Digital financial services adoption: a retrospective time-to-event analysis approach

Financial Innovation

Table 5 Correlation matrix

	URBAN	EDUFIN ~ F	FINCAP	LIVELI ~ D	INCFINAL	GENDER ~ F	AGE_FF	BANKED_F	MM_OUT ~ F	GDP_GR ~ H
URBAN	1
EDUFINAL_FF	0.289	1
FINCAP	− 0.052	− 0.089	1
LIVELIHOOD	− 0.051	− 0.249	0.033	1
INCFINAL	0.014	0.203	-0.089	− 0.126	1
GENDER_FF	0.024	0.121	0.024	− 0.168	0.001	1
AGE_FF	− 0.175	− 0.198	0.049	0.047	− 0.023	− 0.015	1
BANKED_F	− 0.150	− 0.282	0.165	0.264	− 0.206	− 0.095	− 0.021	1
MM_OUTLET_F	− 0.367	− 0.230	− 0.012	0.032	− 0.032	− 0.017	0.074	0.130	1
GDP_GROWTH	0.108	0.190	− 0.068	− 0.063	0.075	0.059	0.038	− 0.157	− 0.139	1

The correlation coefficients between the explanatory variables. The highest coefficient was 0.367 between location of mobile money outlets and locality (urban/rural). All other coefficients have lower values and thus, there was no concern about significant dependency between explanatory variables