the long run, mobile money usage is positively affected by economic activity, inflation and the COVID-19 pandemic crisis while mobile money customer balances, interest rate, exchange rate, financial innovation and mobile money tax negatively affect mobile money usage.
Keywords: inflation / exchange rate / interest rate / financial innovation / economic activity / COVID-19 pandemic crisis / mobile money usage / mobile money tax / mobile money customer balances / mobile money registration

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