Mobile Money Payment System: Is Ghana on the Path Toward a Cash-lite Agenda

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.

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.