THE IMPACT OF MOBILE MONEY SERVICES ON THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN GA EAST MUNICIPALITY

THE IMPACT OF MOBILE MONEY SERVICES ON THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN GA EAST MUNICIPALITY, GHANA BY RICHARD QUANSAH PG7021216 A RESEARCH PROPOSAL SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR MPHIL IN INDUSTRIAL FINANCE AND INVESTMENT INSTITUTE OF DISTANT LEARNING – KNUST DECLARATION I declare that this dissertation is my original work and has not been previously published or submitted anywhere for award of a degree. I also declare that this contains no material written or published by other people except where due reference is made and author duly acknowledged. Student Name ______________________ Registration Number ________________ Sign __________________________ Date ___________________ I do hereby confirm that I have examined the masters dissertation of Richard Quansah And have certified that all revisions that the dissertation panel and examiners recommended have been adequately addressed. Signed _______________________________ Date ___________________ Dissertation Supervisor ABSTRACT Prior to the adoption of mobile money transfer services in Africa, senders and receivers had to bear the peril of carrying physical cash to or from a bank branch, making them vulnerable to theft. The Bank of Ghana in 2016 reported that mobile money volume of transactions registered a growth rate of 737.4 per cent from 2012 to 2016. This enormous acceptance has been credited to the affordability and accessibility of the service, especially among low income earners. The main challenges of mobile money technology include the loss of money, few agents at convenient locations to allow easy access to cash when needed and the rising number of fraudulent cases through the service. Mobile phone operators seem to be doing their best to address these challenges. Irrespective of the prevailing challenges, knowing how mobile money services have impacted the SME industry in urban towns in Ghana is helpful. The objectives of this study are to determine current awareness and acceptance of various mobile money services amongst SMEs, determine if mobile money services uptake had any impact on SMEs growth through increased sales, savings and loan accessibility, establish if mobile money service qualities of low cost, convenience, efficiency and reliability and financial accessibility resulted to increased SMEs performance and determine the challenges SMEs encounter from the use of Mobile Money Services in Ga East. It is evident that all the respondents in this study had a clear understanding of the basic functions of mobile money services. The study revealed that, there is negative correlation between SME performance and convenience, financial accessibility and efficiency reliability complemented with a positive correlation with transaction cost even though this is a weak relation. Transaction cost contribute more to the mobile money usage. Secondly, the study concludes that there is no significant relationship between mobile money services and the performance of SMEs complemented to the evidence that, the adoption of mobile money has not impacted positively to the sales turnover of SMEs within Ga East. Thirdly, respondents did not find it easy to use mobile money services to access loans even though currently this function is available through collaborations with some banks and allied financial institutions such Fido Loan and Qwik Loan administered by Fido Money Lending and AFB Ghana Plc respectively. Loss of money and no floats were a major concern of the respondents but only a few people had experienced it. Key words Mobile Money, SMEs, SME Performance i ACKNOWLEDGEMENT I would like to express my sincere gratitude to my supervisor Dr Joseph Ayensu, who continually encouraged and guided me through my coursework and taught me the research knowledge and skills to undertake and complete this project on this topic The Impact of Mobile Money Services on SMEs Performance in Ga East Municipality . The skills I have acquired will help me in doing further research in different areas and varied topics. I would also like to thank my family and friends for their