Abstract:
Kenya which is considered a leader of digitization of money in the form of mobile money in the developing
world has been compared in some studies with Sweden, world leader in digitization of financial transaction
among its residents. Despite the progress in digitization of financial transactions witnessed in many countries,
opinion is still divided on whether full digitization of financial transactions is feasible. This study examines the
symbolism of the physical money among low-income earners in Kenya a key variable to be considered in any
move towards full digitization of financial transactions. The study surveyed 750 low-income households across
Kenya and conducted focus groups. Findings indicate that Kenyans consider physical money as symbol of
purchasing power that is irreplaceable by mobile money. They view mobile money as a complementary financial
transactions facilitator especially for money transfer and not a replacement of cash. Findings also suggest that the
advent of mobile money is be associated some increase in the degree of disconnection in personal interactions in
social relationships. It also emerged that mobile money has facilitated continuity of rotating saving and credit
associations in cases of mobility resulting from employments or other factors.
