International Journal of Multidisciplinary Studies and Innovative Research

ISSN(print): 4132-2894, ISSN(online): 2413-3248

DOI: https://doi.org/10.21681/ IJMSIR0072020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org

EVALUATING THE IMPACT OF MOBILE MONEY TECHNOLOGY SERVICES ON

THE SOCIOECONOMIC STATUS OF MOBILE MONEY VENDORS (MMV) IN THE
CAPE COAST METROPOLIS OF GHANA
Dafaah Franklin Bawelle Ojo Luke Chukwuma Chinaza Adaobi
Faculty of Health and Allied Sciences Faculty of Health and Allied Sciences Department. Of General Nursing,
Catholic University College of Ghana, Catholic University College of Ghana, Catholic University College of Ghana,
Fiapre, P. O. Box 363 Sunyani. Fiapre, P. O. Box 363 Sunyani. Fiapre, P. O. Box 363 Sunyani.
dafaahfranklin@gmail.com ojoluke@yahoo.com Chinazaadaobi26@gmail.com

Abstract: In Ghana today, there are various mobile money transfer services being embraced by several providers as a
way of business and sustainability to reach customers. Mobile network operators and banking institutions have devised
various services to meet customer needs and enhance the socio-economic status of the providers of the service. The
Mobile money transfer types offered by four out of six Mobile Network Operators are MTN Mobile Money by Scancom
Ghana, Airtel Money by Airtel Ghana, Tigo Cash by Milicom Ghana, and Vodafone Cash by Vodafone. The study
aimed at evaluating the socioeconomic impact of MMT on vendors in Cape Coast Metropolis in the Central Region of
Ghana. The study adopted a descriptive cross-sectional design involving 100 participants. The participants were selected
using probability (simple random) and non-probability (convenience) sampling techniques. Data analysis was done
using SPSS version 25. The study concluded that MMT services had impacted positively on vendors’ income level
(savings ability and disposable income. From the study, it was found that fraud in mobile money services is caused by
poor remuneration of employees and their managers. The respondents were of the view that some of the employees
deliberately connived with the subscribers and other employees to steal money from the mobile money operators. The
results of the study show that to combat mobile money causes, effects cum fraud, the Bank of Ghana has issued EMI
guidelines to assist mobile money operators and agents. The Bank of Ghana keeps on updating this policy document
based on what is happening in Ghana.
Keywords: mobile money, transfer services, vendors, technology

