Factors Affecting Usage of Mobile Money Services and Their Impact on Financial Inclusion: Case of Lusaka Province

  •  Chanda Collins Njele    
  •  Jackson Phiri    


This article presents a study of factors affecting the usage of mobile money services (MMS). Thirty-three User technology adoption variables relating to factors that affect MMS usage were identified, and Factor analysis was used to extract the key factors using principal component analysis. With set cut-off values, eight factors emerged with values of Communalities (>0.5), Eigenvalues (>1), Percent of Cumulative Variance Explained (>60 per cent), and Factor Loadings (>0.4) with a total variance of 75.179 %. Multiple regression was conducted to see if the independent variables predicted the level of usage of MMS. The validity of the items used in this study was established by using confirmatory factor analysis. Results showed that the adoption of mobile money service is influenced by Perceived ease of use, Perceived usefulness, Perceived cost, and Perceived network quality. The perceived cost was found to have a negative influence on financial service adoption.

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