unflinching support, especially, my sister Bernice Quansah, and my very good friends James Fiagborlo and Gladys Asem for their immense contribution and support especially in data collection and analyses which took a considerable amount of their time, is greatly appreciated I am particularly grateful to all academic and support staffs have provided exceptional support in various ways including but not limited to proposal and thesis format and writing, seminars on relevant topics, and follow-ups to ensure positive progress. The assistance provided by my colleagues and friends who helped, especially in data collection and analyses which took a considerable amount of their time, is greatly appreciated. Finally, to the authors whose works were consulted in the course of writing this dissertation and the respondents who irrespective of their busy schedules took time off to respond to the questionnaires, I say ayekoo. ii DEDICATION I would like to dedicate this paper to my family. Parents Albert Quansah and Mary Aidoo, Siblings Linda, Bernice, Emmanuel and Isaac Quansah. I appreciate your love and support. iiiTABLE OF CONTENTS ABSTRACT i ACKNOWLEDGEMENT HYPERLINK l page4 ii DEDICATION HYPERLINK l page5 iii HYPERLINK l page6 TABLE OF CONTENTS HYPERLINK l page6 iv HYPERLINK l page8 LIST OF TABLES AND FIGURE ..vi HYPERLINK l page11 TERMS AND DEFINITIONS HYPERLINK l page11 ix HYPERLINK l page12 CHAPTER ONE INTRODUCTION 1 HYPERLINK l page12 1.1 Background of the Study 1 1.2 Statement of the Problem 8 1.3 General and Specific Objectives of the Study 9 1.4 Specific objectives HYPERLINK l page21 9 1.5 Research Questions HYPERLINK l page22 9 1.6 Scope and Limitations of the Study……. HYPERLINK l page22 10 1.7 Significance of the Study HYPERLINK l page23 10 1.8 Organisation of the Study HYPERLINK l page23 12 HYPERLINK l page24 CHAPTER TWO LITERATURE REVIEW HYPERLINK l page24 13 2.1 Introduction HYPERLINK l page24 13 2.2 Theoretical Review HYPERLINK l page26 13 2.3 Conceptual Review. HYPERLINK l page28 20 2.5 Mobile Money Systems HYPERLINK l page31 26 2.6 The Impact of Mobile Money HYPERLINK l page33 26 2.7. Small and Medium Enterprises in Ghana HYPERLINK l page34 27 2.8 Mobile Money Services and SMEs …29 2.9 Mobile phone financial transactions and SMEs performance….30 2.10 Conceptual Framework30 2.11 Empirical Literature 34 HYPERLINK l page39 CHAPTER THREE RESEARCH METHODOLOGY HYPERLINK l page39 36 HYPERLINK l page39 3.0 Introduction HYPERLINK l page39 36 HYPERLINK l page39 3.1 Research Design 36 3.2 The Study Area HYPERLINK l page39 37 iv 3.3 Population 38 3.4 Sampling Procedure 38 3.5 Data Collection Instruments 39 3.6 Data Collection Procedures39 3.7 Data Processing and Analysis 39 3.8 Data Presentation …40 3.9 The Questionnaire ..41 3.10 Pilot Study …42 HYPERLINK l page46 CHAPTER FOUR STUDY FINDINGS AND DISCUSSIONS 43 HYPERLINK l page46 4.1 Introduction 43 HYPERLINK l page46 4.2 Background Information of the Respondents 43 HYPERLINK l page50 4.3 Knowledge of Mobile Money Services 47 4.4 Mobile Money Services and Significance to SMEs 49 4.5 SMEs adoption of mobile payments services based on four domains 50 4.6 Performance level among SMEs due to adoption of mobile money transaction services HYPERLINK l page68 53 4.7 Independent Variables and Relation to SMEs Growth 55 4.8 Challenges SMEs encounter using Mobile Money Services 59 4.9 Ways Respondents Dealt with Mobile Money Problems ..59 HYPERLINK l page76 CHAPTER FIVE CONCLUSION AND RECOMMEDATIONS61 5.1 Introduction HYPERLINK l page76 61 5.2 Summary of Findings 61 5.3 Conclusion .63 5.4 Recommendations …..64 5.5 Area for Further Research 65 REFERENCES 66 HYPERLINK l page84 APPENDIX I Questionnaire 69 APPENDIX II Relationship Multiple Regression Analyses on the impact of mobile money services on the performance of SMEs .75 v LISTS OF TABLES AND FIGURES List of Tables Page Table 1 Key players in the mobile money ecosystem25 TABLE 2 Type of Business 45 TABLE 3 Analysis of the Operations of the Sample Group 46 TABLE 4 Estimated SME Daily Turnover 46 Table 5 Awareness of Mobile Money Service amongst Respondents 47 Table 6 Acceptance of Mobile Money Payment for Sales Transactions 47 Table 7 Efficiency and reliability of mobile payment services 50 Table 8 Convenience of mobile payment services …51 Table 9 Transaction cost of mobile payments services…… 52 Table 10 Accessibility of mobile payment services. 