Institute for Money, Technology & Financial Inclusion

This study provides insights into the ancient susu savings operation in Ghana and the behavioral intention or willingness of susu collectors and users to adopt a mobile money (MM) platform as part of their savings practices. More specifically, this study investigates factors that determine one’s intention to adopt the MM space as a savings channel, particularly in place of more traditional ways of saving among many people in West Africa. The study reports many interesting findings but one that is striking is the physical presence of the susu collector, which was found to be statistically significant but having a negative influence on one’s behavioral intention to accept MM. This, which was found to be the primary reason motivating susu users to honor their savings commitment, is potentially an important factor in explaining why respondents were not sure whether an MM platform would be an effective method of saving. While MM uptake remains significantly low, the study findings suggest that the way to increase uptake is to create more awareness, embark on financial literacy programs, and reduce mistrust and perception of risk of the MM platform.