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1
Adams Ekuban, Charles Aaron, and Fye Sheikh Omar. "Factors Affecting Mobile Money Usage in Ghana." Journal of Investment, Banking and Finance 3, no. 1 (2025): 01–12. https://doi.org/10.33140/jibf.03.01.13.
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This study delves into the factors that influence the utilization of mobile money services and their impact on human livelihoods in Ghana. The theoretical framework employed was the Technology Acceptance Model (TAM), and the data used were validated through factor and regression analyses. A structured questionnaire was used to collect data from 385 mobile money users in Ghana, selected through purposive and Simple Random sampling approaches from the central and western belts of the country. The study found that consumers' likelihood of using mobile money services was significantly influenced by their perceived usefulness (PU), ease of learning (PEOU), and ease of use (PEOU), with PUF having a less significant impact on usage. The study concluded that the usage of mobile money services was significantly affected by perceived usefulness (PU), ease of learning (PEOL), and ease of use (PEOU), but PEOU had a less significant effect on usage. The study also found that mobile money usage has greatly impacted human subsistence by promoting financial inclusion for the unbanked, increasing remittance flows, and providing access to other financial services.
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Museba, Tapiwanashe James, Edmore Ranganai, and Gianfranco Gianfrate. "Customer perception of adoption and use of digital financial services and mobile money services in Uganda." Journal of Enterprising Communities: People and Places in the Global Economy 15, no. 2 (2021): 177–203. http://dx.doi.org/10.1108/jec-07-2020-0127.
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Purpose This paper aims to investigate the impact of fintech, mobile money and digital financial services in Uganda and factors impacting adoption of the services. The study will also determine their social impact through financial inclusion in the Ugandan market. Design/methodology/approach This study covers the adoption and use of fintech, mobile money and digital financial services in Uganda. A case study approach was used through a survey questionnaire for 400 randomly selected participants within the Kampala region. Questionnaire was designed to measure customer perception of digital financial services and adoption including mobile money and agency banking. Findings The adoption of mobile money services is driven by mobile devices penetration and the need for access to financial products and services for the unbanked. Results support CGAP (2013) that observed that mobile money adoption was based on two key variables: social network and social interactions of the customer and a segment of customers who can be described as mobile technology leaders (early adopters). There has been positive impact on person to person transfers, grocery payments and mobile money providers have to continue to simplify the access to financial services and bring convenience to the bottom of the pyramid. And mobile money positively impacts sustainable developmental goals covering Gender Equality (SDG5), SDG 8 – Decent Work and Economic Growth; expanding financial inclusion through mobile money and SDG 10 – Reduce Inequalities. Research limitations/implications This study has limitations commonly prevalent with qualitative research, including the small size limited to Kampala and challenges of making generalisations beyond this context. Practical implications The paper might serve as a valuable source of information for government and fintech companies in developing the digital financial services ecosystem as well as for students and academics for further case studies in this area. Originality/value This paper serves as one of the first qualitative research papers concerning mobile money and digital financial services adoption, solely focused on Uganda. Its value is in its showcasing of the importance of mobile money among customers in emerging markets.
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Al Sousi, Amjad. "MOBILE MONEY: CONCEPT AND BENEFITS AND CHALLENGES ASSOCIATED WITH MOBILE MONEY." Journal of Information Systems and Digital Technologies 3, no. 2 (2021): 68–75. http://dx.doi.org/10.31436/jisdt.v3i2.186.
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Mobile money could be a recent innovation that gives money dealings services via transportable, as well as to the unbanked international poor. The technology has unfolded speedily within the developing world, “leapfrogging” the availability of formal banking services by finding the issues of weak institutional infrastructure and also the value structure of typical banking. Mobile money may be a technology for grouping, saving, and pocket money on a mobile phone. Mobile cash may be a common various to cash and banks as a result of a transportable signal is simple to use, safe, and use anyplace. These users can win monetary lives, magnified monetary inclusion, economic direction, and economic process. This review provides a summary of the processes and impacts of mobile cash transfers in the developing world as well as the advantages and challenges facing this new technology. Over the past decade, mobile cash services have become a current tool in some developing economies, allowing people to interact with cash digitally while they do not have formal bank accounts.
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Manh, Bui Tan. "Mobile Money Services Pose a Threat to Money Laundering Prevention." INFLUENCE : International Journal of Science Review 2, no. 2 (2020): 12–17. http://dx.doi.org/10.54783/influence.v2i2.102.
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Mobile money service has been proved an effective tool in financial industry in recent years around the world. Although this kind of financial service brings a number of advantages, many concerns have been raised regarding potential issues that may stem from the use of mobile money. Among these concerns are the issues of using mobile money to facilitate money laundering activities and terrorist financing. In order to mitigate those potential risks for financial system in general, this paper seeks to explore the mobile money characteristics that may pose risks to anti-money laundering and terrorist financing system. This work is based on the available information from scientific research, articles and reports, and other sources.
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Awuah, Emmanuel. "The Digital Wallet Revolution: Assessing Mobile Money’s Role in Transforming Emerging Economies: A Review." Asian Journal of Economics, Business and Accounting 25, no. 1 (2025): 35–43. https://doi.org/10.9734/ajeba/2025/v25i11631.
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Mobile money services have become important worldwide, changing how financial technology works and helping more people use banking services. They give easy-to-use, safe, and cheap money services to people who don't have bank accounts or don't use them much in poorer countries. These mobile money systems let people put money in, take it out, send it to others, and pay bills using their phones. This means they don't need to rely on regular banks as much. This review article explores the evolution of mobile money services, focusing on their growing significance in emerging markets. Mobile money has transformed financial landscapes by providing accessible, affordable, and secure financial services to populations that were traditionally excluded from the formal banking system. The article will assess the key benefits of mobile money, such as financial inclusion, economic growth, poverty reduction, and enhanced remittance flows. It will also highlight the role of mobile money in empowering women and fostering small and medium-sized enterprises (SMEs). Additionally, the review addresses challenges faced by mobile money services, including regulatory hurdles, fraud, and technological infrastructure limitations. By analyzing the key benefits, the article will offer insights into the potential of mobile money services to drive sustainable development and economic inclusion in the future.
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Billy, Kaombe, Mukosa Francis, Windu Matoka Dr., and Mukuma Rabbie. "Creative Destruction – An Inevitable Reality for the Financial Services Sector in Zambia?" International Journal of Current Science Research and Review 04, no. 12 (2021): 1729–42. https://doi.org/10.47191/ijcsrr/V4-i12-17.
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Abstract : The financial services sector in Zambia has become increasingly exposed to the ever-growing challenges posed by mobile network operators (MNOs). The introduction of mobile money by MNOs has witnessed increased usage of mobile money services. During the same period, there has been a noticeable decline in the usage of digital banking services. The research study therefore sought to establish whether there was a correlation between increased usage of mobile money services and usage of digital banking services in Zambia. The study was quantitative in nature and was based on secondary data sources. Data from 19 of the 21 digital financial services providers in Zambia were analysed using times series trend analysis and simple linear regression analysis. In order to establish whether a correlation existed between increased usage of mobile money services and usage of digital banking services in Zambia, a t- test was conducted. This acted as a guide to the decision as to whether or not to accept or reject the null hypothesis. The study failed to reject the null hypothesis and therefore concluded that no correlation existed between increased usage of mobile money services and usage of digital banking services. However, the study expounded the research results in terms of Schumpeter, Christensen and Foster’s ideas on disruptive innovation.
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Ocansey, Evans N. N. D., Philomena Dadzie, and Nicholas Bamegne Nambie. "Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana." International Journal of Economics and Financial Issues 14, no. 2 (2024): 218–33. http://dx.doi.org/10.32479/ijefi.15767.
