The Role of financial intermediaries in enhancing financial Inclusion: Evaluating the role of Microfinance Institutions and Mobile Money providers in underserved Areas of The Gambia.

Financial inclusion is widely acknowledged as an essential catalyst for poverty reduction, enhanced financial independence, and the advancement of equitable growth, particularly in developing economies. The financial situation in The Gambia has changed, but a large part of the population is still not able to use formal banking systems. This is especially true in rural and marginalized areas. This study looks at how financial intermediaries, like mobile money operators and microfinance institutions, help more people in the Gambia get access to basic services. The study employs a mixed-methods approach, combining primary and secondary data to examine how individuals and households access, use, and benefit from financial services. It examines how MFIs and mobile money providers operate, the challenges they face, and the socio-economic impacts of financial inclusion on individuals and households. The results show that mobile money services have made it much easier for people to have access to finance. Families that are struggling financially have benefited from this and are now able to increase their income. By encouraging people to keep their money in their local communities, MFIs also help them save. There are still issues, including the distance from actual branches, exorbitant interest rates, inadequate agent coverage, poor network connectivity, and limited reach. According to the study, stakeholders must collaborate more, transaction costs must decline, and network infrastructure must be improved to increase access to financial services in areas of The Gambia that currently lack them. The results provide policymakers, financial institutions, and development partners seeking to make financial systems more open and durable with useful information.