The resilience of Senegal’s mobile money sector in times of crisis: The COVID-19 pandemic

The purpose of this article is to analyze the main socio-economic factors driving the adoption of mobile money by the population of Senegal during the COVID-19 pandemic. The dataset, collected through the Central Bank of West African States (BCEAO), the GSMA, and a survey conducted in the cities of Dakar, Thiès, Kaolack, Saint-Louis, and the surrounding rural areas, was used to perform a multiple correspondence analysis (MCA) in order to shed light on the structure of the relationships between users’ perceptions and mobile money adoption. The results show that, in times of crisis, the adoption of mobile money is strongly influenced by the network effect, perceived usefulness, and risk perception, thereby validating our hypotheses. A strategy aimed at increasing confidence in transaction security and reducing costs could encourage wider adoption, especially among individuals who remain hesitant.