This paper investigates the role of institutional quality in the relationship between mobile money and financial inclusion in Ghana from 2014 to 2021. It uses annual data from the World Development Indicators database on a bundle of four financial inclusion variables (ATMs per 100,000 adults; the number of bank branches per 100,000 adults; deposit accounts with commercial banks per 1,000 adults ; and account ownership at a financial institution or with a mobile money service provider), six institutional quality indicators (i.e., rule of law, governance effectiveness, control of corruption, voice and accountability, regulatory quality, and political stability), and total volume of mobile money transactions in a year. The baseline regression was employed. The empirical results reveal that institutional quality and mobile money have a direct positive and significant effect on financial inclusion. Also, institutional quality plays a positive and significant moderating role in the relationship between mobile money and financial inclusion. Furthermore, mobile phone subscription, financial development, inflation, and GDPGR influence financial inclusion.

本文调查了 2014 年至 2021 年加纳的制度质量在移动货币与金融普惠之间关系中的作用。它使用了世界发展指标数据库中四个金融普惠变量的年度数据（每 100,000 名成年人的 ATM 数量；每 100,000 名成年人的 ATM 数量；每 100,000 名成年人的银行分行数量；每 1,000 名成年人在商业银行的存款账户；以及金融机构或移动货币服务提供商的账户拥有量），六项机构质量指标（即法治、治理有效性、腐败控制、话语权和问责制、监管质量和政治稳定性）以及一年内移动货币交易总量。采用基线回归。实证结果表明，制度质量和移动货币对普惠金融具有直接的正向且显着的影响。此外，制度质量在移动货币与普惠金融之间的关系中发挥着积极且显着的调节作用。此外，手机订阅、金融发展、通货膨胀和 GDPGR 也会影响金融包容性。