The purpose of this study is to uncover the socioeconomic factors that explain the adoption of mobile banking (mbanking), based on data collected from households in the suburbs of Dakar (Senegal). Starting from the hypothesis that adopting an innovation goes through three stages, at each stage we identify the factors that explain adoption. In the first stage, that of "knowledge", the individual must know about the product and its uses. In the second stage, that of "possession", the person must test the product. If the product is accessible and its advantages are observable, he/she can finally adopt it in the last stage of the process. Therefore, the steps "knowledge" and "possession" are required passages in the adoption process. In this article, we use a sequential logit model to highlight the determinants at each level of this process. The results show that age was the only determining factor in the first stage of adoption, that is, "knowledge" of m-banking. In the second phase, other factors appeared in addition; cognitive factors came into play, such as literacy, education level, as well as financial factors such as membership in a ROSCA (rotating credit and savings scheme) that influenced the ‘possession' of m-banking. At the final stage of the adoption process, the variables education level, wages and owning a business were the factors involved in the adoption of m-banking.