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Investigating the correlation between digital financial services, mobile money usage, and money velocity in Ghana, the study analysed time series data spanning from 1992 to 2022. A composite index was constructed by principal component analysis using data extracted from the world development indicators, with the components mobile money usage, digital financial services, and velocity of money. The estimation utilised an impulse response function and vector error correction model; the results indicated that mobile money, digital financial services, and money velocity are related in both the short and long term. Furthermore, the application of a standard deviation innovation to the velocity of money produced increases of both positive and negative magnitude for all the variables. This suggests that mobile money, digital banking services, and velocity of money in Ghana are interdependent in an asymmetric manner. In order to facilitate an increase in the velocity of money, the research concluded that policymakers should guarantee that a greater proportion of the population has access to mobile money and digital banking services. In addition to promoting mobile money, online banking services, and digital payment methods on purpose, the government should reduce reliance on physical currency and expedite the circulation of money. It is recommended that future longitudinal studies involving African nations employ diverse estimation techniques.
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Akomea-Frimpong, Isaac, Charles Andoh, Agnes Akomea-Frimpong, and Yvonne Dwomoh-Okudzeto. "Control of fraud on mobile money services in Ghana: an exploratory study." Journal of Money Laundering Control 22, no. 2 (2019): 300–317. http://dx.doi.org/10.1108/jmlc-03-2018-0023.
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Purpose Fraud is a global economic menace which threatens the survival of individuals, firms, industries and economies, and the mobile money service is no exception. This paper aims to explore the main causes of fraud in the mobile money services in Ghana and the measures to combat the menace by the key stakeholders connected to the mobile money services. The paper is motivated by recent reports of numerous fraudulent transactions on the mobile money platform, and the need to clamp down these nefarious transactions with effective and practical measures to sustain the service. Design/methodology/approach A thorough review of existing studies on fraud risk relating to mobile money services was done revealing a paucity of literature on the subject. Primary data were gathered using an interview guide to explore the magnitude of the problem based on the views of employees of mobile money operators, mobile money agents, banking supervisors from Bank of Ghana, employees of partnering banks, employees of National Communications Authority and mobile money subscribers. Findings The study revealed that fraud in mobile money services is caused by weak internal controls and systems, lack of sophisticated information technology tools to detect the menace, inadequate education and training and the poor remuneration of employees. These factors disrupt the growth, and the smooth-running of the services. To curb this menace, a detailed legal code and internal fraud policy should be developed and used by mobile money operators and partner banks. Adequate training for mobile money agents should be encouraged coupled with public awareness campaigns to educate stakeholders especially the mobile money subscribers on the tricks of the fraudsters. Research limitations/implications With the chosen research methodology and limited sample size, the findings may not reflect the views of all the stakeholders connected to the mobile money services. Therefore, future studies on this subject are entreated to use research methods which embrace larger samples to get more details about this menace. Practical implications The study will assist in tackling the mobile money fraud to sustain the service in the foreseeable future. Originality/value This paper contributes to scanty literature on fraud relating to the mobile money services by drawing lessons from a middle-income country.
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Orotin, P., W. Quisenbery, and Sun Ted. "A Study on Factors Facilitating Access to Mobile Phone Money in Uganda." Greener Journal of Business and Management Studies 3, no. 6 (2013): 279–91. https://doi.org/10.15580/gjbms.2013.6.071213722.
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The convergence of mobile telephony and financial services has the potential to significantly expand access to financial services to individuals at the base of the pyramid. In Uganda, roughly 80 percent of the population has no access to banking services and mobile phone money, a financial service and transaction made on a mobile phone could address this financial gap. The focus of this phenomenological study was to explore access to mobile phone money in Uganda, in particular, from the experiences of 4 mobile network operators, 8 network agents and 19 mobile phone money users in Kampala district. The question for this research was: What are the factors influencing access to mobile phone money in Uganda? The conceptual framework for this study was based on Kim and Mauborgue’s concept of Blue Ocean Strategy (Kim & Mauborgue, 2005). Key findings revealed that a wide network of agents was the most important factor for access to mobile phone money services. The most used mobile phone money service was transfer of money to relatives and friends. The main conclusion from this study is that mobile phone money has improved financial inclusion in Uganda as over 2 million adults who were previously unbanked are accessing financial services using their mobile phones.
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Mutsonziwa, Kingstone. "Mobile Money Landscape in the 12 SADC Countries using FinScope Survey Data." GIS Business 12, no. 3 (2017): 25–32. http://dx.doi.org/10.26643/gis.v12i3.3356.
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There is no doubt that mobile money is bringing the under-served and the excluded population into the main stream financial services corridors. Based on the FinScope surveys, mobile money is becoming one of the enablers of financial inclusion. In an increasing number of developing countries, a number of poor people are using basic mobile phones to transfer money, paying for goods and accessing some basic financial services. According to the World Bank, mobile financial services are amongst the most promising mobile applications in the developing world. Although FinScope results show that mobile money usage is relatively low (23%) in the SADC region, the trend of usage is coming up fast. FinScope results show that close to 7 in 10 mobile money users are using it as a remittances/money transfer vehicle while 54% for buying airtime. It is encouraging that about 7 million adults (24% of mobile money) store value or save money in their mobile money accounts. Some barriers to mobile money relate to: affordability, perceived cost of mobile money, lack of understanding of mobile money/lack of awareness and no access to cell phones. Besides these barriers, mobile money is becoming a game changer for the landscape of financial inclusion in the SADC region.
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Mswahili, Ayoub. "Factors for Acceptance and Use of Mobile Money Interoperability Services." Journal of Informatics 2, no. 1 (2022): 1–21. http://dx.doi.org/10.59645/tji.v2i1.45.
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Using mobile phones for financial transactions has been on a sharp increase globally and particularly in Tanzania. The introduction of mobile money interoperability allows customers to undertake money transfers across different telecom mobile money accounts and bank accounts. This study aimed to find out factors that may influence the acceptance and successful use of mobile money services interoperability that are tailored to banking and unbanked users' intention by integrating three globally accepted theories; DeLonge and McLean information system success model, The Technology Acceptance Model (TAM) and The Task-Technology Fit (TTF) Theory. The study hypotheses were empirically tested using data from 447 mobile money users from both telecom and banks. Data were analysed using the correlation and regression technique. This study found that approximately 81.5% of the dependent variable, which is interoperability of mobile money services, was accounted for by the regression analysis and therefore can strongly be explained very well by independent variables, which are Perceived Ease of Use; price value; Network Availability; Security and Trust; Service quality; Task Characteristics. This study's findings provide valuable understandings for formulating effective strategies concerning financial inclusion to mobile money service providers, governments, and other stakeholders and expand the existing customer base to mobile money service providers. Moreover, this study's results will provide the basis for further refinement of technology acceptance and success models in the emerging mobile money service domain.
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Mwasyeba, Brown, and Lazaro Kagata. "The Influence of Perceived Usefulness on Adoption of Mobile Money Services Among Small and Medium Enterprises in Tanzania: A Case of Njombe Town Council." April-June 5, no. 2 (2024): 796–802. http://dx.doi.org/10.62277/mjrd2024v5i20049.
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Mobile Money Services play a key role in aiding financial inclusion for unbanked Small and Medium Enterprises. Despite the fact that Mobile Money Services were introduced long ago in Tanzania, most Small and Medium Enterprises hesitate to adopt Mobile Money Services. This study focused on assessing the influence of perceived usefulness on the adoption of Mobile Money Services among Small and Medium Enterprise in Tanzania. Perceived usefulness included attributes such as time-saving, effectiveness, performance, and business control. A total of 351 respondents (comprised of Small and Medium Enterprises owners and their workers) were administered a well-structured questionnaire. The Statistical Package for the Social Sciences was used to analyse data using both multiple liner regression and binary logistic regression. Results showed that perceived usefulness has a strong influence on the adoption of Mobile Money Services among Small and Medium Enterprises. Additionally, both perceived usefulness attributes, when combined, contribute to the adoption of Mobile Money Services among Small and Medium Enterprises. The study recommended that the government develop policies to ensure the availability and accessibility of mobile money services within the economy's financial system.
