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Article
Publication date: 20 September 2021

George Okello Candiya Bongomin, Francis Yosa and Joseph Mpeera Ntayi

Mobile money is a service in which the mobile phone is used to access financial services. Thus, the mobile money platform should be user-friendly with hedonic features…

Abstract

Purpose

Mobile money is a service in which the mobile phone is used to access financial services. Thus, the mobile money platform should be user-friendly with hedonic features that are attractive and pleasurable to the users. The main purpose of this paper is to establish the mediating effect of hedonism in the relationship between mobile money adoption and usage and financial inclusion of micro small and medium enterprises (MSMEs) in Uganda.

Design/methodology/approach

This study reports interesting findings by using data obtained from MSMEs located in northern Uganda. The structural equation and measurement models were generated in analysis of moment structures (AMOS) to answer the hypotheses of this study.

Findings

The findings suggest that including hedonism in the model improves mobile money adoption and usage by 12.7 percentage points in order to promote financial inclusion of MSMEs in Uganda. Hedonism is found to affect mobile money adoption and usage, which in turn influences financial inclusion.

Research limitations/implications

This study used cross-sectional data to document the mediating effect of hedonism in the relationship between mobile money adoption and usage and financial inclusion. The study analyzed mobile money adoption and usage, hedonism, and financial inclusion from the MSMEs owners' perspective. Future research could use relevant longitudinal data to verify multiple benefits of hedonism in enhancing mobile money adoption and usage as well as other potential digital financial technologies.

Practical implications

This study categorically informs mobile telephone network operators and inventors of mobile money applications to invest more in developing pleasurable and user-friendly mobile money features that can attract more users. The digital financial services' application developers should design user-friendly mobile money applications that suit the needs of all users. This requires careful understanding of diverse attractive features of mobile money services.

Originality/value

This study offers direction to developers of mobile money applications to design pleasurable and user-friendly mobile money platform with features, which are attractive to the different users. Particularly, it highlights the role of hedonic motivation in promoting adoption and use of mobile money technology to increase the scope of financial inclusion of MSMEs in a developing country like Uganda. Indeed, the novelty in this paper is grounded on a blend of financial technology and psychology to promote financial inclusion in under developed economies.

Details

International Journal of Social Economics, vol. 48 no. 11
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 28 April 2020

Raphael Odoom and John Paul Kosiba

Currently, mobile payments have become pervasive in electronic commerce and are steadily increasing in many regions worldwide. In the literature, however, its continued…

Abstract

Purpose

Currently, mobile payments have become pervasive in electronic commerce and are steadily increasing in many regions worldwide. In the literature, however, its continued usage among consumers is deemed equivocal, particularly among small businesses. This study uses the unified theory of acceptance and use of technology (UTAUT) to examine mobile money continuance intention among micro enterprises in an emerging/less-developed economy. This study aims to explore the mediating role of agent credibility on this relationship, given that these agents are contingent actors between service providers and mobile money users.

Design/methodology/approach

After a preliminary qualitative enquiry, quantitative data collected from 584 micro enterprises were tested from the UTAUT perspective, using structural equation modelling.

Findings

Findings from the study establish the applicability of the UTAUT in explaining the antecedents, motivations and continuance intention of mobile money usage among micro enterprises. Further, beyond their direct effects, the UTAUT conditions have indirect effects on the continuance intention through their effect on perceived agent credibility.

Originality/value

The findings provide evidence to issues of research and managerial interest, offering insightful implications to the academic and practitioner communities, respectively.

Details

Journal of Systems and Information Technology, vol. 22 no. 1
Type: Research Article
ISSN: 1328-7265

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Article
Publication date: 7 January 2019

James Whisker and Mark Eshwar Lokanan

The purpose of this paper is to explore the various characteristics of mobile money transactions and the threats they present to anti-money laundering (AML) and counter…

Abstract

Purpose

The purpose of this paper is to explore the various characteristics of mobile money transactions and the threats they present to anti-money laundering (AML) and counter terrorist financing regimes.

Design/methodology/approach

A thorough literature review was conducted on mobile money transactions and the associated money-laundering and terrorist financing threats. Four key themes were identified in relations to the three stages of money laundering and effective law enforcement.