INTRODUCTION mobile money transfer in Uganda and the role of the

The Mobile Money Transfer vendors have contributed vendor in mobile money transfer services. They analyzed
greatly towards the economic growth of the country as the a balanced panel of 838 households using a probity
enterprises are sources of revenue, employment, and regression and also a linear probability model with
innovation in the society. The scope of the impact in the household fixed effects. Their findings showed that the
lives of vendors has greatly been noted as their livelihood proportion of households with at least one mobile money
has improved; they can now invest in other areas, afford user increased almost two-fold from 38% to 70 %. This
basic amenities and even create opportunities for others reflects a rapid penetration rate within just five years since
(Kraft, 2018). The scope of the impact in the lives of the mobile money was introduced in Uganda in 2019. The
entrepreneurs has greatly been noted as their livelihood rapid adoption of mobile money services was partly
has improved and that of their household (Kraft, 2018). attributed to the high adoption rate of mobile phones and
According to Inter Media (2020), access to mobile money the lack of rural coverage by formal financial institutions.
increased from nearly zero to 29% in the last five years The impact of mobile money transfer services on the
with a corresponding increase in the number of vendors. socio-economic status of vendors can therefore not be
The number of mobile money transactions per month in overemphasized.
Ghana averaged 24 million individual counts, via 44,000
registered vendors with a cash value of GHC 3.4 billion in The growth of mobile money subscribers is on the
transaction value (Inter Media, 2020). Intuitively, this ascendancy in several countries including South Africa,
reflects the attractiveness of MMT services. According to Tanzania, Kenya, Pakistan, and Ghana just to mention a
information by Bank of Ghana (2020), “Only a few few ( Saliu,2020). Even though, there are several Mobile
percent of Ghanaians had bank accounts. This huge Money Vendors (MMV) within Ghana be it businesses
untapped market creates opportunities for (both financial and non-financial), associations, and
telecommunications in Ghana to further drive the country individuals; several others as well have applied for
to a cashless economy through the use of mobile money merchant SIM to venture into the service. This study
technology. A 2007 survey by GSMA (2008); on mobile aimed at assessing the impact of Mobile Money Transfer
wallets and mobile financial services showed that service on the socioeconomic status of the Mobile Money
respondents expected the number of subscribers using vendors in Cape Coast Metropolis in the Central region of
mobile money transfers to grow more rapidly. Several Ghana.
studies have been conducted at different periods.
Munyegera and Matsumoto (2019) studied the adoption of
Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com
Dafaah F. D, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
The main objective of the study was to assess the impact
of the MMT services on the socioeconomic status of the
Mobile Money Vendors (MMV) in Cape Coast
Metropolis. To achieve these, the following specific
objectives were formulated to: evaluate the effect of MMT
on the employment characteristics of MMVs in Cape
Coast Metropolis, assess the effect of MMT on the income
levels and standard of living of MMVs, and determine the
challenges facing MMT services in Cape Coast
Metropolis.
Global Mobile Money Transfer Services
Desai (2020) is of the view that the mobile money sector
is increasingly growing across the globe and there were
150 available mobile money services for the unbanked
sector in seventy-two countries, 41 of which were
launched in 2020. This growth has been driven largely by
Mobile Network Operators (MNOs), which operationally
run 72.0% of live deployments and 72.5% deployments
launched in 2020, where most deployments centered in
Sub-Saharan Africa.
The mobile money industry, as measured by the number
of deployments around the world has grown rapidly.
Based on mobile money transfer, it was found in the same
survey that 52 operators who participated in the survey
reported having registered a total of 60 million customers
as of 30 June 2020 (Davidson & Pénicaud, 2020). Eleven
services were reportedly having more than one million
registered customers on June 11, 2020; together, these
eleven services accounted for 85% of the registered
customers identified in the survey, with the long tail of 40
services reporting the other 15%.
Further, from the survey undertaken by Davidson and
Pénicaud (2019), it was also a review that, in June 2020,
mobile money service providers processed 156.3 million
transactions. Of these, GHC 29.8 million were payments:
transfers, bill payments, and bulk payments. The rest was
cash in, cash out, and airtime top-ups. During the first half
of 2020, the volume of transactions and payments
processed every month by mobile money service
providers increased at annualized rates of 36% -59%.
Background of MMT Services in Ghana
Mobile money services as compared to other countries like
South Africa is a relatively new development in Ghana.
MTN was the first telecom company to introduce it in July
2019 in Ghana, followed by Zain (Airtel), Tigo, and
Vodafone Cash. According to Desai (2020) currently,
almost 14 million subscribers in Ghana are registered as
active users. Moreover, various Mobile Money Transfer
Operators expect exponential growth in the industry as
more and more resources are been a channel to educate
subscribers to adopt electronic payment instead of the
traditional mode of cash transaction. The growing interest