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ONONO, PEREZ, and Kenneth Kamau Karanja. "Analysis of Mobile Financial Services Utilization among Small Scale Businesses in Kiambu County, Kenya." Archives of Business Research 8, no. 11 (2020): 248–57. http://dx.doi.org/10.14738/abr.811.9385.
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This study examined the level of utilization of Mobile financial services among small scale businesses in Kiambu County. Primary data was obtained through interview administered questionnaire from 123 small scale businesses in Kiambu County. Using descriptive analysis the study found out that 48.8 percent of the businesses utilized mobile financial services. The mobile financial services utilized by the businesses included mobile money in phone, Pay bill Buy goods and services and mobile money bank accounts. Majority of the businesses used mobile money in phone. Businesses cited lack of mobile financial services devices by businesses, lack of mobile financial services incentives such as loyalty points, mobile money transaction charges, poor interoperability between networks, low acquaintance to mobile financial services transactions, service system breakdown, difficulties while accessing customer care services as major challenges in use of mobile financial services. The study concludes that mobile financial services are compliments other financial services in extending financial services to the unbanked sector in the county and recommends that systems development and improvement of service delivery by mobile network operators towards small scale businesses and enhanced legislations on data protection and cyber-crimes to protect users of mobile financial services towards increased use of the services.
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Chitimira, Howard, and Elfas Torerai. "The Nexus between Mobile Money Regulation, Innovative Technology and the Promotion of Financial Inclusion in Zimbabwe." Potchefstroom Electronic Law Journal 24 (June 29, 2021): 1–33. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a10739.
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The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.
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Pallangyo, Hakeem. "Cyber Security Challenges, its Emerging Trends on Latest Information and Communication Technology and Cyber Crime in Mobile Money Transaction Services." Tanzania Journal of Engineering and Technology 41, no. 2 (2022): 189–204. http://dx.doi.org/10.52339/tjet.v41i2.792.
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This paper investigates the challenges emerging trends on latest Information and Communication Technology and cybercrime in mobile money transaction services in Tanzania. The objective of this is to evaluate the challenges associated with this rapid growth in ICT and to determine factors influencing Cybersecurity readiness and Cybercrimes in mobile money transaction services. Cyber Security plays a significant role in the field of Information and Communication Technology especially on mobile money transaction services. The study recognizes the provision of mobile money services by both telecommunication companies and local banks, the fact is that whenever we think about the cyber security, the first thing that comes to our mind is “cybercrimes” which are increasing extremely day to day and become a threat. Cybercrimes are mostly practiced through both internet and mobile money services. Securing the information has become one of the major challenges in the present day. Various Governments and companies are taking measures in order to prevent these cybercrimes. Besides cyber security remains concern to many. This paper mainly focuses on challenges faced by cyber security on the latest information and communication technology and cybercrime especially in mobile money transaction services in Tanzania. Its latest techniques, ethics and trends that change the face of cyber security. Relevant data was collected from the Forensic Section of the Tanzania Police Force, Mobile banking mobile money agents and users of the mobile-money services. This study also used the Pearson correlation and analysis of variance (ANOVA) to establish different facts and determine whether the independent variables had a combined effect on the dependent variable. The findings of the study revealed that there is a positive and significant correlation between users’ awareness, mobile money agents training, top management support, technical and logical controls and cybersecurity readiness. The study also concluded that effective training programs aimed to enlighten the users and mobile money agents on cybersecurity issues are an important ingredient for cybersecurity readiness in cybercrime in mobile money transaction services.
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SIÚTA, MOISÉS, and FERNANDO LICHUCHA. "Economic Inequality and Mobile Money Usage in Mozambique." African Journal of Governance and Development (AJGD) 13, no. 1 (2024): 152–70. http://dx.doi.org/10.36369/2616-9045/2024/v13i1a9.
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The paper examines the impact of economic inequality on the Mobile Money services usage in Mozambique based on 2017 population census and 2020 household survey data. The study revealed two main findings. Firstly, it explores the influence of economic inequality on Mobile Money usage across 155 districts. Employing quantile regression analysis, the study shows that economic inequality, as measured by the Gini of the average asset ownership index and access to basic services, significantly affects the use of Mobile Money services. Higher levels of inequality are linked to reduced usage of Mobile Money services, with a 1% increase in the Gini index of the average asset ownership index corresponding to a 1.73% decrease in the district's Mobile Money usage rate. Secondly, at the individual level, the study employs probit and linear probability models to analyse the determinants of Mobile Money usage. The results indicate that factors such as asset ownership, access to basic services, gender, and residential location play significant roles in explaining the probability of individuals using Mobile Money services. The policy implications of the findings emphasize the need to addressing inequality beyond the financial sector to achieve successful financial inclusion efforts.
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Wakaba, Vincent, and Dr Joshua Matanda Wepukhulu. "EFFECT OF MOBILE MONEY SERVICES ON KENYA’S FINANCIAL INCLUSION." International Journal of Finance and Accounting 4, no. 2 (2019): 1. http://dx.doi.org/10.47604/ijfa.939.
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Purpose: The main objective was to determine the effect of Key mobile money services on financial inclusion in Kenya.
 Materials and Methods: The study adopted a census research design. The target population was limited to the 4 firms (Safaricom, Airtel, Equity and Telkom) providing mobile money services in Kenya. The study relied on secondary data. The study review period was between 2013 and 2018. Descriptive statistical approaches, regression and correlation analysis was used to analyze secondary data. Data was analyzed quantitatively by use of SPSS (Statistical Package for Social Scientist) V21 program.
 Results: The study established that the Mobile money deposit services, Mobile money saving services, Agency banking services and Mobile bill payment services positively and significantly affected Kenya’s financial inclusion.
 Unique contribution to theory, practice and policy: The study recommends that the providers of mobile money services should increase accessibility of these services to citizens since their continued usage leads to positive and significant growth of Kenya’s financial inclusion. The providers can achieve this by encouraging many citizens to be their agents in offering the services. Availability of many agents acting on behalf of the mother company in various parts of the country increases the levels of access of the financial services.
 Key words: Deposit Services, Saving Services, Agency Banking Services, Mobile Money Financial Inclusion
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Asongu, Simplice, and Ndemaze Asongu. "The comparative exploration of mobile money services in inclusive development." International Journal of Social Economics 45, no. 1 (2018): 124–39. http://dx.doi.org/10.1108/ijse-08-2016-0221.
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Purpose The purpose of this paper is to respond to some challenges in the transition to sustainable development goals by examining the correlations between mobile and inclusive development (quality of growth, poverty and inequality) in 93 developing countries for the year 2011. Design/methodology/approach Mobile money service entails: “mobile used to pay bills” and “mobile used to receive/send money.” Interactive ordinary least squares are employed. Findings The following findings are established. First, increasing use of the mobile phones to pay bills is positively linked to “quality of growth” in lower-middle-income countries and negatively correlated with inequality in Latin American countries. Second, growing use of mobile phones to send/receive money is negatively associated with poverty in Asia and Pacific and Central and Eastern Europe. Originality/value Macroeconomic data on mobile money service are scarce. No study to the best of our knowledge has used this macroeconomic mobile money service data before.
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Mahama, Fuseini, Alhassan Bunyaminu, Redruth Nyaaba Ayimpoya, and James Combert. "The influence of mobile money services on customers in the Bolgatanga municipality, Ghana." Edelweiss Applied Science and Technology 8, no. 4 (2024): 56–69. http://dx.doi.org/10.55214/25768484.v8i4.1102.
