This study examines whether due to the influence of the penetration of financial intermediaries in WAEMU, the characteristics of individuals who hold mobile money accounts solely are comparable to those of individuals who hold formal bank accounts solely or both types of accounts concurrently. Using the Heckman probit model and the multinomial probit model, the results are similar in regard to those who use formal accounts solely and those who use both types of accounts. The study recommends encouraging intense sensitization of adults aged 25-64 on the use of mobile money, a rise in the levels of individual income, the introduction of incentives in the education system, and greater penetration of mobile payment services.
