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Purpose This study uses hedonism as a mediating variable to examine the relationship between mobile money adoption and financial inclusion in Sri Lankan small- and medium-sized businesses (SMEs). Design/methodology/approach We conducted a quantitative research study utilizing a survey strategy and distributing standardized questionnaires to 150 SMEs in Sri Lanka using a simple random sampling technique. Findings According to our analysis, a significant relationship exists between mobile money adoption and financial inclusion in SMEs in Sri Lanka. Furthermore, we found that this relationship is mediated by hedonism, offering insights into the phenomenon. Practical implications This study’s findings significantly impact Sri Lankan policymakers, financial institutions, and SMEs. Policymakers can use this research to create plans encouraging mobile money usage, potentially improving financial inclusion among SMEs. When SMEs adopt mobile money, financial institutions can adjust their services to match their demands. It is advantageous for SMEs to understand how adopting mobile money can enhance their financial inclusion and overall business stability. Originality/value Our study contributes to existing literature in two key ways. Firstly, it addresses a significant research gap by examining the impact of mobile money use on financial inclusion among SMEs in Sri Lanka. Secondly, we introduce the concept of hedonism as a potential mediator, providing a fresh perspective on the complex dynamics that shape the relationship between mobile money adoption and financial inclusion in this context.