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Mobile telecommunications can help low-income countries improve their fixed-line and internet infrastructures. Mobile phones boost information availability, reduce search costs, facilitate supply coordination, and benefit low-income people. Mobile banking, often known as m-money, uses mobile networks to allow account balance queries and money transfers without the use of physical infrastructure. Ghanaians strongly prefer mobile money transfer services because of their low cost and accessibility across all economic strata. These simple and dependable services are suitable for clients who have little financial means, as most Ghanaians do. There has been very little empirical research into the benefits and challenges of mobile money services. Because of a paucity of data at the individual level, research into the penetration of financial services in low-income countries such as Ghana is limited. This study looks at both the advantages and disadvantages of using mobile money services. The study analyzed data from a mobile money survey using Partial Squares Structural Equation Modelling (PLS-SEM). This evidence supports the hypothesis that benefits will increase customer sentiment, while restrictions will decrease patronage. The researchers will conduct additional research into the theoretical and practical implications of mobile money systems' benefits and drawbacks for consumers. It supports the hypothesis that advantages improve consumers' perceptions, while impediments reduce patronage. Additional research will consider both the theoretical and practical implications of mobile money systems' benefits and challenges for users.
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sishumba, Jackson, John Mapalo Mulenga, and Loti Saidi. "An Evaluation of Factors that Influence the Adoption of Mobile Money Services by Zambain Univsersity Students. A Case of ZCAS University." International Journal of Research and Innovation in Social Science VIII, no. IV (2024): 2616–39. http://dx.doi.org/10.47772/ijriss.2024.804252.
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Mobile money services in Zambia, like in many other African countries, have been experiencing a significant growth in their user base. According to Bank of Zambia records, the value of mobile money transactions in 2023 skyrocketed by an astonishing 52.8%, reaching a staggering K452.0 billion. This remarkable statistic serves as evidence of acceptability and adoption of digital financial services among Zambian consumers. The mobile money services were deemed to be financial services for the poor and unformalized business communities, surprisingly, with the passage of time mobile services have gained so much popularity even among the elite communities. This study evaluates the factors that influence the adoption of mobile money by Zambian university students using ZCAS-University as a case study. The research adopted a mixed method approach and used questionnaires and semi-structure interviews to collect data from a sample size of 150 students. The quantitative data was then analyzed using statistical package for social sciences while the qualitative data was analyzed using thematic technique. The findings were that students adopted mobile money mainly due to accessibility and ease of use. The study showed that they were areas where banks were better than mobile money in terms of security and professionalism, therefore, students did not adopt mobile money because it was highly better than banks but because it was more accessible. Other factors such as ease of use, perceived usefulness and affordability played a role in the adoption of mobile money in varying degrees.
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Arinze, Echegu Darlington, Jude Uchechukwu Aleke, and Alum Benedict Nnachi. "Mobile Money Adoption in Uganda." IDOSR JOURNAL OF COMPUTER AND APPLIED SCIENCES 9, no. 2 (2024): 10–16. http://dx.doi.org/10.59298/jcas/2024/92.1016.
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Mobile money has gained a lot of acceptance in the Ugandan financial sector since its inception a decade ago. This is due to high mobile phone usage, especially in rural areas where branch banking is rare. The financial sector’s adoption of mobile money has enhanced financial inclusion by providing banking services to individuals previously excluded from the financial sector. Mobile money services offer a variety of financial transactions, including payment, saving, credit, and insurance, without the need to visit a banking hall. These are poverty reduction, job creation, GDP, and the development of a sound financial sector. However, despite the increased use and growth of mobile money in Uganda, it has presented the following challenges: Some of the problems undermining the future of this innovation include regulatory barriers, cybersecurity threats, compatibility questions, and consumer scepticism about digital financial services. Solving these challenges calls for cooperation between mobile money operators, regulators, policymakers, and other interested parties to foster innovation, competition, and consumer protection while enhancing the access and usage of financial services and products. This review examines mobile money adoption in Uganda. We used available data from many reputable databases, spanning the time period from 2010 to 2024. Findings suggest that in the future, mobile money in Uganda has bright prospects in terms of future trends, new uses, and improved connections with other electronic systems. New technologies like biometric identification, artificial intelligence, machine learning, and blockchain will enhance security, user experience, and other conditions that are necessary to fulfil user needs. Communication with mobile money providers, regulators, and stakeholders is a necessary step to fully benefit from these opportunities and manage the remaining challenges. Lastly, measures such as the promotion of consumer protection, availability of financial products and services, investment in technology, and constant public sensitization would go a long way towards tapping the full potential of mobile money in Uganda, as this fuels positive social and economic change in the country. Keywords: mobile money, Uganda, financial sector, cybersecurity, Gross Domestic Product (GDP)
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Olaleye, Olatunde John, Oluwakemi Taiwo Oreagba, Olabisi Alaba Oguntuga, and Oludotun Adewale Adebanjo. "Mobile Money Transfer Services on Financial Inclusion and Poverty Reduction in Rural Area in Nigeria." Journal of Forensic accounting & Fraud Investigation (JFAFI) 10, Issue 1, January - June, 2025 (2025): 92–106. https://doi.org/10.5281/zenodo.15225320.
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In recent years, mobile money services have emerged as a crucial tool in enhancing access to financial services in regions traditionally underserved by conventional banking infrastructure. Therefore, this study seeks to examine the impact of mobile money transfer services on financial inclusion and poverty reduction in rural areas of Nigeria spanning through 2010 to 2023. The research employs econometric techniques such as the Autoregressive Distributed Lag (ARDL) model and Error Correction Model (ECM) to assess the long-term and short-term dynamics of mobile money, Point-of-Sale (POS), Automated Teller Machine (ATM) transactions, and their relationship with poverty levels. The results indicate a significant positive long-run relationship between ATM transactions, POS services on poverty reduction, with mobile money showing a negative effect on poverty reduction. The study provides evidence that the Nigerian government should consider revising the legal framework to allow mobile network operators to take a more active role in providing mobile money services. The success of mobile money in other African countries can serve as a useful reference for policy adjustments.
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Koi-Akrofi, Joyce. "Mobile Money Adoption in Africa: A Literature-Based Analysis." Texila International Journal of Management 8, no. 2 (2022): 170–81. http://dx.doi.org/10.21522/tijmg.2015.08.02.art014.
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The study sought to assess the factors that influence the adoption of mobile money banking and financial services in Africa. Despite the growth in the mobile money industry and its potential for the future, studies suggest that mobile money banking/financial services adoption remains low across sub-Saharan Africa. This research work employed a systematic literature review methodology, specifically, a literature-based analysis for the investigation. The researcher, for the purposes of this study, identified, selected, and critically reviewed only secondary data, which refers to data that has already been collected for some other. Twenty (20) recent articles on mobile money banking/financial services and external/internal factors, modeled by various theories concerning technology/innovation adoption, were gathered from highly recognized and profiled research databases, including Google Scholar, Research Gate, Emerald (database), Elsevier (database), Pro-quest, Scopus, and Springer. From the 20 articles reviewed, analyzed, and discussed, the number of external factors that influence mobile money adoption positively or negatively is twenty (20), while the count of internal factors that influence mobile money adoption positively or negatively is eight (8). In conclusion, the external factors outnumber the internal factors, but the internal factors are more grievous and have a significant impact on the mobile money service. The results of this research work also revealed the top five external factors researchers seem to encounter in their studies. The study provides significant insight into both external and internal factors affecting the adoption of mobile money services in Africa. Keywords: Africa, Databases, Mobile Money Banking/Financial services, Systematic.
