This paper explores the role of financial technology in improving access to formal financial services and credit for mobile money enterprises in rural and underserved areas of Ghana. A purposive and stratified sampling strategy was employed, selecting 180 participants to represent different segments of the population, including mobile money operators and users. The research design utilized a mixed-methods approach to provide a comprehensive understanding of the complexities surrounding the adoption and usage of mobile money enterprises within the network. Data were collected through semi-structured interviews. The Mobile Money Enterprise interview discussions aimed to gather insights from key stakeholders involved in these businesses. The results revealed that FINTECH interventions significantly enhance the accessibility of both formal and informal financial services. The study supports the alternative hypothesis that the use of digital payments and lending platforms positively impacts the accessibility and availability of formal financial services and credit. Additionally, both qualitative and quantitative analysis findings indicate that the adoption of digital financial solutions by mobile money companies in Ghana is associated with a heightened level of financial inclusion.
References
[1]
(2017). IFC Annual Report 2017 Washington, D.C. World Bank Group. http://documents.worldbank.org/curated/en/686891507514704349/IFC-Annual-Report-2017
[2]
Abor, J. Y., Amidu, M., & Issahaku, H. (2018). Mobile Telephony, Financial Inclusion and Inclusive Growth. JournalofAfricanBusiness,19, 430-453. https://doi.org/10.1080/15228916.2017.1419332
[3]
Aker, J. C., & Mbiti, I. M. (2010). Mobile Phones and Economic Development in Africa. JournalofEconomicPerspectives,24, 207-232. https://doi.org/10.1257/jep.24.3.207
[4]
Amin, M. E. (2005). SocialScienceResearch:Concepts,Methodology&Analysis. Makerere University.
[5]
Anakpo, G., Xhate, Z., & Mishi, S. (2023). The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech,2, 327-343. https://doi.org/10.3390/fintech2020019
[6]
Bersch, J., Perez Ruiz, E., Yakhshilikov, Y., François Clevy, J., & Muhammad, N. (2021). FintechPotentialforRemittanceTransfers:ACentralAmericaPerspective. IMF Working Papers. https://doi.org/10.5089/9781513585420.001
[7]
Creswell, J. W. (2014). ResearchDesignQualitative,Quantitative,andMixedMethodsApproach (4th ed., p. 304). SAGE Publications.
[8]
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MISQuarterly,13, 319-340. https://doi.org/10.2307/249008
[9]
DeFranzo, E. S. (2011). What’sthe Difference between Qualitative and Quantitative Re-search?
[10]
Donovan, K. (2012). Mobile Money for Financial Inclusion. InformationandCommunicationsforDevelopment, 61, 61-73. https://doi.org/10.1596/9780821389911_ch04
[11]
Durai, T., & Stella, G. (2019). Digital Finance and Its Impact on Financial Inclusion. JournalofEmergingTechnologiesandInnovativeResearch,6, 122-127.
[12]
Gabor, D., & Brooks, S. (2017). The Digital Revolution in Financial Inclusion: International Development in the Fintech Era. NewPoliticalEconomy,22, 423-436. https://doi.org/10.1080/13563467.2017.1259298
[13]
Ggombe, K., & Matsumoto, T. (2017). ICT for Financial Access: Mobile Money and the Financial Behavior of Rural Households in Uganda. ReviewofDevelopmentEconomics,22, 45-66. https://doi.org/10.1111/rode.12327
[14]
Gyimah, K. N., Asiedu, E., & Antwi, F. (2023). Adoption of Blockchain Technology in the Banking Sector of Ghana: Opportunities and Challenges. AfricanJournalofBusinessManagement,17, 32-42. https://doi.org/10.5897/ajbm2022.9428
[15]
International Monetary Fund (IMF) (2017). Fintech and Financial Services: Initial Considerations.
[16]
Lamptey, E. E. (2020). Digital Financial Services and Financial Inclusion in Ghana. In T. Ojo, S. K. Asante, & S. K. Asare (Eds.), HandbookofResearchonMobileDevicesandSmartGadgetsinK-12Education (pp. 217-235). IGI Global. https://doi.org/10.4018/978-1-7998-2206-9.ch011
[17]
Mohammed, E. Y., & Uraguchi, Z. B. (2017). FinancialInclusionforPovertyAlleviation. Taylor & Francis.
[18]
Mwalwiba, L. (2020). The Impact of Digital Bankingin Furthering Financial InclusioninTanzania.
[19]
Ozili, P. K. (2018). Impact of Digital Finance on Financial Inclusion and Stability. BorsaIstanbulReview,18, 329-340. https://doi.org/10.1016/j.bir.2017.12.003
[20]
Rogers, E. M. (1962). Diffusionof Innovations. Free Press.
[21]
Rogers, E. M. (2003). Diffusionof Innovations (5th ed.) Free Press.
[22]
Saunders, M., Lewis, P., & Thornhill, A. (2009). Research Methods forBusinessStudents (5th ed.). Pearson Education
[23]
Sey, A., Jan, S., Melese, M., & Sey, A. (2019). Determinants of Mobile Banking Adoption by Smallholder Farmers: The Case of Ghana. JournalofEconomicsandSustainableDevelopment,10, 50-60.
[24]
Sulemana, I., & Alhassan, A. L. (2018). Enhancing Financial Inclusion in Ghana: The Transformational Role of FinTechs. JournalofInnovationandEntrepreneurship,7, 1-20.
[25]
Ussif, R. et al. (2020). Research Methodologies: Qualitative Quantitative and Mixed Re-search Method in Social Sciences. InternationalJournalofAcademicMultidisciplinaryResearch(IJAMR), 4, 83-91.
[26]
World Bank (2014). The State ofthe Poor:Where Are the Poor and Where Are Theythe Poorest?
[27]
World Bank (2017). GlobalFindexDatabase2017:Measuring Financial Inclusionandthe Fintech Revolution.
[28]
World Economic Forum (2016). The Future of Financial Infrastructure:An Ambitious Look at How Blockchain Can Reshape Financial Services. http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf
