The Role of Microfinance and Mobile Money Applications in Promoting Entrepreneurship in Low-Income Communities in The Gambia.

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This research investigates the effects of microfinance services combined with mobile money applications on entrepreneurship development in low-income areas of The Gambia while examining their combined effects which previous studies have not addressed. The existing research on mobile-enabled microfinance benefits in African countries has not yet established The Gambia as an exception which shows how digital financial services impact business performance. The researchers employed a mixed-methods study design which included 183 participants to conduct statistical analysis through descriptive statistics and correlation and regression methods. The research results show that microfinance services (β=0.34) and mobile money services (β=0.31) both enhance entrepreneurial performance while their combined effect creates the strongest impact which shows that financial solutions work best when they function together. The three structural obstacles of high expenses and lack of digital skills together with infrastructure challenges create operational barriers which lead to performance decline (β= -0.28). The research presents fresh evidence which supports existing literature by demonstrating the need for synchronized financial and digital inclusion approaches. The study recommends microfinance institutions and mobile money providers to collaborate because this partnership needs both supportive policies and capacity-building initiatives for entrepreneurial growth. These findings offer valuable insights for policymakers, financial institutions, and development practitioners aiming to strengthen financial inclusion and economic empowerment in The Gambia.