Effects of Mobile Money on Beige Bank, Ghana

Over the years, the evolution of and use of mobile phones and other mobile devices such as tablets has offered society the opportunity to access financial services such as mobile money. Mobile money allows one to transfer money or make payments with their mobile phone, in the comfort of their location and in a simple, fast, convenient and affordable way. This research sought to determine the effect of the evolution of mobile money services on traditional banking in Ghana. The article showed that mobile money is a viable tool for financial inclusion, it has improved efficiency of transactions, it has initiated some changes in traditional banking and has a generally positive impact on traditional banking in Ghana. Keywords: Mobile Phone, Mobile Money Transfer, Financial Inclusion, Mobile Money Subscribers, Ghanaian Economy, Threats, Business Activity, Payment Systems.

IJMRAP, 2021

Purpose-The purpose of this study was to determine the factors influencing the increase in mobile money transaction in Ghana. Design/methodology/approach-A descriptive quantitative research approach was used. Convenience sampling method was adopted. Data collection was done through the use of structured questionnaire involving Likert-Scale type of questions. Findings-The study identified that mobile money users in Ghana are influenced by the process involves in the use of mobile money services, the registration process and the speed of the process, time saving, paying bills and other utilities, and the reliability of the mobile money services to use mobile money services. Mobile money users in Ghana prefer mobile money transactions to banking transactions because mobile money transactions are less expensive, it is easy to perform, mobile money transaction is fast and save time, and it has more outlets than banking outlets. Practical implication-The findings advise mobile money operators in Ghana to use the identified factors to increase their customer base. Banks are to pay attention to the identified factors that have made mobile money users in Ghana to prefer mobile money transactions to banking transactions when designing new banking services. Originality/value-Finding the factors influencing the increase in mobile money transactions, and finding out why consumers prefer mobile money transaction to banking transaction in Africa using data from the Ghanaian economy as there is no unified view concerning factors influencing the increase in mobile money transactions.

2017

Journal of Business and Management Review

Mobile money in Ghana has opened diverse opportunities in the financial sector and has become the catalyst in financial inclusion in emerging economies. The study adopted the survey methodology and limited to the two commercial banks in Ghana (to be identified as Bank A and Bank B), with a sampling size of 188 using the convenience sampling technique. The findings revealed consumer demands for mobile cash services are varied activities like withdrawing of cash among others, as it remains key reasons for the adoption of mobile money service in banks. Furthermore, stakeholders in mobile money and providers of mobile money considers customers' intent to use mobile money and its associated challenges to improve its use and encourage its general acceptance within the banking sector. The study suggests that, to boost growth and adoption, it is imperative to have guidelines that supports the ease and usefulness of mobile money service adoption.

Texila International Journal of Management, 2023

A descriptive cross-sectional design approach was deployed using a structured questionnaire underpinning the research objective to collect data from mobile money users and non-users within the Business District Centre of the Kumasi Metropolitan Assembly, Adum. The purposive random selection technique was used to choose a sample size of 59. This study seeks to investigate the challenges encountered by patrons of mobile money and examine their behaviour and attitudes towards the usage of mobile money transactions. The study identified seven (7) challenges, namely, financial, security, privacy, performance, time, convenience, and psychological, with performance, security, and privacy challenges being the most prevalent. The low transaction limits due to inadequate constant liquidity flow (cash and e-float) by agents affect consumers who wish to transact more than being offered; unwarranted delays experienced by customers and merchants due to incomplete payment process are some of the causative challenges of mobile money transaction; and invasion of privacy and defamation are among major. Fraudsters use the fear and anxiety of customers' personal details in the hands of a third party, especially when the mobile money accounts are linked to clients' bank accounts. The effect of inconvenience and delays in transactions are pointers to a duplicated transaction. It is recommended that service charges be lowered to their minimum rates, ensure a reliable mobile money system for consumers through system upgrades, and service providers ensure that personal details remain private to avoid consumer-driven fraud by inadvertently making pin codes known to third parties.

2018

This study develops a theoretical model to examine the effects of agent credibility and service quality on customer empowerment and the consequences of such empowerment in mobile money (MM) usage in Ghana. In total, 595 valid responses were collected using a pre-tested onsite-survey instrument. The research findings suggest that a higher level of MM agent credibility increases customer empowerment, which in turn positively affects the continuous usage of MM services. A significant association between MM agent service quality and customer empowerment was also noted. The study concludes with a discussion of study implications, limitations, and future research directions.

