Mobile money adoption: Unequal pathways to financial well-being across small enterprises
研究加纳406家小微企业发现，感知有用性、易用性和信任驱动移动货币采纳，且采纳对微型企业财务福祉的提升效果强于小型企业，服务收费透明度正向调节这一关系。
This study examines factors influencing mobile money adoption among micro and small enterprises (MSEs) in developing economies and its differential impact on multidimensional financial well-being. Drawing on an integrated theoretical framework extending the Technology Acceptance Model with trust and Resource-Based View, we develop and test a comprehensive model accounting for key moderating factors. Using data from 406 MSEs in Ghana, we employ structural equation modeling to evaluate how perceived ease of use, perceived usefulness, and trust drive adoption, and how adoption affects business impact, perceived value and satisfaction, and financial capability and access. Our findings reveal that perceived usefulness exerts the strongest influence on adoption, followed by perceived ease of use and trust. Mobile money adoption positively impacts all financial well-being dimensions, with effects significantly stronger for micro enterprises than small enterprises. The transparency and perceived fairness of service charges positively moderate the adoption-outcome relationship, with moderation effects particularly pronounced for micro enterprises. This study's originality lies in: (1) developing the first integrated framework linking technology acceptance with resource-based outcomes specifically for MSEs; (2) empirically validating a multidimensional financial well-being construct; and (3) revealing heterogeneous effects demonstrating unequal benefits across MSE segments. Findings have important implications for financial institutions, policymakers, and development agencies seeking to leverage mobile money for inclusive economic growth in emerging markets, highlighting its potential to disproportionately benefit the smallest businesses.