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Nkinde, Moses, Aloyce Semlambo Adam, and Poul Sabaya Dinael. "The Impacts of Cybercrime on the Growth of Mobile Money Services in Tanzania; A Case of Kongwa District." GPH-International Journal of Business Management 06, no. 11 (2023): 42–63. https://doi.org/10.5281/zenodo.10142307.
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<strong>This study examined the repercussions of cybercrime on the expansion of mobile money services in Kongwa District, Dodoma Region. The swift proliferation of mobile money services in the area has drawn the attention of cybercriminals, resulting in substantial threats to user security and trust. The study centred on two pivotal variables: users' trust in mobile money services and alterations in usage patterns and loan repayment behaviours. Employing a descriptive research design and a qualitative research approach, the study engaged with a sample size of 30 out of a population of 194. Primary data was gathered and analysed through surveys and interviews with mobile money users in Kongwa District to assess the extent of cybercrime's influence on these variables. Furthermore, secondary data sources were utilised to procure information concerning interventions and strategies employed to alleviate the impact of cybercrime. The study's findings revealed a significant erosion of users' trust in mobile money services and notable changes in usage patterns and loan repayment behaviours due to cybercrime. To mitigate the impact of cybercrime, the study suggests that mobile money service providers enhance security measures and regulatory authorities enforce stricter oversight. These findings hold practical implications for industry stakeholders and contribute to the academic comprehension of the impact of cybercrime on mobile money services.</strong>
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Ebong, Jimmy, and Babu George. "Financial Inclusion through Digital Financial Services (DFS): A Study in Uganda." Journal of Risk and Financial Management 14, no. 9 (2021): 393. http://dx.doi.org/10.3390/jrfm14090393.
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This study unravels trends and momentum in banking and mobile money channels and uptake of select services and thereafter draws implications for enhancing financial inclusion through Digital Financial Services (DFS). The Rate of Change (ROC) approach was applied to analyze the growth momentum in banking and mobile money channels in Uganda. Implications for growth momentum in banking and mobile money channels for DFS and financial inclusion was drawn from observing and making informed interpretation of such observed trends and momentum. The findings of this study imply that banks must innovate to increase their contribution towards enhancing financial inclusion. Additional channel innovations, which may infuse banking and mobile money channels, are needed for banking to leverage on growth of mobile money and regain its role in enhancing financial inclusion. Leveraging the application of digital innovations in services such as payments and digitizing alternative channels such as agent banking are likely to increase efficiencies in physical channels and the provision of banking services and thereby increase overall reach and penetration of banking. The fast pace of mobile money penetration is good for speeding up financial inclusion. However, this calls for better regulatory approaches for DFS risk reduction, consumer protection, and protecting mobile money against integrity and financial crimes.
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Rwechungura, Kamugisha Alfred. "Factors Influencing Mobile Money Adoption in Tanzania." African Journal of Accounting and Social Science Studies 6, no. 2 (2025): 81–99. https://doi.org/10.4314/ajasss.v6i2.5.
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Financial inclusion is being promoted in most economies as it fosters economic development. Traditionally, banks were used to promote the agenda of financial inclusion until about two decades ago when Mobile Network Operators (MNOs) introduced mobile money services. Since then, there has been a rise in the number of individuals using mobile money services. Due to this, studies have been carried out to investigate the factors responsible for adopting mobile money globally. Despite thorough research in this area, aspects such as affordability and integration of mobile money with other financial services and promotions have not been thoroughly studied. Therefore, with its unique focus on these unexplored new aspects, this study was carried out to fill this gap using Tanzania as a case study. Along with the common factors such as trust, performance, and ease of use, the study used primary data collected through an online survey from 384 respondents. It was anchored on the Technology Acceptance Model (TAM) and employed Semi-Structural Equation Modeling (SEM) as the analysis method. The study found that perceived risk has a negative but statistically insignificant influence on adopting mobile money, with a coefficient of -0.181 and a p-value of 0.078. Results also indicate that perceived trust, performance expectancy, ease of use, social influence, affordability, integration of mobile money with other financial services, and promotion have a positive and statistically significant influence on mobile money adoption, with coefficients of 0.694, 0.627, 0.623, 0.605, 0.101, 0.083, and 0.438 respectively, and a p-value of less than 0.005. These findings highlight the need for MNOs to build trust through improved security measures, offer affordable services, integrate mobile money with other financial platforms, and promote their services to increase adoption. Policymakers are encouraged to create regulatory frameworks that promote consumer trust, ensuring a safe and reliable mobile money ecosystem.
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Mtengwa, Bonnie Batsirai, Agripah Kandiero, and Stanislas Bigirimana. "Drivers of Mobile Money Services Development in Zimbabwe." International Journal of E-Business Research 17, no. 1 (2021): 42–64. http://dx.doi.org/10.4018/ijebr.2021010104.
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This study sought to identify the drivers of mobile money services development in Zimbabwe using Ecocash as a case study. Through purposive sampling, respondents were selected from financial institutions, regulatory bodies, customers, and agents. The research showed that in Zimbabwe the development of mobile money services is influenced by several factors such as a high mobile telephone penetration rate, a high number of unbanked people owing to poor access to traditional banking services, a lower level of internet penetration levels, customer awareness of the service because of aggressive branding, security and ease of use, and a dense networks of agents. Fast technology diffusion was also a factor that influenced the fast adoption of mobile money services in Zimbabwe. More research is needed to assess the impediments in countries where the adoption of mobile money services has not been as spectacular as in Zimbabwe or Kenya.
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MANSSOORI, JALATKHA, AL HUSSAINI ABULFATHI IBRAHIM SALEH, and ADAMU ABUBAKAR IBRAHIM. "Examining the Factors Influencing The Success of Mobile Money In Afghanistan." Journal of Information Systems and Digital Technologies 3, no. 1 (2021): 40–64. http://dx.doi.org/10.31436/jisdt.v3i1.198.
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The advancement and rapid development of mobile money has created extraordinary opportunities for poor people in developing countries to help contribute in the development of the economy. Mobile money has formed an effective and efficient mechanism for the electronic transaction of money. Regardless of the remarkable improvement in the recent decades, the economy of Afghanistan has stills not improved. Citizens of the country are the poorest in the world. There is very limited accessibility to basic financial services due to the lack of e-transaction and banking services. The introduction of mobile money as an electronic transfer of money can be a partial solution to the problems being faced in Afghanistan. However, a lack of system quality, information quality and service quality assurances is an essential problem for the success and usage of mobile money which need to be improved. This research aims to determine the impact and influence of system, information, and service qualities on the use of mobile money. DeLone and McLean IS Success Model has been adapted as the theory to evaluate the success of mobile money services based on four influencing factors. Data collection through an online survey questionnaire was performed. The data has been analyzed and the finding indicate that, system quality, information quality, service quality and customer value have significant and positive impact on the success of mobile money services in Afghanistan.
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Churk, Josephine P., Madina H. Juma, and Grace J. Mpuya. "Mobile Money Services and the Income-Earning of Women Second-hand Cloth Entrepreneurs in Dodoma City." International Review of Management and Marketing 13, no. 5 (2023): 41–49. http://dx.doi.org/10.32479/irmm.14717.
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The diffusion of mobile money technology has changed the financial landscape across countries in Sub–Saharan Africa, including Tanzania. Women entrepreneurs can use mobile money services to improve business performance by increasing income earning. The study adopted a capability approach to investigate the effect of mobile money services on the income-earning of women’s second-hand cloth entrepreneurs in Dodoma City. Triangulation mixed method was used to collect both qualitative and quantitative data from Sabasaba and Machinga complexes as big market centers. The research surveyed a total of 50 women second-hand cloth entrepreneurs and interviewed 15 key informants. The quantitative data were analyzed by using both descriptive and inferential statistics with the aid of SPSS while qualitative data used content analysis. The result revealed a significant relationship between mobile money saving and the income-earning of women second-hand cloth entrepreneurs. The findings further show that entrepreneurs use informal help groups for borrowing and bank services transactions as coping strategies for solving the challenges of using mobile money services for income earning. The study recommends the collaboration between regulators, entrepreneurs, and private stakeholders to solve challenges that hinder business efforts of increasing income by using mobile money services.
