Mobile banking services have become increasingly prevalent in African markets due to their convenience and accessibility for remote populations. In Ethiopia, rural areas often lack traditional banking infrastructure, necessitating innovative financial solutions. The research employed a qualitative methodology involving semi-structured interviews with WOB owners, community leaders, and financial institutions. Data collection focused on understanding business operations, challenges faced, and the role of mobile banking. Mobile banking usage among WOBs in rural Ethiopia reached an average of 65% for transactions over 10, demonstrating significant adoption despite limited access to formal banking services. The findings highlight how mobile banking has positively influenced economic performance by enabling more efficient financial management and reducing transaction costs. Financial institutions should expand their outreach strategies in rural areas to better serve women-owned businesses. Policymakers could consider incentivizing the adoption of mobile banking solutions for economic development. Mobile Banking, Women-Owned Businesses, Rural Ethiopia, Economic Performance, Financial Inclusion
Betemariam et al. (Tue,) studied this question.