Financial Innovation

Table 1 Determinants of the ownership of a mobile money account: probit estimations

From: A study of the factors affecting mobile money penetration rates in the West African Economic and Monetary Union (WAEMU) compared with East Africa

Dependent variable	Account’s ownership
Dependent variable	WAEMU countries	East African countries
Explanatory variables	Column 1	Column 2
Female	− 0.1734***	− 0.1555***
	− 0.041	− 0.0367
	− 0.0517	− 0.0403
Age	0.0309***	0.0307***
	− 0.0049	− 0.0083
	0.0092	0.008
Age squared	− 0.0004***	− 0.0004***
	− 0.0001	− 0.0001
	− 0.0001	− 0.0001
Primary education	− 0.8131***	− 0.7584***
	− 0.0652	− 0.0601
	− 0.2417	− 0.197
Secondary education	− 0.2819***	− 0.2190***
	− 0.065	− 0.0594
	− 0.0838	− 0.0569
Income: poorest 20%	− 0.4075***	− 0.7293***
	− 0.0761	− 0.0558
	− 0.1212	− 0.1894
Income: second 20%	− 0.1905***	− 0.5061***
	− 0.0448	− 0.0772
	− 0.0566	− 0.1315
Income: middle 20%	− 0.1948***	− 0.4564***
	− 0.0508	− 0.0352
	− 0.0579	− 0.1185
Income: fourth 20%	− 0.1610***	− 0.3023***
	− 0.052	− 0.041
	− 0.0479	− 0.0785
In workforce	0.4181***	0.3439***
	− 0.0356	− 0.049
	0.1243	0.0893
Constant	− 0.8504***	0.196
	− 0.1347	− 0.1316
Observations	6888	10,945
LR chi2:	1034.94	3798.87
Prob > chi2:	0	0
Pseudo R2	0.1250	0.2737
Log pseudo likelihood	− 3623.40	− 5039.63
Country fixed effects	YES	YES

The different columns give the estimation results of a regression of the indicator of financial inclusion (the ownership of a mobile money account) on a set of individual characteristics and country fixed effects. ***, ** and * denote significance threshold at the 1%, 5%, and 10%, respectively. In each cell are presented in the first position the coefficient of the estimation, then in the second position the standard errors that are in parentheses and clustered at the country level, and in the third position the marginal effects that are in italics. The WAEMU countries’ sample includes Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo. The East African countries’ sample includes Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe

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