**3. Mobile money and digital payments versus financial inclusion**

Payments refer to the various ways to transfer money. Advances in payment technology influence household choice of payment methods [8]. Consequently, it is instructive to review how switching between payment types affects financial inclusion of households and ultimately, their welfare. On the one hand, mobile money enables users of mobile phones to deposit, withdraw, and transfer money without having a bank account. Mobile money services are provided by telecommunication companies in conjunction with commercial banks through a network of licenses agents. Mobile money services provide various services including but not limited to making deposits into a virtual wallet, which can be used to make payments for purchases, receipt of remittances, person-to-person payments, person-to-government payments, making saving as well as borrowing. Mobile money is available to individuals with bank accounts as well as those without bank accounts. The provision of financial services to those without bank accounts has helped to financially include individuals who previously lacked access to bank services in Africa. Conversely, digital payments allow households to pay digitally instead of via traditional means such as cash or cheque. They include the use of credit cards, credit cards, e-wallets, and mobile phones.

The Digital Revolution, which started in the 1980s and is ongoing, refers to the advancement of technology from analog electronic and mechanical devices to the digital technology available today. The digital revolution has enabled more persons and firms to access the internet, mobile phones as well as other digital services, which are automated and are controlled by the customer of the service, for example, as an "app" on a mobile phone or tablet PC. The interesting question from the perspective of the global agenda is how the digital revolution can enable to attainment of the sustainable development goals? One potential answer is digital financial inclusion. Digital financial inclusion involves the deployment of the cost-saving digital means to reach currently financially excluded and underserved populations with a range of formal financial services suited to their needs that are responsibly delivered at a cost affordable to customers and sustainable for providers. Inclusive digital financial services include online accounts, mobile money services, electronic payments, combinations of insurance and credit as well as FinTech applications that reach individuals and firms, which were hitherto excluded. If digital financial inclusion is provided through a well-regulated ecosystem, it has the potential to enable economic growth and launch countries on to a trajectory to the realization of sustainable development goals [9].

Digital finance and financial inclusion have several benefits to financial services users, digital finance providers, governments, and the economy. The digital finance issues presented by Ozili [10] are relevant for the ongoing debate and country-level projects directed at greater financial inclusion via digital finance in developing and emerging economies. Digital finance and financial inclusion have the potential to work better for individuals, businesses as well as governments.

Although financial inclusion has a central role in efforts toward global economic empowerment, financial inclusion has been deemed the soft side of financial services. This is because it has received limited or no attention from regulatory, policy as well as financial perspective. A major segment of world's population that is economically disadvantaged is either financially excluded or financially underserved [11]. Financial inclusion helps low-income households to get access to basic financial services such as savings, credit, and insurance, improving their financial self-control, thereby promoting economic growth, which is crucial for the realization of development. Therefore, financial services not only foster economic development but also reduce poverty and income inequality. The lack of financial inclusion is a root cause of other social ills in low-income regions of the world, for instance, intergenerational poverty,

lack of food security as well as civil unrest. Financial exclusion is an integral part of social exclusion. Therefore, the financially excluded individuals and firms are socially dependent upon their social networks.
