Journal of Cyber Defence and Assurance

Mobile money agent density and small-firm working capital in secondary Nigerian cities

July 2026 - Vol 9 Num. 3

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…