in the sector has generated keen competition among the
telecommunication organizations in the country with other
Paper ID : IJMSIR0072020 Website : https://ijmsir.org
Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
telecoms in Ghana yet to join the fold (Expresso and Glo).
Even though mobile money is relatively new in the
Ghanaian economy, the patronage of mobile money is on
the ascendency. The value of transactions has seen an
astronomical jump; from GH¢2.4billion as of 2012 to
about GH¢11.6 billion in 2019, according to an industry
data report by B&FT (2020). The value of mobile money
transactions when put into perspective is more than a third
of the total deposit liabilities of the 28 banks as of the end
of 2019 and shows the vital role telecom companies are
playing to advance the central bank‘s cashless economy
agenda and also ensure that the push for more financial
inclusion is brought into the hands of millions of
Ghanaians. The growth of the value of the transaction over
the years corresponds with a similar trend in the volume
of transactions. So far, the number of transactions has
almost quadrupled since 2020; from about 30 million to
about 106.4 million in 2019 (NCA, Ghana).
Mobile Money Payment System
Mobile (Phone) banking entails the use of portable mobile
devices like mobile phone, tablets, PDA (Personal Digital
Assistant), and other devices connected to telecom
companies’ network, where the operators enable the users
to initiate the financial transaction and complete the
transactions by the users or through authorized payment in
exchange of goods and services as well as bank
transfer/transaction and other financial services connected
to users (bank) accounts (Diniz, Porto de Albuquerque &
Cernev, 2020). This makes MPS a form of electronic
payment, with the exception that the transactions are
carried out on the mobile phone. Instead of paying using
cash, cheques, or credit or debit cards, a person can use
his/her mobile phone to make payments. Cell phones with
Mobile Payment technology were first introduced in
Singapore in 2019 and Japan in 2019 with over 5 million
wallet phones sold the first year on the market. The goal
of the mobile payment system is to digitalize the mobile
phone into a future wallet holding credit card, debit
account information, and mobile cash for transactions.
It is important to note that many scholars separate the
activities customers perform while mobile banking from
payments made by customers via mobile phone. Without
the enabling framework of an m-banking system,
however, mobile payment services would not exist, as they
rely on the same banking instruments and value accounts
that mobile banking systems operate on. Thus, for this
study, the term mobile banking was used to describe the
activities of both mobile banking and mobile payment
users.
Regulatory Requirements
A supportive regulatory regime is a vital first step in
developing a thriving MMTS ecosystem. Such a
framework is based on three tiers of branchless banking
regulation, which address a wide variety of domains.
Vital, the first tier of regulations, addresses agents and
Email : editors.ijmsir.us@gmail.com
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
controls anti-money laundering, countering of terrorism way. This was followed by six representing 5.8% who said
financing, and know-your-customer. The second, it did affect their shelter very little and 29 representing
necessary, regulates consumer protection, payment 27.9% said it somewhat affected their shelter. To some
systems, etc. The third tier, supporting, includes the extent, it did affect 43 respondents representing 41.3% of
underlying framework, such as data privacy, e-commerce the total of 104 respondents. Twenty four representing
and e-security, general banking, taxation, and general 23.1% agreed to a larger extent than MMT did affect their
telecommunications. shelter in which they lived in. On the effect of MMT on
enhancing the travel standing of the MMT merchants, 15
Mobile Money Transfer Types in Ghana representing 14.4% said it did not affect them in their
In Ghana today, there are various mobile money transfer travels at all. Twenty-five representing 24% said it did
services being embraced by the various providers as very little in affecting their travels which were followed
business enterprises operating throughout the country to by 30 representing 28.8% who said it did somewhat affect
reach diverse omer. Mobile network operators and their travels.
banking institutions have devised various services to meet
customer needs and enhance the socio-economic status of Potential Challenges Facing MMT Services
the providers of the service. The Mobile money transfer Mobile money transfer is experiencing rapid growth in
types offered by four out of six Mobile Network Operators recent times across the globe. However, upon all the
are MTN Mobile Money by Scancom Ghana, Airtel success stories of MMT service, some potential challenges
Money by Airtel Ghana, Tigo Cash by Milicom Ghana, are facing the sector, which is affecting the adoption and
and Vodafone Cash by Vodafone. The service is available penetration rate as expected. According to Inter Media
to both mobile and non-mobile users. The Mobile Money (2018) research on MMT show, that mobile Money has
Transfer services are provided by MFSOs in partnership several barriers, which inhibit its growth. Poor and
with the bank and operate through authorized Merchants unreliable network connectivity is one factor affecting the
who facilitate the service on behalf of the partner banks. MMT service (TCRA, 2018). Mostly, due to network
Amongst some of the partner banks are Ecobank, Fidelity connectivity failures, the service is characterized by