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Natalie Chipa and Bupe Getrude Mwanza. "Factors Impeding Mobile Money Expansion in Zambia." International Journal of Engineering and Management Research 11, no. 1 (2021): 178–86. http://dx.doi.org/10.31033/ijemr.11.1.24.
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The majority of the world population is not covered by the mainstream financial sector. As such, mobile money services are seen as a cost effective and efficient way of increasing financial inclusion. However, there remains some factors that impede the development of mobile money services. Therefore, this study sought to analyse these factors with a view to identifying strategies that can be used to accelerate the development of mobile money services.
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SOSSOU, Maurel Loïs Ahlonko, Abdoulaye GAYE, and Mohamed El Bachir WADE. "Facteurs explicatifs de l’adoption des services du mobile money par les clients des opérateurs de téléphonie mobile à Dakar." International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA) 3, no. 4 (2021): 393–416. http://dx.doi.org/10.52502/ijfaema.v3i4.106.
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Le mobile money représente, pour les entreprises de services en l’occurrence les opérateurs de télécommunication, une innovation incrémentale de service accessible à tous les individus via le téléphone portable. Ressortir les facteurs explicatifs de son adoption par les clients répond aux préoccupations des offreurs de services financiers mobiles, en particulier celles des opérateurs de téléphonie mobile qui ambitionnent de développer leur portefeuille clients. Au plan individuel la théorie unifiée d’acceptation et d’utilisation de la technologie a été mobilisée dans différents contextes pour prédire le comportement d’adoption d’une innovation. Grâce à une approche méthodologique mixte et à l’échantillonnage de commodité, une étude qualitative de type semi-structuré suivant une analyse de contenu thématique a été effectuée d’une part et d’autre part un questionnaire conçu à base de Likert à 5 points a été réalisé sur un échantillon de 251clients utilisateurs. Les résultats révèlent que l’intention des clients à utiliser les services s’explique par la testabilité et l’utilité perçue. Quant à l’analyse de régression logistique, les résultats dévoilent d’une part que l’offre des services du mobile money est à faible coût et d’autre part que l’intention d’utilisation et la commodité constituent les réels facteurs expliquant l’adoption des services du mobile money.
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Kenneth, Longo Mlelwa. "A Framework for Addressing Mobile Money Security Vulnerabilities in Tanzania." International Journal of Innovative Science and Research Technology 8, no. 3 (2023): 44–51. https://doi.org/10.5281/zenodo.7716723.
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The growth of mobile payments gave rise to several security threats to users. These threats are attributed to vulnerabilities due to ignorance, technical issues, inadequate regulations, information about mobile transactions, and lack of formal complaints and redress mechanisms. This study aimed to design a framework to address security vulnerabilities in mobile money services in Tanzania. The study was conducted at Airtel Airtel Money agents and employees in Dar es Salaam, with a sample size of 163 respondents. The results show that 77.9% of respondents said mobile money service is safe. According to the results obtained, despite the safety of mobile money services, threats and vulnerabilities were identified. Users receive calls/SMS requests to perform unintended transactions. Some users experience altering their mobile money balance, using the public internet to perform a transaction, downloading apps from the internet, and downloading data from unknown sites are the potential cause of security vulnerability and threats to mobile money services. The study recommends that mobile money operators design a safe system and raise awareness among users on security aspects. Users are to report any receipt of a call or SMS requesting them to perform an unintended transaction, and stakeholders, customers, and Government cooperate in the design and implement the safe framework for mobile money service
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Tengeh, Robertson Khan, and Frank Sylvio Gahapa Talom. "Mobile Money as a Sustainable Alternative for SMEs in Less Developed Financial Markets." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4 (2020): 163. http://dx.doi.org/10.3390/joitmc6040163.
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Despite the many advantages that mobile money offers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this study adopted an exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clienteles, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon.
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Aker, Jenny C., Silvia Prina, and C. Jamilah Welch. "Migration, Money Transfers, and Mobile Money: Evidence from Niger." AEA Papers and Proceedings 110 (May 1, 2020): 589–93. http://dx.doi.org/10.1257/pandp.20201085.
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Mobile money can reduce the cost of sending remittances as compared with traditional money transfer systems. Despite remittances being a crucial part of the West African economy, mobile money is failing to take off. We use supply and demand data for money transfer services to better understand low mobile money adoption in Niger. Using a modified Becker-DeGroot-Marschak mechanism to elicit willingness to pay, we find that households are willing to pay the cost of sending a transfer via mobile money, with substantial regional variation. This regional variation is correlated with agent density, which suggests that agent infrastructure might be a barrier.
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Eilu, Emmanuel, and Theresa Odur Auma. "Mobile Money Services as a Panacea to Financial Inclusion in Sub-Saharan Africa." International Journal of Technology Diffusion 8, no. 4 (2017): 77–88. http://dx.doi.org/10.4018/ijtd.2017100106.
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One of the most important drivers for sustainable economic growth and development is financial inclusion. This explains why financial exclusion is a leading cause of extreme poverty and a key barrier to growth. The level of financial inclusion in Sub-Saharan Africa still remains low. However, there is evidence that mobile money technology, taking advantage of the high level of mobile phone penetration in the region, has been seen to drive financial inclusion. However, very few studies have been conducted in the region to particularly establish the extent mobile money service usage has leveraged financial inclusion. In this study, we investigate the extent to which three most common mobile money services namely, sending money, receiving money and bill payment have leveraged financial inclusion in a Sub-Saharan African country like Uganda. Our study reveals that the most widely used mobile money service in this rural area was for receiving money. This has greatly enhanced financial inclusion by facilitating both domestic and international remittance.
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Mensah, Isaac Kofi, Luo Chuanyong, and Guohua Zeng. "Factors Determining the Continued Intention to Use Mobile Money Transfer Services (MMTS) Among University Students in Ghana." International Journal of Mobile Human Computer Interaction 12, no. 1 (2020): 1–21. http://dx.doi.org/10.4018/ijmhci.2020010101.
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This study explored the factors influencing the continued intention to use mobile money transfer services among university students in Ghana. The UTAUT was used as the research theoretical framework while the analysis was conducted with SPSS and SmartPLS. The results demonstrate that the continued intention to use mobile money transfer services is influenced by performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived service quality. Also, perceived service quality was found to be a significant predictor of the actual use of mobile money transfer services. The study further revealed that the continued intention to use was a positive determinant of the actual usage of mobile money transfer services. The implications of these and other findings of the study are discussed.
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Wantchami, Nengieh Lizzie, Kingsley Lyonga Ngange, Hallepie Barbara Senge, Lingongo Oscar, and Akame Ebude. "Factors Influencing The Adoption And Use Of Mobile Money In Cameroon: Case Of Mobile Money Operators And Users In Buea." Advances in Social Sciences Research Journal 8, no. 4 (2021): 698–708. http://dx.doi.org/10.14738/assrj.84.9973.
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Mobile Money is an innovation that has transformed e-business in the Cameroonian context. This study examines the factors that enhance the adoption and use of mobile money in Buea, capital of the South West Region of Cameroon. The theoretical framework used is the diffusion of innovation. The qualitative approach is adopted, with 10 mobile money operators and 10 mobile money users interviewed using a structured interview protocol. Results show that participants prefer adopting and using mobile services because they are easy to use, convenient, readily accessible, and have less charges compared to the traditional banking system. Telecommunications companies should therefore, continue to consider less charges and bonuses as a strategy to increase penetration and adoption of mobile money services. Likewise, the instructions and language essential to effect Mobile Money operations like internet and airtime purchase should remain simple.
