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

Financial Innovation

Table 4 Descriptive statistics of the explanatory variables.

Samples	WAEMU countries			East African countries
Variables	Observation	Mean	SD	Observation	Mean	SD
Female	7000	0.4146	0.4927	11,000	0.5763	0.4942
Age	6941	32.6960	14.1012	10,959	34.9380	15.5313
Age squared	6941	1,267.8440	1,157.8110	10,959	1,461.8590	1,354.1630
Primary education	6936	0.6091	0.4880	10,983	0.5503	0.4975
Secondary education	6936	0.3638	0.4811	10,983	0.4150	0.4927
Tertiary education	6936	0.0271	0.1624	10,983	0.0348	0.1832
Income: richest 20%	7000	0.2790	0.4485	11,000	0.2621	0.4398
Income: fourth 20%	7000	0.2119	0.4087	11,000	0.2123	0.4089
Income: middle 20%	7000	0.1840	0.3875	11,000	0.1833	0.3869
Income: second 20%	7000	0.1674	0.3734	11,000	0.1752	0.3801
Income: poorest 20%	7000	0.1577	0.3645	11,000	0.1672	0.3732
Individuals in workforce	7000	0.6773	0.4675	11,000	0.7519	0.4319
Individuals out of workforce	7000	0.3227	0.4675	11,000	0.2481	0.4319

Data used to perform these calculations are from the 2017 Global Findex database. WAEMU countries included in the sample are Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo. East African countries in the study are Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe