Article Sidebar

Download
View Full Article XML S.I.S
Statistic
Read Counter : 83 Download : 66

Downloads

Download data is not yet available.

Metrics

Metrics Loading ...

Main Article Content

Abstract

There has been a significant increase in mobile money accounts and transactions in recent years due to the interoperability of mobile money platforms. The literature on mobile money still needs to highlight one area that needs attention: its role in realizing the cash-lite agenda. This study investigated whether a mobile money payment system could be the panacea for achieving the cash-lite agenda in Ghana. The study adopted a mixed methods research design and used both quantitative and qualitative data collection and analysis approaches. Three hundred and fifty-one (351) respondents responded to the questionnaires, while data collection involved questionnaires and structured interviews. The questionnaires had three parts: Part A consisted of respondents' bio-data; Part B covered their acceptance and usage of cashless instruments; and Part C addressed the challenges they faced while using such tools. The questions were mostly 5-point Likert scale-type questions. Data were analyzed quantitatively using descriptive and inferential statistical analysis tools with the help of the Statistical Package for Social Sciences (SPSS) software. The findings showed that the top three cashless instruments used were mobile money, the Visa or Master Card, and the Automated Teller Machine (ATM). Among these, mobile money was the most widely used. Also, for e-levy, inadequate infrastructure, and frequency of e-payments were some of the factors that affected cashless instruments usage. Additionally, the study found that most respondents were concerned about the illiteracy rate, identity theft or fraud, unreliable networks, cyber security, and privacy issues. Among other things, it is recommended that there should be massive investments in infrastructure by key stakeholders such as government, banks, and non-bank operators to ensure faster and cheaper internet connectivity and improved network availability, quality, and security.

Keywords

Cashless economy cash-lite agenda mobile money payment systems interoperability e-levy cashless instruments