53 Table 11 Effect of mobile payment adoption on profitability of business 54 Table 12 Effects of mobile payment adoption on sales turnover… 54 TABLE 13 Coefficient of Correlation between Variables …. 55 TABLE 14 Coefficient of Determination Model …56 TABLE 15 Multiple Regression Analysis .57 viList of Figures Page Figure 1. The original technology acceptance model TAM (Davis, 1989) 15 Figure 2. Diffusion of Innovation (Rogers, 1995) ..19 Figure 3 The Mobile Money Impact Model Framework31 FIGURE 4 Position held in the Business40 FIGURE 5 Number of Employees 45 FIGURE 6 The type of mobile money services personally used by respondents…48 FIGURE 7 Knowledge of Mobile Money Products49 FIGURE 8 Importance of Mobile Money 49 FIGURE 9 Challenges SMEs encounter using mobile money services … 45 FIGURE 10 Solutions to Mobile Money Challenges.46 vii ACRONYMS AND ABBREVIATIONS ATMs Automated Teller Machines SMEs Small and Medium Enterprises SPSS Statistical Packages for the Social Sciences viii TERMS AND DEFINITIONS Mobile Money Logan, S. (2017) and ADDIN CSL_CITATION citationItems id ITEM-1, itemData ISBN 007222455X, ISSN 15499553, abstract The author offers opinions on mobile marketing and cellular telephone advertising. He notes that the bright economic future predicted for such advertising has remained elusive despite significant technological improvements to mobile communication systems which should have resulted in such growth. The author states that mobile marketing will remain dependent on larger trends within the Internet industry., author dropping-particle , family Olsen, given Christian, non-dropping-particle , parse-names false, suffix , container-title Adweek, id ITEM-1, issue 35, issued date-parts 2008 , page 11-11, title The Mobile Economy., type article-journal , uris http//www.mendeley.com/documents/uuida1971ff8-d3df-4c21-9bc3-3be5bdabcc9c , mendeley formattedCitation (Olsen, 2008), manualFormatting Olsen, (2008), plainTextFormattedCitation (Olsen, 2008), previouslyFormattedCitation (Olsen, 2008) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json Olsen, (2008) defines Mobile Money as a transformational service that uses ICT and non-bank retail channels to extend the delivery of financial services to clients who cannot easily be reached profitably with traditional branch-based financial services. Small and Medium Enterprises (SMEs) The Ghana Statistical Service (GSS) defines small businesses as enterprises that employ less than 10 persons while those that employ more than 10 people are classified as Medium and Large-Sized Enterprises ix INTRODUCTION 1.1 Background of the Study Sub-Saharan Africa has some of the lowest levels of infrastructure investment in the world. Merely 29 of roads are paved, barely a quarter of the population has access to electricity, and there are fewer than three landlines available per 100 people (ITU,2009 World Bank, 2009a). Yet access to and use of mobile telephony in sub-Saharan Africa has increased dramatically over the past decade. There are Ten times as many mobile phones as landlines in Sub-Saharan Africa (ITU, 2009). At the end of 2016, there were 420 million unique mobile subscribers in Sub-Saharan Africa. The region accounts for nearly 10 of the global mobile subscriber base, a share set to rise given that the mobile penetration rate of 43 is significantly lower than the global average penetration rate of 66. Although annual subscriber growth has now slowed to single digits, Sub-Saharan Africa is still growing faster than any other region and will record a compound annual growth rate (CAGR) of 6.2 over the five years to 2020, compared to a global average of 4.2 for the same period. By 2020, there will be just over 500 million unique mobile subscribers in the region and the penetration rate will have risen to 50 (GSMA, 2017). The rapid adoption of mobile phones has generated a great deal of speculation and optimism regarding its effect on economic development in Africa. Policy makers, newspapers, and mobile companies have all touted the poverty-eradicating potential