Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
International Journal of Business and Economics Research
Volume 9, Issue 4, August 2020, Pages: 276-297
Received: Feb. 27, 2020; Accepted: Apr. 29, 2020; Published: Aug. 19, 2020
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Authors
Judith Aboagye, Department of Housing, Financial Planning, and Consumer Economics, University of Georgia, Athens, USA
Sophia Anong, Department of Housing, Financial Planning, and Consumer Economics, University of Georgia, Athens, USA
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Abstract
This study examines the use and impact of mobile money and microfinance services in Ghana. It explores the perspectives of mobile money and microfinance service providers and consumers to identify the nature and extent of use, and their separate and complementary impact on financial inclusion. Qualitative data collected through interviews with service providers, agents, and consumer focus groups were used to draw parallels and contrasts between provider and consumer perceptions on impacts and challenges of the systems. The study addressed four specific objectives identified as provider perceptions on mobile money and microfinance integrations and financial inclusion; consumer perceptions on mobile money and microfinance integrations and financial inclusion; impacts of mobile money and microfinance integrations on the financial inclusion ecosystem; and challenges of mobile money and microfinance integrations for financial inclusion in Ghana. The results showed that provider perceptions primarily focus on consumer access, product range, convenience, and regulatory climate. Consumer perceptions also focus on network capacity, fraud and security, and complex user designs. The impacts of mobile money integrations appear to be additive for most users but also transformative for users who were previously excluded from the formal financial sector. However, there are eminent challenges related to system failures, fraud and security concerns, and consumer protection to be addressed to help facilitate the efficiency and sustainability of the mobile money ecosystem.
Keywords
Mobile Money, Microfinance, Consumers, Service Providers, Financial Inclusion
To cite this article
Judith Aboagye, Sophia Anong, Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach, International Journal of Business and Economics Research. Special Issue: Microfinance and Local Development. Vol. 9, No. 4, 2020, pp. 276-297. doi: 10.11648/j.ijber.20200904.24
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Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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