Mobile money services: A factor altering the savings of fisherfolks in Anafo community

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Since its inception, mobile money service has had a positive impact on the economy of countries that have adopted it. The service has given room to the banked and unbanked population to be able to have access to financial services. This study looks at the impact of mobile money services on the savings of fisherfolks in fishing communities in Ghana using Anafo community as a test case. It sought to investigate the following: the impact of mobile money services on the savings of fisherfolks in Anafo Community; their preferred saving methods and the motivation(s) for their choice of saving method; whether fisherfolks have adequate income to save after paying for their expenses; and lastly, the challenges fisherfolks face in saving. Adopting a mixed method, the data for this study were collected from the fisherfolks of Anafo using questionnaires and interviews and processed through descriptive and inferential analysis. The findings indicate that fisherfolks use mobile money services for different purposes, from sending and receiving money to saving money. Also, the majority of these fisherfolks are not using mobile money services to save due to insufficient incomes and cases of fraud associated with using these services. But, for the few who manage to save money, the mobile money service has increased their savings. It is recommended that, in order to boost the patronage of mobile money services by the fisherfolks, especially for savings, the service providers should educate them to use the service effectively, especially regarding fraud.
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, May 2020
Anafo community, mobile money, fishing, Ghana