Journal of Economics and Development Studies

Mobile Phone for Financial Inclusion: Mobile Money Adoption in the WAEMU
KY Serge Stéphane

Abstract
Mobile money, defined as the use of mobile phone to conduct financial transactions, can bring many benefits to individuals, particularly in developing countries. Yet very little is known about the factors behind its adoption. This study uses nationally representative individual-level survey data on the West African Economic and Monetary Union (WAEMU) countries from the Global Financial Inclusion Database as of 2017 (World Bank) and employs logistic models to analyze drivers of mobile money adoption. Our results show that woman, younger, better educated, wealthier, banked, employed, and receiving domestic remittances increase the likelihood of adopting mobile money. Moreover, younger, better educated and banked increase the likelihood of sending money using a mobile phone. While having secondary education, having the fourth income quintile and employed increase the likelihood of receiving money using a mobile phone. Taking mobile-money adoption as a process, we find similar results on engagement in the mobile money adoption process. Furthermore, we take into account the particularity of each WAEMU country and find some disparities in the determinants of both measure of mobile money adoption. These findings are of particular interest to the design of policies that foster financial inclusion and target disadvantaged groups. (JEL Classification: G02, G23, O12)

Full Text: PDF     DOI: 10.15640/jeds.v10n2a2