Findings

The findings indicate that as money laundering and terrorist financing transactions continue to gravitate towards the weaknesses in the financial system, mobile money provides yet another avenue for criminals to exploit. Risk factors associated with anonymity, elusiveness, rapidity and lack of oversights were all integral considerations in building an effective AML regime. The use of cash is considered a higher threat than mobile money prior to implementation of systems and controls.

Practical implications

This rapidly changing environment of how individuals manage their money during transactions is set to further explode globally, which poses new problems for regulators and governments alike. Unless there is a unified concentration to heighten global awareness, the imposing threat of mobile money is set to increase at a rapid rate if appropriate actions are not taken.

Originality/value

The findings from this study can be used to gain greater insights on mobile money transactions and raise further awareness of the ever-increasing threat to global financial integrity.

Details

Journal of Money Laundering Control, vol. 22 no. 1
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 7 May 2019

Isaac Akomea-Frimpong, Charles Andoh, Agnes Akomea-Frimpong and Yvonne Dwomoh-Okudzeto

Fraud is a global economic menace which threatens the survival of individuals, firms, industries and economies, and the mobile money service is no exception. This paper…

Abstract

Purpose

Fraud is a global economic menace which threatens the survival of individuals, firms, industries and economies, and the mobile money service is no exception. This paper aims to explore the main causes of fraud in the mobile money services in Ghana and the measures to combat the menace by the key stakeholders connected to the mobile money services. The paper is motivated by recent reports of numerous fraudulent transactions on the mobile money platform, and the need to clamp down these nefarious transactions with effective and practical measures to sustain the service.

Design/methodology/approach

A thorough review of existing studies on fraud risk relating to mobile money services was done revealing a paucity of literature on the subject. Primary data were gathered using an interview guide to explore the magnitude of the problem based on the views of employees of mobile money operators, mobile money agents, banking supervisors from Bank of Ghana, employees of partnering banks, employees of National Communications Authority and mobile money subscribers.

Findings

The study revealed that fraud in mobile money services is caused by weak internal controls and systems, lack of sophisticated information technology tools to detect the menace, inadequate education and training and the poor remuneration of employees. These factors disrupt the growth, and the smooth-running of the services. To curb this menace, a detailed legal code and internal fraud policy should be developed and used by mobile money operators and partner banks. Adequate training for mobile money agents should be encouraged coupled with public awareness campaigns to educate stakeholders especially the mobile money subscribers on the tricks of the fraudsters.

Research limitations/implications

With the chosen research methodology and limited sample size, the findings may not reflect the views of all the stakeholders connected to the mobile money services. Therefore, future studies on this subject are entreated to use research methods which embrace larger samples to get more details about this menace.

Practical implications

The study will assist in tackling the mobile money fraud to sustain the service in the foreseeable future.

Originality/value

This paper contributes to scanty literature on fraud relating to the mobile money services by drawing lessons from a middle-income country.

Details

Journal of Money Laundering Control, vol. 22 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 22 June 2021

Christian Nedu Osakwe, Titus Chukwuemezie Okeke and Michael Adu Kwarteng

To examine the key factors that can engender initial trust in mobile money and to also determine whether initial trust can contribute to the perceived value of mobile money

Abstract

Purpose

To examine the key factors that can engender initial trust in mobile money and to also determine whether initial trust can contribute to the perceived value of mobile money, use and recommendation intentions. More specifically, this paper, based on initial trust building model, aims to identify the institutional, cognitive and socially related factors enhancing initial trust in mobile money and its relationship with perceived value, use and recommendation intentions.

Design/methodology/approach

A self-administered questionnaire was used to collect data from 781 research participants. Variance-based structural equation modelling was used to examine the proposed research model.

Findings

This research shows the importance of the institutional factor of structural assurance, in conjunction with perceived firm reputation and communicability, in engendering initial trust in mobile money and, in turn, enhancing perceived value, use and recommendation intentions. The research further confirms the mediating influence of perceived value in the relationships between initial trust, use and recommendation intentions.