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Owiredu, A. Owiredu, F. Antwi Antwi, and K. Nyako Gyimah Kofi Nyako Gyimah. "Determinants of Continuous Use of Mobile Money Payment Systems in Ghana." Pentvars Business Journal 12, no. 12 (2019): 77–91. http://dx.doi.org/10.62868/pbj.v12i12.155.
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This study examines the effect of user’s satisfaction on post-acceptance behaviour of mobile money users. Specifically, the paper identifies satisfactory factors and further examines the relationship between satisfaction and continuous use of mobile money application at the post-acceptance phase. Data was collected from 696 mobile phone users who had subscribed to mobile money services. Partial least squares (PLS) (Smart PLS 3.0) were used to analyse the collected data to test proposed hypotheses. This study revealed that users’ satisfaction is a significant factor that influences their intentions to continue to use mobile money services. The results indicated that users’ satisfaction is strongly influenced by confirmation and perceived usefulness which in turn significantly impact on continuous use of mobile money applications. Also, perceived security and privacy exert significant impact on users satisfaction. It was noted that charges and fees were insignificant but positively related to users’ intentions to continue to use mobile money applications. The findings have implications on both telecommunication firms and policy makers as they offer practical guidelines in developing strategies to ensure continuous use of mobile money applications/ services as we improve upon financial inclusion in Ghana in particular and Africa in general. This study therefore fills the gap in the post-adoption stage of mobile money usage and further use in Ghana.
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Caesar Talent Mutare, Kudzanai Tavirimirwa, Tobias Nharo, and Shepard Wara. "From USSD to apps: Understanding mobile money platform preferences among Zimbabwean youths." Open Access Research Journal of Science and Technology 13, no. 1 (2025): 058–68. https://doi.org/10.53022/oarjst.2025.13.1.0034.
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This research investigates the factors influencing the choice between Unstructured Supplementary Service Data (USSD) and mobile money applications among young people in Zimbabwe. With the increase in mobile money services, an understanding of user preferences is crucial for providing platform support services, enhancing financial inclusion and service delivery. The study uses a quantitative survey to gather data from a diverse sample of young Zimbabweans aged between 18-35 years. Key findings indicate that while USSD remains popular due to its accessibility and ease of use on basic mobile phones, mobile money apps are gaining traction among tech-savvy users who are interested in advanced features and user experience. Smartphone penetration, internet accessibility, transaction costs, and perceived security significantly influence the choice of mobile money platform The research highlights the need for mobile money providers to tailor their services to meet the diverse needs of young users, promoting broader financial inclusion and economic participation.
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Okello Candiya Bongomin, George, Pierre Yourougou, and John C. Munene. "Digital financial innovations in the twenty-first century." Journal of Economic and Administrative Sciences 36, no. 3 (2019): 185–203. http://dx.doi.org/10.1108/jeas-01-2019-0007.
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Purpose Premised on the assertion that financial digitalization is currently the panacea and game changer in delivering progress towards the sustainable development goals (SDGs) through universal financial inclusion, especially in developing countries, the purpose of this paper is to establish the moderating effect of transaction tax exemptions in the relationship between mobile money adoption and usage and financial inclusion. Design/methodology/approach A semi-structured questionnaire was used to collect data from 379 micro, small and medium enterprises (MSMEs), which use mobile money services drawn from the Northern District of Gulu in Uganda to provide responses for this study. The predictive relevancy and the effect size of the model were determined by running partial least square algorithm through structural equation model (SEM) with 5,000 bootstrap samples in SmartPLS-SEM 3.0. Findings The findings indicated that all the latent variables of transaction tax exemptions showed significant and positive impact on mobile money adoption and usage to advance financial inclusion in developing countries. Moreover, when combined together, the overall SEM predictive model revealed a significant moderating effect of transaction tax exemptions in the relationship between mobile money adoption and usage and financial inclusion. This implies that transaction tax exemptions on digital financial innovations such as the mobile money services can stimulate economic growth through increased level of financial inclusion labeled as the main enabler in achieving the SDGs by the year 2030. Research limitations/implications Whereas data were collected from users of mobile money services, the samples were drawn specifically from MSMEs’ owners located in the Northern District of Gulu in Uganda. Thus, users located in other districts were not included in the sample for this study. Similarly, this study limited itself to only financial services offered through the mobile money platform. It ignored other digital financial channels such as the internet and electronic banking. Practical implications Going forward, in order to improve the economic well-being of households at the “bottom of the pyramid,” governments in developing countries should embrace the significant role of transaction tax exemptions in promoting digital financial innovations such as the mobile money services for increased level of financial inclusion. The governments in developing countries where mobile money has greatly spurred financial inclusion should not only reduce the existing transaction taxes on mobile money services but scrap it off in order to champion progressive increase in the level of universal financial inclusion prescribed as a key enabler in eliminating global poverty, especially in developing countries. Originality/value This study hints on the moderating effect of transaction tax exemptions in the relationship between mobile money adoption and usage and financial inclusion. The paradox in the current trends on transaction taxes on mobile money services, especially in developing countries remain a dearth in the nascent global FINTECH ecosystem.
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Okrah, J., and A. N. Nepp. "Mobile Money Services: An Enabler of Development Processes in Africa." Journal of Applied Economic Research 21, no. 4 (2022): 659–62. http://dx.doi.org/10.15826/vestnik.2022.21.4.022.
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Access to finance has been a major constraint in a lot of developing countries, especially in Africa. This research seeks to explore the role of mobile money in the development of the financial sector and its role in enforcing financial inclusiveness by making banking easily accessible and convenient. We look at data of сountries which operate mobile money credit facilities. Looking closely at how these loan services are increasing financial accessibility and the intensity of entrepreneurship, we hypothesize that mobile money positively influences entrepreneurship and domestic saving by providing an avenue for financial inclusiveness. To explore our objectives, we use panel data consisting of developing countries. With repeated observations of enough cross-sections, panel data analysis permits us to study the dynamics of change with time series. Our data consists of 28 developing countries from the year 2010 to 2018. Our results indicated a positive effect of mobile money registered accounts on new business density and positive effect of transactional volume on domestic savings. We realized that the mobile money system has increased people's confidence in saving and investment since their money is easily accessible with just a click away. People now feel much safer, and this system is educating more people rapidly in developing the culture of saving. This improves how banks treat their clients in rural communities and it also creates employment for young graduates. Access to loans has become much easier by replacing the collateral system with the credit score system. We also realized that since there are no regulations regarding access to loans, mobile money operators seem to take advantage of the people by taking interest rates of more than 10% per month.
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Mutsonziwa, Kingstone, and Obert K. Maposa. "Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using Fin Scope Survey Data." GIS Business 11, no. 3 (2016): 45–56. http://dx.doi.org/10.26643/gis.v11i3.3436.
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Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Mutsonziwa, Kingstone, and Obert K. Maposa. "Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using FinScope Survey Data." GIS Business 12, no. 1 (2017): 45–56. http://dx.doi.org/10.26643/gis.v12i1.3378.
Full textAbstract:
Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Mutsonziwa, Kingstone, and Obert K. Maposa. "Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using FinScope Survey Data." GIS Business 12, no. 2 (2017): 45–56. http://dx.doi.org/10.26643/gis.v12i2.3363.
Full textAbstract:
Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Mutsonziwa, Kingstone, and Obert K. Maposa. "Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using FinScope Survey Data." GIS Business 12, no. 4 (2016): 45–56. http://dx.doi.org/10.26643/gis.v12i4.3431.
