Abstract
This study examined mobile financial inclusion mechanisms' effect on sustainable
development in Nigeria, Kenya, and Cameroon from 2010 to 2024. Mobile money appears
merely to broaden financial services among existing users in sub-Saharan Africa. The
research assessed mobile money penetration, transactions, and outlet density against the
Human Development Index (HDI), juxtaposing their distinct effects across the selected
countries. Anchored in UTAUT theory and using secondary data from World Bank
Development Indicators and Global Data Index, econometric analysis employed Panel OLS
and Granger Causality tests. Mobile Money Penetration produced a neutral HDI effect at the
aggregate level with no significant country-specific effects. Transaction volume showed
significant Granger-causality with HDI at the aggregate level, though manifesting as adverse
in Cameroon, positively lagged in Nigeria, and inconsequential in Kenya. Agent density
displayed no meaningful aggregate HDI impact, though Cameroon showed a pronounced
favorable country-specific effect. Findings reveal a vital paradox: financial access and
account ownership alone do not assure human development. Substantive impact depends on
deep service engagement and integration into productive economic activities rather than
mere access expansion or infrastructure rollout. Regulators must pivot from elementary
expansion to value creation promoting product-linked accounts, transforming agent networks
into SME service hubs, and aligning mobile finance ecosystems with national development
frameworks to realize concrete advancements in health, education, and living standards
across Sub-Saharan Africa.Keywords: Mobile money, financial inclusion, sustainable
development, Human Development Index, Sub-Saharan Africa.