This paper presents a cross-country comparison of mobile money ownership and its determinants together with the factors affecting mobile money adoption. The link between mobile money and financial inclusion will also be discussed. The following insights have been gained from the FinScope studies conducted in 11 countries across the SADC region.
The low penetration of mobile phones in countries with a large number of financially excluded population would be a serious setback to use mobile money to advance financial inclusion. Madagascar, the Democratic Republic of Congo, Malawi, and Mozambique have the lowest levels of financial inclusion and mobile phone penetration, implying that expanding financial services through the use of mobile money would be impeded by lower mobile phone penetration.