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Mobile Money Payment System: Is Ghana on the Path Toward a Cash-lite Agenda
Article Number: SIS840725AI021123
2nd November, 2023
Author(s):
Isaac Appiah Amankwa, Joseph Amo, Bella Sima Mofaw
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.