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This paper evaluated low-income countries and identified adoption factors for mobile financial services (MFS) that are not covered by TAM (Technology Acceptance Model). From the literature we identified enabler and bottleneck factors that impact MFS adoption in low-income countries. We analyzed laggard and early adaptor countries to compare the factors. In our conclusion we identified thirteen MFS adoption factors and categorized them in a 2x2 metrics using enablers and bottlenecks vs. exogenous and endogenous. Further, we used the early adopter and laggard countries to understand how the MFS adoption strategy differed between the two groups. Future direction is provided.