Bank, Guaranteed Thrust Bank, Cal Bank, Stanbic Bank, messages stating that “service is not available, please keep
Zenith Bank, Universal Bank of Africa, Universal trying or try again later” and these affect the operation of
Merchant Bank, Access Bank, etc. MMVs.
Another challenge facing the MMT sector is security
Effect of MMT on Standard of Living of Vendors issues. According to (IJRMT, 2018), agents or vendors do
According to the Ghana Living Standards Survey Round not have adequate PIN protection which subjects them to
6 released in August 2019, the indicators show that Ghana frequent fraudsters by way of swapping the SIM cards or
is making massive progress in addressing the standards of replacing the SIM, and then withdraw their e-money
living in the country through education, healthcare, without traces. Sometimes they are made to believe that
employment, and infrastructure. However, there are they have won illusive awards from network operators by
several key indicators the country is lagging behind targets defrauding them a huge sum of money. Inadequate
(international & national). The study evaluated the effect education is also another factor affecting the services.
of MMT services on the living standards of MMT vendors According to Kennickkell and Kwast (2018), education
in the areas of health, food, entertainment, clothing, etc. A plays a significant role in achieving successful electronic
field Research conducted by Saliu (2020) in Kumasi, money products and assessed that highly specialized
Ghana showed that: 105 respondents used for the survey education in the US market has improved electronic
agreed that MMT has had a positive effect on the food they financial assets. The majority of the MMV in South Sahara
consume. Twenty-six representing 25% said it somewhat African in particular are not highly educated to efficiently
did affect their food. As much as 54 representing 51.9% manage and implement fast-moving technological
said it did have some effects to some noticeable extent. innovation.
Twenty four representing 23.1% said they agree to a larger
extent than their operation of MMT affected their feeding. MAT ERIALS AND METHODS
Upon asking the respondents the effects of MMT on their Research Design
clothing, seven representing 6.7% said it had a very little The study adopted a descriptive research design. Mugenda
effect which was minimal to be noticed. Thirty-six and Mugenda (2018) describe descriptive research design
representing 34.6% said the operation of the MMT as a systematic, empirical inquiring into which the
somewhat affected their outfit that they put on. This was researcher does not have direct control of the independent
followed by 46 who said that the operation of MMT variable as their manifestation. Descriptive studies are
affected the clothing that they wear to some extent. Only concerned with the what, where, and how of a
15 representing 14.4% agreed to a larger extent than it did phenomenon hence more placed to build a profile on that
affect the clothing that they put on. It can be seen from phenomenon (Mugenda & Mugenda, 2018). A descriptive
Table 4.9 that only two representing 1.9% said the research design was more appropriate because the study
operation of MMT did not at all affect their shelter in any
Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com
Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
sought to build a profile about the socioeconomic impact I. RESULTS AND DISCUSSION
of MMT on vendors in Cape Coast Metropolis. The
descriptive method of research design attempts to examine Gender of Respondents
situations to establish what is the norm, that is, what can Figure1 provides detailed information on the respondents’
be predicted to happen again under the same gender. This helps provide information on the gender ratio
circumstances. Depending on the type of information in the MMT business within Cape Coast Metropolis.
sought, people can be interviewed or questionnaires
distributed. This method is best suited for when the female
rationale is not to find cause and effect relationship with 33%
the research problem but rather to provide a descriptive
view of the event, social phenomenon, or research
problem (Molhotra, 2018).
male
Sample Size and Sampling Technique 67%
In the course of choosing an appropriate sample size for
the study, the estimated population was considered as
proposed to have a target population in mind. Due mainly
Source: Field Data, 2020
to budget constraints, a sample of the population was taken
using several sampling techniques. First of all, structured
Figure 1 Gender of respondents
random sampling was used in grouping the population into
The study was conducted on a total of 100 respondents out
four strata namely; self-owners, managers, supervisors,
of which 67% were males and the remaining 33% females.
and attendants. The respondents were then selected by
The results suggest that more males engage in Mobile
convenience using judgmental and accessibility to get
Money Transfer (MMT) than females within Cape Coast
people that best meet the objectives of the study. This
Metropolis. This explained the male dominance in the
sampling method was used because of the study aimed at
monetary center as indicated by Costello (2018). The risky
capturing information from a diverse group of individuals
nature of MMT can be partly blamed for the low number
who were engaged in mobile money transfer services in
of females in the sector. Females are to be encouraged to
different age groups, different business ventures, different
get more involved in MMT services as a business
incomes, gender, different employment characteristics,
opportunity despite the risks involved.
and standards of living.

