A study on mobile money and retail banking services in Kumasi Metropolis.

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The study makes an analysis of mobile money and retail banking services in Kumasi Metropolis using a sample of 130 respondents. In order to conveniently interpret the data, the results are presented in tables and charts. A number of key findings emerged from the field survey where the study shows that the retail banking in Kumasi faces peculiar challenges in service quality, distribution, and cost. However, the challenges and perceptions of the retail banking in the lives of mobile money account users allow the adoption of mobile money services to thrive among the lower-income users. Based on the findings of the study, it was noted that the increasing use of mobile money services among the low earning income category is highly associated with decreases in retail bank users in a way that this tends to pose threat to the growth of retail banking. It is however recommended that banks should consider the possibility of Collaboration Model to involve mobile network operators in the mobile payments value chain that are user friendly and develop them so as to enable deposit/withdraw of money using mobile phone which will meet different customer requirements and capture market niches that expands on market share leading to improved financial performance.
A thesis submitted to the Department of Economics, College of Humanities and Social Sciences, in partial fulfilment of the requirement for the award of Master of Science in Economics,