<p>Mobile money is a critical financial technology (FinTech) in the modern and developing economies. Despite its significance, the fragmented conceptual landscape and the geographically uneven distribution of research hinder a complete understanding of its role in promoting financial inclusion. To fulfil the knowledge gap, we conduct a systematic review of 65 articles (2014–2026), in line with institutional and ethical guidelines. Four key themes are found to affect the perception and function of mobile money. These are: adoption and diffusion dynamics; remittances, risk mitigation, and financial accessibility; poverty reduction, wellbeing, and human development; and impacts on micro, small, and medium enterprises (MSMEs). Next, the outcomes of mobile money usage stem from the interplay among micro-level consumer behavior, meso-level institutional conditions, and macro-level developmental contexts. Considering these findings, we propose a multilevel framework that synthesizes individual adoption behaviors, institutional factors, and developmental outcomes. This framework underscores the importance of socio-technical alignment and elucidates the mechanisms by which mobile money systems foster financial inclusion. For financial services practitioners, regulators, and policymakers, factors such as regulatory design, taxation policy, platform governance, and consumer trust are essential determinants of mobile money’s potential to enhance sustained financial inclusion and broader developmental outcomes.</p>