There is a growing body of literature on digital financial services, consisting primarily of peer-reviewed journal articles and donor reports. Much of the literature centres on Africa – particularly on Kenya, where mobile technology is widespread. There are various gaps, however, on the outcomes of such services (see Islam et al., 2016). While there is much literature, which asserts that digital financial services improve financial inclusion, there is little empirical evidence that establishes the links between digital finance and financial inclusion (Ozili, 2018). In addition, few studies have explored the relationship between mobile money use by firms, on the one hand, and private investment, firm profitability, and/or access to finance, on the other (Islam et al., 2016).