Factors Influencing the Increase in Mobile Money Transactions in Ghana

Purpose – The purpose of this study was to determine the factors influencing the increase in mobile money transaction in Ghana. Design/methodology/approach – A descriptive quantitative research approach was used. Convenience sampling method was adopted. Data collection was done through the use of structured questionnaire involving Likert-Scale type of questions. Findings – The study identified that mobile money users in Ghana are influenced by the process involves in the use of mobile money services, the registration process and the speed of the process, time saving, paying bills and other utilities, and the reliability of the mobile money services to use mobile money services. Mobile money users in Ghana prefer mobile money transactions to banking transactions because mobile money transactions are less expensive, it is easy to perform, mobile money transaction is fast and save time, and it has more outlets than banking outlets. Practical implication – The findings advise mobile money operators in Ghana to use the identified factors to increase their customer base. Banks are to pay attention to the identified factors that have made mobile money users in Ghana to prefer mobile money transactions to banking transactions when designing new banking services. Originality/value – Finding the factors influencing the increase in mobile money transactions, and finding out why consumers prefer mobile money transaction to banking transaction in Africa using data from the Ghanaian economy as there is no unified view concerning factors influencing the increase in mobile money transactions.