Socio and macroeconomic determinants of mobile money adoption: a cross-cultural study of selected MENA and Sub-Saharan countries

Aysa Siddika · Abdullah Sarwar

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Technology Adoption and User Behaviour Microfinance and Financial Inclusion Economic Growth and Development

Abstract

Purpose This study aims to investigate the factors contributing to the low adoption rate of mobile money services (MMS) in the Middle East and North Africa (MENA) region compared to other regions. The study focussed on socio-demographic factors and macro-level determinants in several selected MENA and Sub-Saharan African (SSA) regions where MMS have been successful. Design/methodology/approach This study analysed 23 countries across MENA and SSA to establish the correlation between socio and macroeconomic factors and MMS adoption using a quantitative approach. The analysis used the generalized least square (GLS) method. Findings The study revealed that gender and income are factors that positively influence the adoption of MMS in MENA and SSA regions. Additionally, the study found that the affordability index, which measures macroeconomic indicators, correlates with MMS adoption in both regions but in an inversed way. On the other hand, political stability appears to have a positive correlation with MMS adoption in the MENA region. The correlation between the regulatory index and MMS adoption positively impacts the entire study group, although it is insignificant in the SSA region. Research limitations/implications Future studies should assess market competition among MMS providers and the psychological aspect of user adoption behaviour. Additionally, conducting a focus group discussion with stakeholders in the MMS industry can assist in uncovering potential factors contributing to low MMS adoption in the MENA region. Originality/value This study contributes to understanding the role of the socio-demographic and macroeconomic determinants in promoting digital transformation through adopting MMS.

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References

2013Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution 2014Mobile banking adoption: A literature review 2020Sustainability, FinTech and Financial Inclusion 2016The determinants of financial inclusion in Africa 2010The moderating effect of gender in the adoption of mobile banking 2017Financial inclusion and stability in MENA: Evidence from poverty and inequality 2019Consumer attitude and intention to adopt mobile wallet in India – An empirical study 2011Mobile Banking: The Impact of M-Pesa in Kenya

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