Journal of Cyber Defence and Assurance
Mobile money agent density and small-firm working capital in secondary Nigerian cities
- Tobi A. Falade Lagos Business School ORCID 0000-0001-2299-7734 Search for this author on: Google Scholar
- Zainab I. Mohammed Department of Economics, Bayero University Kano Search for this author on: Google Scholar
Article Number - 48CC0DE48FBB Vol.9(3), pp. 112-129 , July 2026 https://doi.org/10.71234/jbed.2026.0903.04
Received: 18 February 2026 Accepted: 18 June 2026 Published: 18 July 2026
Copyright © 2026 The Author(s). All rights reserved by the authors.
This is an open access article under the terms of the Creative Commons Attribution 4.0.
Abstract
Using a panel of 2,300 micro and small firms across nine secondary cities between 2021 and 2025, we exploit the staggered rollout of agent banking licences to estimate the effect of local agent density on firm working capital. A doubling of agents within one kilometre is associated with a 9.2% increase in average inventory holdings. Effects concentrate among trading firms rather than manufacturers and are absent where grid electricity availability falls below twelve hours daily.
Keywords: Mobile money, Financial inclusion, Working capital, SMEs, Agent banking
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Department of Economics, Bayero University Kano
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Since publication on 18 July 2026.
How to Cite this Article
Falade, T. A., & Mohammed, Z. I. (2026). Mobile money agent density and small-firm working capital in secondary Nigerian cities. Journal of Cyber Defence and Assurance, 9(3), 112-129. https://doi.org/10.71234/jbed.2026.0903.04
Falade, Tobi A., and Zainab I. Mohammed. "Mobile money agent density and small-firm working capital in secondary Nigerian cities." Journal of Cyber Defence and Assurance, vol. 9, no. 3, 2026, pp. 112-129. https://doi.org/10.71234/jbed.2026.0903.04.
Tobi A. Falade, Zainab I. Mohammed. "Mobile money agent density and small-firm working capital in secondary Nigerian cities." Journal of Cyber Defence and Assurance 9, no. 3 (2026): 112-129. https://doi.org/10.71234/jbed.2026.0903.04.