In all 100 people were selected to represent an estimated Age Group of Respondents
population of 200 vendors (Table 1).
7.0 3.0
Table 1. Distribution of respondents 24.0
19.0
Target Group Sample
Self-owned 47
Manager 21 47.0
Supervisor 15
Attendant 17
Total of 100 below 20 20-29 30-39 40-49 50 and above
Source: Author‘s fieldwork, 2020
Source: Field Data, 2020
Method of Data Analysis
To assess the impact of mobile money transfer services on Figure 2 showed that the majority of the respondents
the socioeconomic status of mobile money transfer within the study area (Cape Coast Metropolis) who engage
vendors within Cape Coast Metropolis, primary data in MMT business were within the ages of 20-29 years, this
collected were subjected to analysis. Data gathered were was followed by those in the age group of below 20 years
quantitative, where the Likert Scale was predominantly and 30-39 years, respectively. This showed that MMT
used. The data were subjected to statistical analysis and business was more attractive to an individual within the
where necessary; graphs, tables, and pie charts were used youthful age.
with the aid of SPSS version 25 in the analysis.
Marital Status of Respondents
The study further looked at the marital status of
individuals within the MMT business (Table 2).

Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com

Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
separated. Only 4% of the respondents were widows who
Table 2 Marital status of respondents engaged in MMT business within the Cape Coast
Marital Status Frequency Percent Metropolis. This perhaps can be attributed to the fact that
Single 57 57.0 single respondents invest more in bettering their lives than
Married 32 32.0 another marital status (Klinenberg, 2019), therefore MMT
Separated 7 7.0 is a good avenue in that regard.
Widowed 4 4.0
Total 100 100.0 Type of MMT Services Vendors Operate
Table 3 showed the various type of MMT services that the
Source: Field Data, 2020
vendors are engaged in. It was established that most of the
Table 2 revealed that the majority of the respondents vendors engaged in all the four major MMT services
(57%) were single. This was followed by respondents who providers; MTN Mobile Money, Airtel Money, Vodafone
were married (32%) whiles 7% of respondents were Cash, and Tigo Cash.

Table 3 Type of MMT services vendors operate

Type of MMT services operated Frequency Percent

MTN, Airtel, Tigo 24 24.0

MTN, Tigo, Vodafone 12 12.0
Tigo, Vodafone, Airtel 1 1.0
MTN, Airtel, Vodafone 10 10.0
All services 53 53.0
Total 100 100.0

