Author(s)

Abdul Waris^1*, Srafaraz Nazir¹, Sher Khan², Mir Zeeshan Ali³, Muhammad Sarmad Raza Gorsi³

¹Department of Economics, University of Pisa, Pisa, Italy.
²Department of International Management, Faculty of Management, Comenius University, Bratislava, Slovakia.
³School of Economics and Finance, Henan University, Kaifeng, China.

This study aimed to find whether electronic banking improves financial services accessibility in Ghana and allows banks to cut costs while providing banking services more quickly, effectively, and with fewer employees. For the analysis, the Statistical Package for the Social Sciences (SPSS) was used and the descriptive statistics such as percentages and means were computed to evaluate the data. The outcomes of this research showed that the emergence of mobile money services has seriously impacted the performance of many SMEs. Since this started, there has been an increase in the number of businesses utilizing the form of payment when it comes to financial performance. The service’s accessibility and affordability, particularly for those with low incomes, have played a significant role in its rise. Mobile money services have, however, faced several difficulties, including a lack of agents in rural areas to provide quick access to cash when needed, increased fraud cases, and a lack of trust among customers who deposited money for savings purposes, among others. Users of mobile money appear to be making every effort to overcome these difficulties. Nevertheless, despite these difficulties, mobile money services have had an impact on small and medium-sized businesses.

Small Businesses, Mobile Money, Electronic Banking Services, Performance, Medium Businesses

Waris, A., Nazir, S., Khan, S., Ali, M. Z., & Gorsi, M. S. R. (2024) Effects of Mobile Money Services on the Performance of Small and Medium Size Enterprises. American Journal of Industrial and Business Management, 14, 537-552. doi: 10.4236/ajibm.2024.144027.