Introduction: The revolution of ICT and financial technologies, including mobile money is touted as a breakthrough to financial inclusion. The argument is that mobile money can easily overcome constraints imposed by conventional banking. While these arguments tend to be supported by most of the fintech and mobile money literature, their validity in low-income countries such as Mozambique remains questionable. Objectives: This study sought to identify the determinants of mobile money adoption and use in Mozambique using the 2021 Global Findex data. Methodology: The study uses the Heckman Selection Model and Bivariate Probit model to address the research questions. Results: The findings show that, except for age, the factors influencing the adoption and use of mobile money accounts are similar to those of conventional banking. Specifically, higher incomes and living in urban areas are positively associated with the probability of adopting mobile and bank accounts. Additionally, the likelihood of having an account at a financial institution or in a mobile phone is higher among men and the most educated. Conversely, unemployment is associated with less adoption of both mobile and banking accounts. Age only seems to significantly impact mobile money adoption. Older individuals are less likely to adopt mobile money. Conclusion: This means that mobile money is more likely to be adopted by individuals who are already financially included. Therefore, inclusive financial strategies, including through mobile money, will need to focus on expanding access points while also tailoring initiatives to benefit the most disadvantaged segments.

Keywords: Fintech, Mozambique, mobile money, Sample selection model