Source: Field Data, 2020
Table 3, showed the various types of MMT services
operated by respondents: 1. MTN Mobile Money, Airtel
Money, Tigo Cash (24%), 2. MTN Mobile Money, Tigo
Cash, and Vodafone cash (12%), 3.Tigo cash, Vodafone
cash, and Airtel money (1%), 4. MTN mobile money,
Airtel Money and Vodafone cash (10%), and 5. All
services (53%) respectively within Cape Coast
Metropolis. The study established that MMT vendors deal
with more than one MMT services providers. It was also
discovered that vendors who engage in all the four MMT
services providers were dominant followed by those who
deal with MTN mobile money, Airtel Money, and Tigo
cash, then, Vodafone cash.
Money, Tigo Cash, and Vodafone cash. This confirmed
perhaps the views of Davidson and Pénicaud (2020) that
for MMT vendors to make maximum profit, it was good
to trade in all MMT services available at any given time.
Pre-occupation of MMT Vendors
About the pre-occupation of MMT vendors, the research
sort to find out the previous occupation of the vendors
before operating MMT. It was discovered that the MMT
vendors were mostly self-employed. Very few vendors
were teachers, unemployed, company employees, young
school leavers, and civil servants.
Table 4 Pre-occupation of MMT Vendor

Pre-occupation Frequency Percent

company employee 7 7.0

civil servant 5 5.0
teaching 6 6.0
young school 26 26.0
self-employee 31 31.0
unemployed 25 25.0
Total 100 100.0
Source; Field Data (2020)
Table 4 showed that 7% of the respondents were company Number of years of operation
employees, 5% were civil servants, 6% were teachers, The study found that majority of the respondents had been
26% were young school leavers, 31% were self-employees in the MMT service for 3-4 years. Table 5 gives details on
and 25% were unemployed. It was established that the how long MMT vendors had been in the MMT service
majority of the MMT vendors were self-employed. This sector.
implied that MMT business is mostly attracted to self-
employed individuals within Cape Coast Metropolis.
Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com
Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
Table 5 Number of years of operating MMT services service as not user friendly. This is shown below. This
implies that MMT is user friendly most of the times.
Number of years Frequency
Percent Fig 6: User Unfriendliness
less than 1 year 10 10.0
1-2 year 36 36.0 never sometimes often very often always
3-4 years 43 43.0
5+ 11 11.0
Total 100 100 4%
4%
Source: Field Data, 2020 15% 31%

Table 5 showed that 10%, 36%, 43%, and 11% of the

respondents had been in the MMT service for less than 1
year, 1-2 years, 3-4 years, and 5+ years, respectively. The
results also showed that MMT is a relatively young
enterprise in the area. Due to the uncertainties in the initial
stages, vendors’ numbers were low. But recently, vendors
are willing to stay in the sector for a longer period after
overcoming some of the set-up difficulties. This accounted
for the lower percentage (10%) being in the range of less
than one year.
Daily household income of MMT Vendors
30.0
20.0
46%
Source: Field Data, 2020
Security threats
The issue of security was also questioned by the vendors
who participated in this study. As 2% of the respondents
said “never” has there been any security threat concerning
MMT, 22% said there were security issues “sometimes”
that is prone to fraudsters. Whiles 18% said there are
“often” security threats that are prone to fraudsters, 52%
said there is “very often” the issue of security which was
prone to fraudsters. Only 6% said there is “always” the
issue of security threat that opens up to fraudsters to
operate. This implies MMT is prone to security threats that
allow fraudsters to operate.

10.0
Table 6: Security threats

0.0 Network challenges influences MMT operations

50 and below 51-100 101-150 151-200 above 200 Frequency Percent
Never 2 2
Sometimes 22 22
Source: Field Data, 2020 Often 18 18
Very Often 52 52
Figure 4 Daily household income of MMT vendors Always 6 6
The study revealed that 26% of MMT vendors’ household Total 100 100.0
income was between Gh₵50.00 and below a day, 20% Source: Field Data, 2020
earned between Gh51 - Gh₵100, 28% earned between
Gh₵101 - Gh₵150, 21% earned between Gh₵151 - Network Challenges
Gh₵200 and 5% earned above GH₵ 200 daily. The results MMT is a network base money transaction. It is a common
showed that the majority of MMT vendors’ household occurrence of facing transaction issues if the network
income within the Cape Coast Metropolis was between poses a challenge. As 16% said there were “sometimes”
Gh₵101 - Gh₵200. This can be attributed to the fact that network challenges that lead to transaction problems.
most of the respondents operate within the busy areas of Those who said there were “often” network challenges
the Metropolis and the fact that most individuals in these that impeded the transactions were 17%. Whiles 56% said
areas make use of the MMT services. there was “very often” the issue of network challenges.
Some 8% said there were “always” network challenges
User Unfriendliness which affected transactions of MMT. However, 3% said
From Figure 6, it can be seen that 4% “very often” “never” have they encounter network challenges with
considered the MMT service as not user friendly. Another MMT. The results showed that network challenges hinder
15% considered the MMT service as not user-friendly the smooth operations of vendors.
“oftentimes”. As 4% “always” considered it as not user
friendly and 31% had “never” considered it as user
friendly. Another 46% also “sometimes” considered the

Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com

Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
Table 7: Network Challenges Cohen, L., Manion, L. & Morrison, K. (2008), Research
education methods (5th ed.), Routledge Falmer,
Network Frequency Percent London.
challenges
Never 3 3 Crossman, A. (2020), Convenience sample. retrieved on-
Sometimes 16 16 16-Oct2020-from-http://sociology.about.com/
Often 17 17 Samples/a/Convenience -sample.htm.
Very Often 56 56 Davidson, N. & Leishman, P. (2020). The case for
Always 8 8 interoperability, Assessing value that
Total 100 100.0 interconnection for mobile money services would
Source: Field Data create for customers and operators. GSMA report
2020, London.
CONCLUSION Davidson, N. & Pénicaud, C. (2020). State of the Industry:
The findings had adequately satisfied the study objectives. Results from the 2020 Global Mobile Money
In the first place, the study concluded that MMT services Adoption Survey. GSMA, London.
had impacted positively on vendors’ income level (savings
ability and disposable income). About the job situation of Demombynes, G. & Geya A. (2020). Kenya’s Mobile
MMT vendors, the study concluded that vendors had Revolution and the promise of mobile saving. The
improved sustained jobs and better job satisfaction and World Bank, Africa region, Policy research
have better job benefits and maximum job security. Also, working-paper 5988, Washington, DC.
the majority of the vendors in the Cape Coast Metropolis Denscombe, M. (1998). The Good Research Guide
had a better working environment and MMT has impacted (3rded), McGraw-Hill, Open University Press,
positively on vendors’ food consumption, clothing, Berkshire.
shelter, entertainment, beverage intake, payment of
electricity bills, and health needs. Desai, S. (2020). Mobile money for the unbanked, GSMA
(Annual Report 2020) accessed from
ACKNOWLEDGEMENT http://www.gsma.com/mobile for devepment
The authors sincerely thank all the individuals (Self- /wpcontent/ uploads /2020/10/ 2020.
owned, Supervisors, Attendants, and Managers) who Donner, J. (2019). Micro-Entrepreneurs and Mobiles: An
participated in the study. Exploration of the Uses of Mobile Phones by
Small Business Owners in Rwanda. Information-
REFERENCES Technologies for International Development, 2
Adam, J. & Kamuzora, F. (2008), Research Methods for (1), 1-21.
Business and Social Studies. Mzumbe Book
project, Morogoro. Effect of Mobile Communication, ITU Blog Retrieved on
July 15, 2020.
Anon, (2020). Global mobile statistics 2020. All quality
mobile marketing research, mobile Web stats, Fafchamps, M. (2019), Networks, communities, and
subscribers, ad revenue, usage, trends. Global markets in sub-Saharan Africa: Implications for
Mobile Statistics. Firm Growth and Investment. Journal of African
http://mobithinking.com/statscorner/global- Economies, 10 (1), 109-142.
mobile-statistics-2020-all quality-mobile-
marketing-research-mobile-web-stats-so Financial Deepening Challenge Fund (FDCF). Vodafone-
[Accessed April 25, 2020]. UK/Global—M-PESA-(Mobile-Money)
.Retrieved-July-15,-2020,-from
Atandi, F. G. (2018), Challenges of agent banking ttp://www.financial deepening.org.
experiences in Kenya. International Journal of
Academic Research in Business and Social Foster, T., Hope, R., Krolikowski, A. & Cohen, I. (2020).
Sciences, 3(8), 34-39. Mobile money payments in urban Africa:
adoption, implications, and opportunities’. GWF
Chogi, B.F.M. (2018). The Impact of Mobile Discussion Paper 1206, Global Water Forum,
Communication Technologies in Medium and Canberra, Australia.
Small Enterprises: Case Study of Nairobi City,
MSc. A thesis submitted at the University of Frey, R, Botan, C.H. & Kreps, G. L. (2020). Investigating
Nairobi, School of Computing and Informatics. communication: An introduction to research
methods (2nd ed). Prentice-Hall, Englewood
Cliffs, NJ.

Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com

Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.
 International Journal of Multidisciplinary Studies and Innovative Research
ISSN(print): 4132-2894, ISSN(online): 2413-3248
DOI: https://doi.org/10.21681/ IJMSIR0052020
Volume 01 Issue 01, October 2020 Journal Homepage: https://ijmsir.org
Harrell, M. C. & Bradley, M. A. (2019). Data Collection Tobbin, P. & Kuwornu, J.K.M. (2020), Adoption of
Methods: Semi-structured interviews and focus Mobile Money Transfer Technology: Structural
groups. R and Corporation, Pittsburgh. Equation Modeling Approach. European Journal
of Business and Management, 3 (7), 59-77.
Kruppa, S. (2019. Mobile Payment. Beyond the M-
Commerce Hype, Stuttgart.
Malick, A. (2019), Business Development Services,
Unemployment and the Kenyan Informal Sector
form <URL:-http//-fletcher.tufts.edu> (Accessed,
10/04/2020).
Marczyk, G, DeMatteo, & Festinger, D. (2019). Essentials
of Research Design and Methodology. John
Wiley & Sons, Inc, NJ: USA.
McCusker, R. (2019). Underground banking: Legitimate
Remittance Network or Money Laundering
System. Australian Government –Australian
Institute of Criminology, In-Trends & Issues in
crime and criminal justice, nr. 300.
National Communication Authority 2019. Mobile Money
types in Ghana

Moody’s Analytics (2019). The impact of electronic

payments on economic growth.
Ndiwalana, A, Morawezynski, O. & Popov, O (2020).
Mobile money use in Uganda: A Preliminary
Study. Kampala, Makerere University.

Ngilangwa E (2020), Mobile phone money transfer

services usage and customer satisfaction in
Dodoma urban, unpublished dissertation for the
degree of Master-of Development Studies, School
of Social Sciences, and the University of Dodoma.
Ngilangwa, E. & Venkatakrishnan, V. (2018), Customer
satisfaction on mobile-phone money transfer
services usage in Dodoma Urban, Tanzania’
accepted for publication in International
Journal of Research in Commerce and-
Management.

Saliu Issaku,(2018) Assessing the impact of mobile money

transfer service on the socioeconomic status of the
mobile money vendors: the case of Kumasi
metropolis, Ghana, August 2020, thesis for the
degree of Master of Business Administration in
Finance, College of Humanities and Social
Sciences, and University Kwame-Nkrumah.
The Socioeconomic Impact of Mobile Financial Services
Analysis of Pakistan, Bangladesh, India, Serbia,
and Malaysia, the Boston Consulting Group,
April-2020.

Paper ID : IJMSIR0072020 Website : https://ijmsir.org Email : editors.ijmsir.us@gmail.com

Dafaah F. B, Ojo L, Chukwuma C. A, (2020). “Evaluating The Impact Of Mobile Money Technology Services On The
Socioeconomic Status Of The Mobile Money Vendors (MMV)” International Journal of Multidisciplinary Studies
and Innovative Research: ISSN: 2737-7180 (Print), ISSN 2737-7172 (Online), Volume 1, Issue 01.