Developments in mobile financial services and its impact on financial inclusion in Ghana

Journal Title
Journal ISSN
Volume Title
Mobile money services have the potential to drive greater financial inclusion and give individuals and businesses access to affordable and timely financial services. In Ghana, mobile money has contributed to the increase in financial inclusion, with fifty-eight (58) per cent of the adult population having access to financial services in 2017, as compared to forty-one (41) per cent in 2014 (Demirguc-Kunt et al., 2018). However, mobile money in Ghana was not as successful in the early stages due to a number of reasons, but when the regulatory guidelines were changed in 2015, the adoption rates of mobile money increased significantly. Thus, this study aimed to investigate if the increase in the adoption of mobile money was as a result of a change in the regulatory guidelines. Furthermore, the Bank of Ghana mandated mobile money interoperability between mobile money providers and banks in 2018 with the hope of deepening financial inclusion. Thus, this study aimed to investigate the impact of the interoperability initiative on financial inclusion in Ghana, as well as the challenges experienced in the use of mobile money services. This study employed a quantitative research method. Secondary data was sourced from the Bank of Ghana and World Bank and analyzed using a regression model. Using convenience sampling, primary data was collected from respondents through questionnaires and analyzed using a Chi-Square test. The results revealed that there is a relationship between mobile money interoperability and financial inclusion in Ghana. It also revealed that mobile money regulation is not solely responsible for the growth in the adoption of mobile money and the promotion of financial inclusion in the country.
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, May 2021
financial services, mobile money, interoperability