Culture, Adoption and Usage of Mobile Financial Services

Abstract

The significant growth and spread of mobile financial services in the world has had the highest impact in the developing countries.  The adoption and usage of mobile financial services among the poor are affected by various factors, one being cultural factors. Culture is defined as programing of the mind, this study adopted social influence and type of culture as indicators for cultural influence on adoption and usage. This study found that cultural factors influence the adoption of mobile financial services but do not influence the usage of mobile financial services. This finding can be attributed to the overwhelming need by the poor to employ mobile financial services. It is the only alternative to traditional financial services such as banks which does not extend to poor areas thus excluding them from participating in gainful financial activities as a result of access to financial services.