Originality/value

The originality of this work lies in the development and empirical confirmation of the research model and which together contributes to an increase understanding of initial trust building in mobile money acceptance. Value-wise, this work has the potential to inform managerial and public policy interventions by helping mobile money operators and policymakers’ rollout essential and even sophisticated financial services like borrowing using the mobile phone for the financially under-served in developing and trust-deficit settings.

Details

European Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0955-534X

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Article
Publication date: 22 February 2021

Tapiwanashe James Museba, Edmore Ranganai and Gianfranco Gianfrate

This paper aims to investigate the impact of fintech, mobile money and digital financial services in Uganda and factors impacting adoption of the services. The study will…

Abstract

Purpose

This paper aims to investigate the impact of fintech, mobile money and digital financial services in Uganda and factors impacting adoption of the services. The study will also determine their social impact through financial inclusion in the Ugandan market.

Design/methodology/approach

This study covers the adoption and use of fintech, mobile money and digital financial services in Uganda. A case study approach was used through a survey questionnaire for 400 randomly selected participants within the Kampala region. Questionnaire was designed to measure customer perception of digital financial services and adoption including mobile money and agency banking.

Findings

The adoption of mobile money services is driven by mobile devices penetration and the need for access to financial products and services for the unbanked. Results support CGAP (2013) that observed that mobile money adoption was based on two key variables: social network and social interactions of the customer and a segment of customers who can be described as mobile technology leaders (early adopters). There has been positive impact on person to person transfers, grocery payments and mobile money providers have to continue to simplify the access to financial services and bring convenience to the bottom of the pyramid. And mobile money positively impacts sustainable developmental goals covering Gender Equality (SDG5), SDG 8 – Decent Work and Economic Growth; expanding financial inclusion through mobile money and SDG 10 – Reduce Inequalities.

Research limitations/implications

This study has limitations commonly prevalent with qualitative research, including the small size limited to Kampala and challenges of making generalisations beyond this context.

Practical implications

The paper might serve as a valuable source of information for government and fintech companies in developing the digital financial services ecosystem as well as for students and academics for further case studies in this area.

Originality/value

This paper serves as one of the first qualitative research papers concerning mobile money and digital financial services adoption, solely focused on Uganda. Its value is in its showcasing of the importance of mobile money among customers in emerging markets.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 15 no. 2
Type: Research Article
ISSN: 1750-6204

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Article
Publication date: 20 May 2020

George Okello Candiya Bongomin and Joseph Mpeera Ntayi

Drawing from the argument that mobile money services have a significant potential to provide a wide range of affordable, convenient and secure financial services, there…

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1164

Abstract

Purpose

Drawing from the argument that mobile money services have a significant potential to provide a wide range of affordable, convenient and secure financial services, there have been rampant frauds on consumers of financial products over the digital financial platform. Thus, this study aims to establish the mediating effect of digital consumer protection in the relationship between mobile money adoption and usage and financial inclusion with data collected from micro small and medium enterprises (MSMEs) in northern Uganda.

Design/methodology/approach

To achieve the main objective of this study, a research model was developed to test for the mediating effect of digital consumer protection in the relationship between mobile money adoption and usage and financial inclusion. The data were collected from MSMEs and structural equation modelling in partial least square (PLS) combined with bootstrap was applied to analyze and test the hypotheses of this study. The direct and indirect effect of mobile money adoption and usage on financial inclusion was tested through digital consumer protection as a mediator variable.

Findings

The findings from the PLS-structural equation modelling (SEM) showed that mobile money adoption and usage has both direct and indirect effect on financial inclusion. Moreover, financial inclusion is influenced by both mobile money adoption and usage and digital consumer protection.

Research limitations/implications

The study used partial least square (PLS-SEM) combined with bootstrap confidence intervals through a formative approach to establish the mediating effect of the mediator variable. Hence, it ignored the use of covariance-based SEM and the MedGraph programme. Furthermore, data were collected from samples located in Gulu district, northern Uganda and specifically from MSMEs. This limits generalization of the study findings to other population who also use mobile money services.

Practical implications

Promoters of digital financial services, managers of telecommunication companies, and financial inclusion advocates should consider strengthening the existing digital consumer protection laws on the mobile money platform. A collaborative approach between the mobile network operators, financial institutions and regulators should tighten the existing laws against mobile money fraudsters and an efficient mechanism for recourse, compensation and remedy should be set up to benefit the victims of frauds and cybercrime on the Fintech ecosystem.