of mobile phones (Corbett, 2008).Ten years ago, it was quite rare and expensive to send money to friends and family distant apart. The same could be said for savings, credit, and insurance all financial needs of even the poorest households. While figures on how many people lacked access to formal financial services in the early part of 2000 are scarce, in 2009 the Financial Access 1 Initiative undertook a comprehensive analysis, estimating that 2.5 billion adults in the world were unbanked. However, more than one billion people in low and middle-income countries already had access to a mobile phone. It is very obvious that the telecommunication companies in developing countries capitalised on the high mobile phone penetration rate to developing the mobile money transfer service to serve the unbanked in their operating countries. Mobile money is a form of electronic money through which financial transactions are executed using HYPERLINK http//www.sbs.ox.ac.uk/sites/default/files/research-projects/mobile-money/mobile-survey-leapfrogging-3.pdf t _blankthe mobile phone. It allows financial services to be extended to unbanked people at a significantly lower cost because physical infrastructure isnt needed. Logan, S. (2017) and ADDIN CSL_CITATION citationItems id ITEM-1, itemData ISBN 007222455X, ISSN 15499553, abstract The author offers opinions on mobile marketing and cellular telephone advertising. He notes that the bright economic future predicted for such advertising has remained elusive despite significant technological improvements to mobile communication systems which should have resulted in such growth. The author states that mobile marketing will remain dependent on larger trends within the Internet industry., author dropping-particle , family Olsen, given Christian, non-dropping-particle , parse-names false, suffix , container-title Adweek, id ITEM-1, issue 35, issued date-parts 2008 , page 11-11, title The Mobile Economy., type article-journal , uris http//www.mendeley.com/documents/uuida1971ff8-d3df-4c21-9bc3-3be5bdabcc9c , mendeley formattedCitation (Olsen, 2008), manualFormatting Olsen, (2008), plainTextFormattedCitation (Olsen, 2008), previouslyFormattedCitation (Olsen, 2008) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json Olsen, (2008) defines Mobile Money as a transformational service that uses ICT and non-bank retail channels to extend the delivery of financial services to clients who cannot easily be reached profitably with traditional branch-based financial services. Mobile money services can be broadly categorised into three groups m-transfers, m-payments and m-financial services. M-transfers involve money transfer from one user to another, normally without any accompanying exchange of goods or services (Jenkins, 2008). These are also referred to as person-to-person (P2P) transfers and may be domestic or international (Jenkins, 2008). M-payments involve money exchange between two users with an accompanying exchange of goods or services. M-financial services are mobile money services in which mobile money may be linked to a bank account to provide the user with a whole range of transactions that they would access at a bank branch. Users access financial-related services like insurance and micro-finance among others via their mobile phones (Jenkins, 2008) The rise of mobile money has generated important gains in financial inclusion. By 2011, registered mobile money accounts grew to 86.8 million, with more than a quarter of them active. Between 2011 and 2013, the net number of total mobile money services nearly 2 doubled, from 116 services in 60 countries to 230 services in 82 countries. The biggest impact was felt in Sub-Saharan Africa, where 12 per cent of adults in the region had a mobile money account. In 2015, mobile money accounts surpassed bank accounts in the region ADDIN CSL_CITATION citationItems id ITEM-1, itemData DOI 10.1002/9781118290743.wbiedcs023, ISBN 9781118290743, author dropping-particle , family GSMA, given , non-dropping-particle , parse-names false, suffix , container-title State of the Industry Report onMobile Money Decade Edition 2006-2016, id ITEM-1, issued date-parts 2017 , page 2006-2016, title State of the Industry