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Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.
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Mhella, Deogratius Joseph. "The Development of Mobile Money and the Politics of Financial Inclusion in Tanzania." International Social Sciences Review 1 (April 30, 2019): 25–42. http://dx.doi.org/10.37467/gka-socialrev.v1.2088.
Full textAbstract:
This paper analyses the development of mobile money in Tanzania and the politics of financial inclusion that enhanced it. Mobile money has played a significant part in reaching the financially unreached and excluded people overtaking banking and other financial services in Tanzania. There is no doubt that mobile money emerged at a time when financial exclusion was a major issue, and that the advent of mobile money was opposed by the banks who thought that it was entering the money business, and that the banks were in a better position to do money business better than any other institutions. For this reason, it is crucial to understand the development of mobile money and the politics of financial inclusion that allowed it to succeed. I have chosen the case study of Tanzania because not only that mobile money has thrived there, but also mobile money as we perceive it today was firstly invented by the e-Fulusi, a Tanzanian company, and failed before it was relaunched in Kenya by MPesa and succeeded. Moreover, the development of mobile money and the politics of financial inclusion have proven their importance in fighting financial exclusion and in increasing access to formal financial services for the poor, which is key to economic growth and poverty alleviation.
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Andreas, Eyong Ayuk. "A Critical Examination of the Challenges Impeding the Effective Implementation of MTN-Mobile Money Regulations in Cameroon." Scholars International Journal of Law, Crime and Justice 7, no. 07 (2024): 251–61. http://dx.doi.org/10.36348/sijlcj.2024.v07i07.002.
Full textAbstract:
There is no gainsaying that MTN-Mobile Money plays a vital role in the economy of most nations especially the advent of digitalization in the world today. In Cameroon, a plethora of legislations have been enacted and well established institutions at various levels with diverse competences in ensuring compliance with the protection of MTN Mobile Money services. Despite these laws and institutions in place, MTN Mobile Money services have been plaque with numerous challenges which impedes effective implementation. In tandem with this state of affair, the aim of this paper is to explore the challenges faced in enforcing mobile money regulations in Cameroon, examining the key obstacles and their implications for the effective regulation of this sector. Through a content analysis of primary and secondary data, we therefore, uphold that there would be security and certainty in MTN-Mobile Money Services if these challenges are effectively curtailed in Cameroon and the world at large.
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Nguyễn, Thị Hoài Thu, Minh Thùy Nguyễn, and Đức Hải Phạm. "Assess the impact of mobile money services on the development of financial inclusion in Vietnam and some recommendations." Tạp chí Khoa học và Đào tạo Ngân hàng, no. 255 (August 2023): 1–13. http://dx.doi.org/10.59276/tckhdt.2023.08.2547.
Full textAbstract:
Today, mobile money has become an extremely useful tool, facilitating the access to financial services of disadvantaged or financially excluded groups in developing countries. However, there has not been much research on the relationship between mobile money services and financial inclusion development in Vietnam. Based on research overview and survey results of 10,248 people in some areas in Vietnam during the period from 2022- 2023, this article builds a quantitative model to evaluate the impact of mobile money services on financial inclusion (FI) in Vietnam in three criteria: (i) Financial Service Access, (ii) Financial Service Using Frequency, (iii) Financial Service Using Value. Research results show that the widespread adoption of mobile money helps to reduce transaction costs, stimulate consumption, reduce risks for users, especially contributing to promoting financial inclusion. From there, the article provides valuable insights and recommendations for policy makers and researchers to use mobile money for socio-economic growth in the context of global integration
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Sanni, Mistura Laide, Bodunde Odunola Akinyemi, Dauda Akinwuyi Olalere, Emmanuel Ajayi Olajubu, and Ganiyu Adesola Aderounmu. "A Predictive Cyber Threat Model for Mobile Money Services." Annals of Emerging Technologies in Computing 7, no. 1 (2023): 40–60. http://dx.doi.org/10.33166/aetic.2023.01.004.
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Mobile Money Services (MMS), enabled by the wide adoption of mobile phones, offered an opportunity for financial inclusion for the unbanked in developing nations. Meanwhile, the risks of cybercrime are increasing, becoming more widespread, and worsening. This is being aggravated by the inadequate security practises of both service providers and the potential customers' underlying criminal intent to undermine the system for financial gain. Predicting potential mobile money cyber threats will afford the opportunity to implement countermeasures before cybercriminals explore this opportunity to impact mobile money assets or perpetrate financial cybercrime. However, traditional security techniques are too broad to address these emerging threats to Mobile Financial Services (MFS). Furthermore, the existing body of knowledge is not adequate for predicting threats associated with the mobile money ecosystem. Thus, there is a need for an effective analytical model based on intelligent software defence mechanisms to detect and prevent these cyber threats. In this study, a dataset was collected via interview with the mobile money practitioners, and a Synthetic Minority Oversampling Technique (SMOTE) was applied to handle the class imbalance problem. A predictive model to detect and prevent suspicious customers with cyber threat potential during the onboarding process for MMS in developing nations using a Machine Learning (ML) technique was developed and evaluated. To test the proposed model's effectiveness in detecting and classifying fraudulent MMS applicant intent, it was trained with various configurations, such as binary or multiclass, with or without the inclusion of SMOTE. Python programming language was employed for the simulation and evaluation of the proposed model. The results showed that ML algorithms are effective for modelling and automating the prediction of cyber threats on MMS. In addition, it proved that the logistic regression classifier with the SMOTE application provided the best classification performance among the various configurations of logistic regression experiments performed. This classification model will be suitable for secure MMS, which serves as a key deciding factor in the adoption and acceptance of mobile money as a cash substitute, especially among the unbanked population.
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Fouad, Youssouf Osman, and Ali Tareq Mohammad. "Empirical Data on Mobile Money Hesitation Factors in Somalia." International Journal of Engineering and Advanced Technology (IJEAT) 9, no. 3 (2020): 3719–27. https://doi.org/10.35940/ijeat.C6307.029320.
Full textAbstract:
Mobile money is an electronic system of transferring money from person to person. The mobile money service has expanded its coverage all over the world and there is hardly any country that do not practice any form of mobile money transfer. Somalia is one of the countries that embraced mobile money unconditionally as there is lack of traditional financial institutions providing financial services since the collapse of central government in 1991. Somalians accepted mobile money because it has made money transfer easier for them to pay bill and shopping. However, there are hesitation factors that hinder the full scale functioning of the system and makes people hesitate to use mobile money. Currently mobile money users practice very limited mobile money functions such as sending and receiving, withdrawal, top up and internet recharge. Other mobile money functions such as pay tuition fees, payrolls, payments for purchase t, utility payment and saving money into mobile money account are lagging behind. This empirical study explores the inconvenience factors that lead people to hesitate to use mobile money in a large scale. In this study, 650 survey questionnaire were distributed among mobile money users in Somalia. The questionnaires were distributed through online Google form. A total of 375 respondents submitted their responses and all the answers were recorded into SPSS. IBM-SPSS statistics 22 were used to statistically analyses the data. Factor analysis for data validity and scale analysis for data reliability, frequency and descriptive statistics were conducted to analyze the data. The study found that there are numerous mobile money hesitation factors that make Somalian people to hesitate fully practicing the system. These hesitation factors include perceived risk of financial loss, perceived risk of system error, perceived risk of authentication weaknesses, lack of regulation and policy and interoperability between the mobile money service providers. This study concludes that hesitation factors needs to be addressed that will improve the level of mobile money usage into full scale. Among factors that may reduce hesitation factors of the usage of mobile money services in Somalia are high level accuracy of mobile money authentication system, operative interoperability platform, highly effective compensation system and functioning mobile money regulations and policy.