TITLE:
Financial Inclusion in Ghana: Financial Technology Improving Access to Finance for Mobile Money Enterprises
AUTHORS:
Ramatu Ussif
KEYWORDS:
Financial Technology, Financial Inclusion, Financial Services, Mobile Money Enterprises, Mobile Money, Ghana
JOURNAL NAME:
Open Journal of Business and Management,
Vol.13 No.1,
December
17,
2024
ABSTRACT: This paper explores the role of financial technology in improving access to formal financial services and credit for mobile money enterprises in rural and underserved areas of Ghana. A purposive and stratified sampling strategy was employed, selecting 180 participants to represent different segments of the population, including mobile money operators and users. The research design utilized a mixed-methods approach to provide a comprehensive understanding of the complexities surrounding the adoption and usage of mobile money enterprises within the network. Data were collected through semi-structured interviews. The Mobile Money Enterprise interview discussions aimed to gather insights from key stakeholders involved in these businesses. The results revealed that FINTECH interventions significantly enhance the accessibility of both formal and informal financial services. The study supports the alternative hypothesis that the use of digital payments and lending platforms positively impacts the accessibility and availability of formal financial services and credit. Additionally, both qualitative and quantitative analysis findings indicate that the adoption of digital financial solutions by mobile money companies in Ghana is associated with a heightened level of financial inclusion.