Exploring the use of mobile technology in microfinance in Ghana
Microfinance when implemented well in developing countries for example could help very poor households to meet basic needs and protect against risks; thus microfinance is associated with improvements in household economic welfare (Asiama and Osei, 2007). Microfinance institutions (MFIs), the providers of microfinance services are faced with the problem of how to ensure the sustainability and profitability of microfinance schemes. This research seeks to investigate the factors that influence the adoption of mobile technology by MFIs, the various uses for mobile technology in microfinance and its ability to solve the problems of MFIs. This research aims at generating a set of preliminary results that will contribute to advancing research on the impact of mobile technology on profitability of microfinance in Ghana. The research design was based on a qualitative survey approach. The institutions which took part in the survey constituted micro-financial institutions. Upon analysis of data gathered, results attained showed that MFIs choice of mobile technology is based on the cost of acquiring mobile technology, the benefits that will be attained from the use of mobile technology and the influence of the industry within which they operate. It is recommended that MFIs should be careful when making decisions involving the spending of large sums of money in mobile technology. This is because investment in technology is an expensive undertaking which should not be taken lightly.
Thesis submitted to the Department of Business Administration, Ashesi University College, in partial fulfillment of Bachelor of Science degree in Management Information Systems, April 2014
Ghana, micro-finance institutions (MFIs), mobile technology