How can academics partner with the private sector to conduct research and have impact?
Editor’s note: This episode of VoxDevTalks is also available on Spotify, Apple Podcasts, and YouTube.
In this two-part VoxDevTalks special, Francis Annan first shared what inspired his research on mobile money in Ghana. Building on this first episode, this conversation delves into the behind-the-scenes challenges of engaging commercial providers and regulators to scale impactful research.
“My interest in questions around risks that consumers face in markets for mobile money and digital financial services was born out of a personal experience.”
As a graduate student, Annan found himself charged differently for two identical mobile money transactions in Ghana—a regulated market where pricing should have been standard. This encounter triggered a broader investigation into market vulnerabilities, price misconduct, and how consumers—particularly those less financially literate—could be at risk of exploitation.
Turning a pilot project into large-scale evidence
What began as a modestly funded pilot project snowballed into a multi-year research agenda. Using a $5,000 grant, Annan hired and trained enumerators to act as professional mystery shoppers. Their aim was to uncover patterns of misconduct across different mobile money markets.
These small-scale audits exposed a widespread issue of fraud by agents—often invisible to consumers and, surprisingly, under-addressed by providers. What made this work even more impactful was its potential to improve not just consumer outcomes, but also provider performance and trust in the market.
Engaging mobile money providers with persistence and strategy
Annan emphasises that meaningful change in digital finance is difficult without commercial cooperation.
“Even if you find a way to implement a project on the side without the partnership… when it comes to scalability and impact, you will need them.”
However, securing that cooperation was a long and frustrating process. When first approaching major providers like MTN, he received little attention. Repeated emails, in-person meetings, and months of silence tested his resolve.
Surprisingly, it was a VoxDev piece that tipped the balance. Someone at Ghana’s central bank read it and challenged mobile providers to respond. That attention created momentum. This marked the beginning of a deeper collaboration between Annan, providers, and the central bank.
Aligning research with business and policy goals
Annan learned that framing research in commercial terms can be pivotal. In conversations with CEOs, he focused on practical business implications—emphasising the bottom line. This forthrightness opened the door to deeper discussions on incentive structures and operational inefficiencies.
For instance, Annan questioned why providers had not updated their agent payment contracts in over 15 years. By suggesting alternative contract designs that could both improve conduct and profitability, he offered a compelling case for experimentation.
“Trying to understand incentive contracts… and studying the power of incentives… which one promotes more financial inclusion, which one generates more misconduct.”
He also highlighted the importance of institutionalising the research within companies. In one case, he embedded a staff member within a mobile money firm to ensure daily coordination and sustained engagement.
Regulation, impact, and national scalability
Annan’s research did not just influence companies—it began to shape policy. His work caught the attention of the Bank of Ghana, where he now frequently presents findings and contributes to regulatory strategy.
Efforts are also underway to institutionalise evidence-based policy units within the central bank, extending the reach of this research. The goal is not just to fix problems at the local level but to embed solutions into national regulatory frameworks.
By aligning provider profit motives with social goals, Annan presents a new model of consumer protection—one rooted in incentives, not just enforcement.
“What we show in a lot of these projects is that misconduct is not only high in this market, but it’s inefficient. Inefficient in the sense that, once you reduce or eliminate the misconduct, everyone in the market is better off, including the provider.”
Lessons for young researchers: Pilot, persist, and partner
Asked what advice he would give to early-career researchers starting similar work, Annan shares three principles:
- Pilot your ideas: Even a small-scale test can reveal whether a concept has traction.
- Expect rejection, but keep going: Engagement is difficult, especially with large firms, but perseverance matters.
- Align interests strategically: Ground your research questions in goals that resonate with commercial partners.
“Try as much as possible to engage these providers, but find a way to link the questions to key things that matter to them.”
Annan’s experience underscores that impactful economic research doesn’t happen in isolation—it requires navigating complex relationships, aligning incentives, and translating insights into both policy and practice.
From academic idea to policy reform
After nearly a decade, Annan has built the kind of credibility and access that allows him to initiate new projects more easily, often with just a phone call.
“It’s gotten to the point where all the fixed cost has been incurred. Literally, it’s about placing a call to a CEO, explaining the problem, emphasising the commercial importance, and, of course, the social benefits, and really helping them understand the KPIs that we match out of that relationship. And tomorrow, you’re in the field.”
Today, Annan's work at the nexus of academia, business, and policy is helping shape a more inclusive and fair digital financial future in Ghana and beyond. His experience shows how research can scale from anecdote to national reform.