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This study aims to analyze the effect of banking technology [automated teller machine (ATM) and mobile cellular devices (MOBs)] and other traditional factors on the level of currency in circulation for a sample of 21 selected sub-Saharan African (SSA) countries. It also assessed the mitigating effect of education on the relationship between banking technology and the cashless economy.

The study used a panel data approach to design a cashless economy model with banking technology – ATM and MOBs – as well as their interaction with education as regressors.

This study finds that MOB is significant for promoting a cashless economy, whereas ATM is insignificant in sample SSA countries. The level of education and the number of bank branches were also found to be significant in promoting a cashless economy. The interaction between education and ATM was insignificant but negatively signed, whereas that between education and MOB was significant but had a positive sign.

Non-availability of data restricted this work to a panel study of selected SSA countries. Subsequent studies should consider single-country case studies.

Findings from the study imply that for banking technology to drive a cashless economy effectively, education has to be improved.

The ratio of cash in circulation to total money supply was used as a measure of the cashless economy. The study also evaluated the moderating effect of education on banking technology.

Ranking as the lowest-scoring region for many years on the corruption perceptions index (CPI) with an average score of 32 (2019–2021), Sub-Saharan Africa’s performance gives a bleak impression of inaction against corruption. The objective of this study aims to examine the effect of technological innovation in curbing corruption in Africa through prosperity.

CPI, prosperity index and individuals’ access to internet in the presence of some covariates were employed using the Andrew Hayes’ mediation analysis and cross sectional data in estimating the relationship among the variables as it affects all 54 African countries in the years 2012, 2015 and 2018.

The coefficients of the direct, indirect and total effects showed that internet access is only significant in reducing corruption if it is engaged in activities that create national prosperity (jobs, profits, infrastructural development and good governance).

The uniqueness of this study is predicated on the fact that a realistic analysis of the effect of technological innovation on corruption should include the channels it goes through. Thus, this study evaluates the direct, indirect and total effects of innovation on corruption through prosperity enhancement. Another unique aspect of this study is the use of market-creating innovation.