| Abstract: |
Togo is lagging in the adoption of mobile money in the West African Economic
and Monetary Union (WAEMU). The country’s share in the WAEMU is less than one
percent of account opening, volume, and level of transactions. To understand
this delay, it is essential to identify the socioeconomic factors that
determine the adoption of the usage of mobile money services in Togo.
Departing from the traditional literature which considers the adoption of
mobile money as a one-shot phenomenon, this paper models the adoption of
mobile money as a five-step process and identifies the likelihood of its
adoption based on an Ordered Logit model applied on data from a survey
conducted on a sample of 5,197 individuals. We find that social groups,
including religious groups and student associations, are powerful vehicles for
the adoption of mobile money in Togo. In addition, the ability to read and
write and being a customer of a bank or a Microfinance Institution (MFI)
positively impact the mobile money adoption process. In contrast, being
unemployed decreases the likelihood to adopt mobile money. |