The Penetration Of Mobile Money In Ghana:Opportunities And Threats
No Thumbnail Available
Date
2021-02
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
knust
Abstract
This Study Explored The Opportunities And Threats Of Mobile Money Usage In Ghana. As The Main Purpose Requires, The Key Objective Sought To Evaluate The Level And Trend Of Mobile Money Penetration In Ghana As Well As Identifying Its Opportunities And Threats. The Study Employed The Mixed-Method Approach Of Research With A Descriptive Focus Using The Survey Strategy. The Population Was Limited To Only Formal Sector Mobile Money Operations, Specifically The Banks And Mobile Network Operator (MNO) Companies. The Purposive Sampling Approach Was Used To Select 19 Interview Participants For The Study. Data Used Were Both Quantitative And Qualitative Which Were Obtained From Secondary And Primary Sources Respectively. Analysis Was Done Via Using Trend And Thematic Content Analysis. The Study Found That The Penetration Of Mobile Money In Ghana Has Been Phenomenal With Active Mobile Money Account Holders Being 3.78million As At 2012 But Increase Significantly To 32.55million As At 2018, Indicating An Increase Of 28.77million Between The Six-Year Period. The Study Also Found That The Value To Money Transaction Of Mobile Money As At 2012 Stood At GH¢594.12m But As At Year 2018, It Has Significantly Increased To GH¢223,207.23m, Signifying The Continuing High Level Of Penetration And Adoption. The Study Found The Dominant Opportunities Which Mobile Money Usage May Generate To Include: Propelling Of Quick Growth In Business Operations; Possibility Of Serving As A Catalyst Or Vehicle For Maximizing Financial Inclusion; Possibility Of Removal Of Barriers And Complexities In Transacting Business, And The Possibility Of Creating A Cash-Lite Society In The Ghanaian Economy. The Study Found The Dominant Threats Of Mobile Money Usage To Include: Threat Of Mnos Entry Into The Banking Space And The Possibility Of Lost Synergies From Mnos, Possibility Of Cyber-Attack, And Possibility Of Pressure Of Adoption. The Study Concludes That The Mobile Money Technology Meets The Transaction Needs Of Most Customers Due To Its Convenience And Flexibility, Hence The Government Can Leverage On To Enhance Financial Inclusion And Eventual Creation Of A Cashless Society In Ghana.
Description
I Give All The Glory To GOD Almighty Who Through Christ Jesus Granted Me Life, Opportunity, Strength And Resources To Accomplish This Thesis.
I Also Wish To Express My Deepest Appreciation To My Supervisor, Dr. Oscar Akottey, Who Continually Encouraged Me. Without His Guidance And Support This Work Would Have Not Been Possible.
I Would Like To Thank The Bankers Who Took Time From Their Busy Schedules To Be Interviewed And Their Friendliness.
Finally, To My Family Especially, My Dad And Mom, Mr. & Mrs. Daniel Sarporng And My Entire Siblings For Their Support And Prayers.