FinTech ecosystem practices shaping financial inclusion: the case of mobile money in Ghana

Financial technology (FinTech) is widely recognised as important in addressing financial inclusion. However, limited research theorises how new entrants and incumbents work together in FinTech ecosystems to shape financial inclusion. We undertake a theory-generating case study with multilevel interacting organisations in Ghana, where, like many other African countries, the growth in FinTech has led to new opportunities for financial inclusion. We conceptualise three practices, as building blocks at the ecosystem level, through which incumbents and new entrants shape financial inclusion: (1) innovative and collaborative practices, (2) protectionist and equitable practices, and (3) legitimising and sustaining practices. We articulate a theoretical model that explains how the practices shape financial inclusion and propose three theoretical propositions of how financial inclusion in developing countries is being scaled and shaped in terms of actors, relationships, and practices.