An examination of the contribution of mobile money towards an inclusive financial system in Kumasi metropolis

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The importance of an inclusive financial system is widely recognised in policy circles and recently financial inclusion has become a policy priority in many countries. Access to appropriate financial services can significantly improve the day-to-day management of finances. The study examined the extent to which mobile money service helps improve financial inclusion in Ghana, providing evidence from Kumasi Metropolis. The study adopted the quantitative approach and the survey research design to examine the phenomenon. Using the convenience sampling technique, 200 mobile money users were sampled in the Kumasi Metropolis. Primary data specifically questionnaire was the main data collection instrument in this study. Data was analysed quantitatively using descriptive statistics including frequencies, mean analysis, and cross tabulation. The findings of the study suggest a positive effects of mobile money services on savings behaviour of users and that mobile money services helps to improve the welfare of users in Ghana. Nonetheless, we found some challenges mobile money users in Ghana face including high level of fraud, higher interest rate, high costs of transaction and inadequate loan amounts. We recommend that laws should be enacted to guide the mobile money service from fraud and other dubious activities to encourage an extensive use of the facility to improve financial inclusion and social welfare in Ghana.
A thesis submitted to the department of accounting and finance, school of business, Kwame Nkrumah university of science and technology in partial fulfilment of the requirements for the award of the degree of master of business administration, finance