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Appiah Amankwa, I., Amo, J., & Sima Mofaw, B. (2023). Mobile Money Payment System: Is Ghana on the Path Toward a Cash-lite Agenda. International Journal of Multidisciplinary Studies and Innovative Research, 11(4), 1574–1587. https://doi.org/10.53075/Ijmsirq/098763874485737
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Agyapong, W. (2023). Total mobile money transactions increased by 78% in half-year 2023. The Ghana Report. https://www.theghanareport.com/total-mobile-money-transactions-increase-by-78-in-half-year-2023/
  2. Ahmad, A. H., Green, C. & Jiang, F. (2020). Mobile money, financial inclusion, and development: A review with reference to African experience. Journal of Economic Surveys, 34(4), 753–792. https://doi.org/10.1111/joes.12372.
  3. Ajzen, I. (1991). The theory of planned behaviour. Organization behaviour and human decision processes. Academic Press, Inc. pp. 179-211. https://doi.org/10.1016/0749-5978(91)90020-T.
  4. Akinola, O. S. (2012). Cashless society, problems and prospects, data mining research potentials. International Journal of Computer Science and Telecommunications, 3 (8), 49-55.
  5. Aron, J. (2018). Mobile money and the economy: A review of the evidence. World Bank Research Observer, 33(2), 135–188.
  6. Avom, D., Bangaké, C., & Ndoya, H. (2023). Do financial innovations improve financial inclusion? Evidence from mobile money adoption in Africa. Technological Forecasting and Social Change, 190, 122451. https://doi.org/10.1016/j.techfore.2023.122451.
  7. Bank of Ghana (2023). Summary of Economic and Financial Data January 2023. https://www.bog.gov.gh/wpcontent/uploads/2023/01/Summary-of-Economic-Financial-Data-January-2023.pdf.
  8. Bank of Ghana (2021). Payment System Oversight Annual Report. https://www.bog.gov.gh/wp-content/uploads/2022/07/Payment-Systems-Oversight-Annual-Report-2021-1.pdf.
  9. Bank of Ghana (2020). Annual Report and Financial Statement. https://www.bog.gov.gh/wp-content/uploads/2021/09/Annual-Report-2020.pdf.
  10. Boreau and Horeig (2012). Interoperability and the pathways towards inclusive retail payments in Pakistan. CGAP: Washington, DC.
  11. Brunnermeier, M., Limodio, N. & Spadavecchia, L. (2023). Mobile money, interoperability and financial inclusion (No. 696).
  12. Chaudhari, T. (2017). The critical analysis of cashless transactions. International Journal of Commerce and Management Research, 3(3), 92-94. ISSN: 2455-1627.
  13. Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of
  14. information technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008.
  15. Deora, M. (2018). A study on the impact of a cashless economy on banking and finance. International Journal of Advanced Research in Commerce, Management & Social Science (IJARCMSS), 1(1), 28-36. https://www.inspirajournals.com/uploads/Issues/2019780645.pdf.
  16. Donovan, K. (2012). Mobile money for financial inclusion. Information and Communications for Development, 61(1), 61-73. http://elibrary.worldbank.org/doi/abs/10.1596/9780821389911_ch04.
  17. Demirgüç-Kunt, A., Klapper, L., Singer, D. & Ansar, S. (2018). The Global Findex Database 2017: Measuring financial inclusion and the fintech revolution. World Bank Publications. http://documents.worldbank.org/curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf.
  18. Demirgüç-Kunt, A., Klapper, L., Singer, D. & Ansar, S. (2022). The global findex database
  19. : Financial inclusion, digital payments, and resilience in the Age of COVID-19. World Bank Publications. https://doi.org/10.1596/978-1-4648-1897-4.
  20. Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Reading, Mass; Don Mills, Ontario: Addison-Wesley Pub. Co. https://doi.org/10.2307/2065853.
  21. GSMA (2022). State of the Industry Report on Mobile Money 2022. GSMA (Groupe Spec. Mob. Assoc.) Publishing Corporation. https://www.gsma.com/sotir/wp-content/uploads/2022/03/GSMA_State_of_the_Industry_2022_English.pdf.
  22. GSMA (2020). State of the Industry Report on Mobile Money 2020. GSMA (Groupe Spec. Mob. Assoc.) Publishing Corporation. https://www.gsma.com/sotir/wp-content/uploads/2020/03/GSMA-State-of-the-Industry-Report-on-Mobile-Money-2019-Full-Report.pdf.
  23. Gajjar, C. K. N. (2019). Study of cashless economy of India. International Journal of Multidisciplinary Educational Research, 8 (6), 195-207.
  24. Kelly, A. E., Palaniappan, S. (2023). Using a technology acceptance model to determine factors influencing continued usage of mobile money service transactions in Ghana. Journal of Innovation and Entrepreneurship, 12, 34. https://doi.org/10.1186/s13731-023-00301-3.
  25. Kelly, A. E. & Palaniappan, S. (2022). The contribution of government policy and financial security control in Ghana’s mobile money services. Cogent Social Sciences, 8, 1. https://doi.org/10.1080/23311886.2022.2138105.
  26. Kelly, A. E. (2022). A conceptual model to determine factors influencing mobile money banking adoption in Ghana. Asian Journal of Economics Business and Accounting, 22 (22),187-206. https://doi.org/10.9734/ajeba/2022/v22i2230722.
  27. Lai, P. C. (2017). The literature review of technology adoption models and theories for the novelty technology. Journal of Information Systems and Technology Management, 14 (1), 21-38. https://doi:10.4301/s1807-17752017000100002.
  28. Mswahili, A. (2021). Factors for acceptance and use of mobile money interoperability services. Journal of Informatics, 2 (1), 1 – 21.
  29. https://journals.iaa.ac.tz/index.php/tji/article/view/45.
  30. Ogunleye, G., Adewale, O., & Alese, B. (2012a). An exploratory study on electronic retail payment systems: user acceptability and payment problems in Nigeria. Paper presented at the 24th National Conference of the Nigeria Computer Society; "Towards a Cashless Nigeria: Tools and Strategies", Lagos.
  31. Parasuraman, A., & Colby, L. C. (2001). Techno-ready marketing. The Free Press. https://doi.org/10.1108/jcm.2002.19.4.359.1.
  32. Raya, J. M., & Vargas, C. (2022). How to become a cashless economy and what are the determinants of eliminating cash. Journal of Applied Economics, 25(1), 543-562. https://doi.org/10.1080/15140326.2022.2052000.
  33. Rogers, E. M. (1995). Diffusion of innovations (4th ed.). The Free Press. https://doi.org/10.1007/978-3-642-79868-9_2.
  34. Rudresha, C. E. (2019). cashless transaction in India: a study. International Journal of Scientific Development and Research, 4(2), 62-67.
  35. http://www.ijsdr.org/papers/IJSDR1902011.pdf.
  36. Saunders, M., Lewis, P. & Thornhill, A. (2009). Research methods for business students (5th ed.), Pearson Education Limited, Harlow, p. 140.
  37. Sreenu, N. (2020). Cashless payment policy and its effects on economic growth of India: An exploratory study. ACM Transactions on Management Information Systems (TMIS), 11(3), 1-10. https://doi.org/10.1145/3391402.
  38. Stalfors, P. & Nykvist, R. (2011). “Consumer acceptance of mobile payment services: An empirical study of factors explaining Swedish consumers’ intention to use mobile payment services”. Unpublished Project University of Gothenburg, Department of Business Administration, Sweden. https://gupea.ub.gu.se/bitstream/handle/2077/25614/gupea_2077_25614_3.pdf;jsessionid=0E7D218640C8D1953EEBD9F39F11D622?sequence=3.
  39. Suri, T., Aker, J., Batista, C., Callen, M., Ghani, T., Jack, W., Klapper, L., Riley, E., Schaner,
  40. S. & Sukhtankar, S. (2023). Mobile Money. VoxDevLit, 2(2), 3. https://voxdev.org/sites/default/files/Mobile_Money_2.pdf.
  41. Suri, T. (2017). Mobile money. Annual Review of Economics, 9, 497-520. https://www.jstor.org/stable/26774443.
  42. Walczuch, R., Van Braven, G., & Lundqvist, K. (2008). Determinants of mobile payment services adoption. Journal of Internet Banking and Commerce, 13(1), 1-11.
  43. Yevu, M. (2022). “Implications of the Electronic Transfer Levy Act, 2022, Act 1075 [E-levy] on Ghana’s Cash-lite Economy Agenda”. Unpublished Master Thesis Ghana Communication Technology University, Accra.