The introduction of Mobile Money services in Ghana eight years ago has witnessed tremendous patronage over the years. It was also recognized as a tool for poverty eradication but there have been indefinite conclusions over the years as to the effect it has on savings of users. The study presents an evaluation of the effects of Mobile Money services on savings among students of the University of Professional Studies, Accra. The study was conducted on a total of 200 students. Primary data was used for the study and the data collection method used was through questionnaires which were distributed to the students. The study adopted purposive and convenience sampling techniques in selecting students. Statistical Package for Social Sciences was the software used in analysis of the data and the data was analysed using frequencies and descriptive statistics. The findings from the study have shown that Mobile money was highly used by UPSA students within the period of 2014 and 2015 and also discovered that students are actually aware of Mobile Money services which concluded that much of its awareness is as a result of its money transfer services. The study showed that MM guarantees much safety to its users and it has reduced the rate at which students make any expenses and hence, to some extent, has an effect on their saving capability. In order to increase accessibility, the researchers recommend that coverage of Mobile Money network providers should reach all areas which are uncovered (especially rural areas) this is to encourage the patronage of the services. Key words: Mobile money services, Students, TAM, Perceive usefulness, Perceive ease of use, Expenditure level, Saving capability

IJLRHSS, 2024

The purpose of this study is to provide information on Ghana's commercial banks present state of adopting mobile banking and the role it plays in the sector. The study objectivealsoexamine the effect of mobile banking services on the earning power of Ghanaian commercial banks. The study test the following hypothesis, H 1 : Active mobile banking customers promotes positive and significant effect on profitability of Ghanaian commercial banks, H 2 : Total Mobile Banking Transaction Value positively and significantly affects profitability of Ghanaian commercial banks, H 3 : Mobile Banking Transaction volume increaseearning power of commercial banks in Ghana. This study adopts a descriptive research design engaging quantitative research approaches for empirical analysis of the commercial banks in Ghana. The data for the study is mainly secondary data, sourced from the central bank of Ghana from the year 2015 to 2022 on commercial banks. Quantitative data were presented via tables and graphs, with textual explanations provided. This study in particular was based on time series analysis and used Nonlinear Least squares regression models (NLS and ARMA) in finding out how independent variables affects the dependent variable. Result from the study base on the hypothesis indicated that mobile banking active customers, mobile banking transaction volume and mobile banking transaction value increase earning power of commercial banks in Ghana. The study suggested that Ghanaian commercial banks should persist in their efforts to expand the use of mobile banking, since it has been shown to improve their financial performance.

Asian Journal of Economics, Business and Accounting

The growth of mobile money service in Ghana has been attributed to many other factors outside the spectrum of technology. The research focus is to determine the factors influencing mobile money service from the point of technology. The study analysis was based on Structural Equation Modelling of Partial Least Squares using SmartPLS. It was determined that, the following construct, perceived risk, perceived cost, perceived usefulness, perceived ease of use, compatibility, relative advantage, observability, trialability, and social influence with (p < 0.001) influenced users in adopting mobile money banking in Ghana. The research finding will enable stakeholders related to the mobile money industry to strengthen its gains and sustain its growth in mobile money services. The research present the information technology factors that influence the adoption of mobile money and how these factors should be factored into the development of the mobile money industry. The research also gives...

Management Dynamics in the Knowledge Economy, 2021

This paper details the impact of mobile money financial technology on financial inclusion in Sub-Saharan Africa. The research methodology used was descriptive research design with the use of secondary information sources to collect panel data. The research model had Financial Technology as the independent variable and the dependent variable was Financial Inclusion. The analysis of data was done using Stata 15. From the interpretation of the findings using the panel data on the 14 selected Sub-Saharan countries, it was found that the increase in the number of registered mobile money agents per 100,000 adults led to an increase in the total number of people using the financial services per 100,000 adults in Sub-Sahara Africa. Furthermore, the relationship between the registered mobile money agents per 100,000 adults and the total number of people using financial services was proven to be significant at a 5% level of significance.