Originality/value

The current study gives a useful insight into the critical mediating role of digital consumer protection as a cushion for promoting financial inclusion through mobile phones over the Fintech that face great threat and risk from cyber insecurity.

Details

Digital Policy, Regulation and Governance, vol. 22 no. 3
Type: Research Article
ISSN: 2398-5038

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Article
Publication date: 2 October 2020

Priscilla Twumasi Baffour, Wassiuw Abdul Rahaman and Ibrahim Mohammed

The purpose of this study is to examine the impact of mobile money access on internal remittances received, per capita consumption expenditure and welfare of household in Ghana.

Abstract

Purpose

The purpose of this study is to examine the impact of mobile money access on internal remittances received, per capita consumption expenditure and welfare of household in Ghana.

Design/methodology/approach

The study used data from the latest round of the Ghana Living Standards Survey (GLSS 7) and employed the propensity score matching technique to estimate average treatment effect between users and non-users of mobile money transfer services.

Findings

The study finds that using mobile money is welfare enhancing, particularly for poor households and the channel by which it impacts on welfare is through higher internal remittances received and per capita expenditure. The results from the average treatment effect indicate that mobile money users receive significantly higher remittances and consequently spend averagely higher on consumption than non-users.

Research limitations/implications

Although the data employed in this study is limited to one country, the findings support the financial inclusion role and developmental impact of mobile money transfer services. Hence, mobile money transfer services should be promoted and facilitated by the telecommunication and financial sector regulators.

Originality/value

In addition to making original contribution to the literature on the welfare impact of mobile money, the study's use of the propensity score matching is unique.

Details

Journal of Economic and Administrative Sciences, vol. 37 no. 3
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 21 October 2020

Sydney Chikalipah

This study investigates the possible effect of mobile money services, which forms part of FinTech, in achieving the Sustainable Development Goals (SDGs).

Abstract

Purpose

This study investigates the possible effect of mobile money services, which forms part of FinTech, in achieving the Sustainable Development Goals (SDGs).

Design/methodology/approach

This study uses field data from the Chongwe district of Zambia. The data were collected in 2019.

Findings

The findings strongly suggest that (1) the factors that hinder access to credit and savings by the poor do not simply recede following the adoption of mobile money services and (2) that mobile money is not a silver bullet of ending financial exclusion but merely a tool which contributes to other financial inclusion strategies.

Practical implications

This study argues that mobile money is winning the battle but losing the war – implying that the service is mainly used to transfer funds (OTC transactions) among users.

Originality/value

This is the first study to have been conducted in Zambia to assess the possible contributing effect of FinTech (mobile money) on SDGs.

Details

World Journal of Science, Technology and Sustainable Development, vol. 17 no. 4
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 8 January 2018

Georgina Maku Cobla and Eric Osei-Assibey

The purpose of this paper is to investigate how the use of the mobile money technology among students affects their spending behaviour.

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1543

Abstract

Purpose

The purpose of this paper is to investigate how the use of the mobile money technology among students affects their spending behaviour.

Design/methodology/approach

The study reports interesting findings by using a random sample of 506 students from the University of Ghana and applying ordinary least squares regression technique.

Findings

The findings suggest that active use of mobile money services has significant influence on students spending behaviour. On a monthly basis, students who use mobile money spend on the average 20 Ghana Cedis more than their colleagues who do not use mobile money. Students who use both mobile money and ATMs jointly spend nearly 13 Ghana Cedis more than their counterparts who use either of them.

Social implications

The implication of this finding is that mobile money technology which provides easy access to money can increase spending behaviour of students and reduce the tendency of savings. The authors therefore conclude that although technological growth should not be curtailed given the numerous benefits technology accrues to society, its use must be controlled, in particular, when it comes to using it as a medium of exchange so as to minimize the negative influences (such as indiscriminate spending).

Originality/value

This paper studies the post-adoption behavioural responses of mobile money users particularly among students in Africa which is rare in the literature.

Details

International Journal of Social Economics, vol. 45 no. 1
Type: Research Article
ISSN: 0306-8293

Keywords

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