Report on Mobile Money Mobile Money, type article-journal , uris http//www.mendeley.com/documents/uuidd9503d57-8314-46dd-833c-31ac0f78b1c1 , mendeley formattedCitation (GSMA, 2017), plainTextFormattedCitation (GSMA, 2017), previouslyFormattedCitation (GSMA, 2017) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json (GSMA, 2017). The rapid adoption of innovative mobile-money transfer and branchless banking technologies is transforming the landscape for remittances and broader financial services in Africa (Morawczynski and Pickens 2009 Aker and Mbiti 2010). Although the adoption of these innovative technologies has been limited mostly to domestic money transfers (in part because of concerns about money laundering and terrorist financing related to cross-border remittances), the technologies have the potential to vastly improve access to both remittances and broader financial services, including low-cost savings and credit products, for African migrants and remittance recipients ADDIN CSL_CITATION citationItems id ITEM-1, itemData author dropping-particle , family Mohapatra, given Sanket, non-dropping-particle , parse-names false, suffix , dropping-particle , family Ratha, given Dilip, non-dropping-particle , parse-names false, suffix , container-title Remittance markets in Africa, id ITEM-1, issued date-parts 2011 , page 1-68, title Migrant Remittances in Africa An Overview. In S. Mohapatra D. Ratha (Eds.), type article-journal , uris http//www.mendeley.com/documents/uuideead3822-e07b-4f57-8e57-5135b4f4f328 , mendeley formattedCitation (Mohapatra Ratha, 2011), plainTextFormattedCitation (Mohapatra Ratha, 2011), previouslyFormattedCitation (Mohapatra Ratha, 2011) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json (Mohapatra Ratha, 2011). Prior to the adoption of mobile money transfer services in Africa, senders and receivers had to bear the peril of carrying physical cash to or from a bank branch, making them vulnerable to theft. Transfer and receiving remittances via mobile money minimises these cash-handling risks. MTN Ghana, Vodafone Ghana, AirtelTigo, Globacom Limited Ghana and Expresso Telecom Limited are the main Mobile Network Operators (MNO) in Ghana. The Bank of Ghana in 2016 reported that mobile money volume of transactions registered a growth rate of 737.4 per cent from 2012 to 2016. The marked increase in mobile money usage is not unique to Ghana. Nigeria, Kenya, Uganda, and South Africa also registered significant growth in mobile money transactions (Diniz, Albuquerque and Cerney, 2011). Pursuance to the adoption of a cashless economy, Ghana lunched its mobile money payment interoperability system on the 10th of May, 2018. Interoperability is the ability for customers to undertake money transfers between two accounts at different mobile money companies or to transfer money between mobile money accounts and bank accounts. The launch of mobile money 3 payment interoperability system is expected to largely eliminate the difficulties associated with traditional banking services, such as the difficulty in opening bank accounts, the high costs associated with maintaining a bank account relative to customers income levels, the need to have basic literacy, administration and record keeping abilities and English-language capacity to operate a bank account, and the sheer intimidating nature of banking halls. The term small and medium enterprises cover a wide range of definitions and reasons, varying from country to country and the source reporting SMEs statistics. There is no universally agreed definition of small and medium enterprises because their classification into large or small is a subjective and qualitative judgment based on number of employees, values of assets, value of sales and size of capital and turnover. The most common definitional basis used is employees because of comparability (Nyangori, 2012). In Ghana, the most commonly used definition of SMEs is the number of employees of the enterprise. In applying this definition, however, there is some controversy in respect of the arbitrariness and cut off points used by the various official records (Dalitso and Quartey, 2000). The Ghana Statistical Service (GSS) defines small businesses as enterprises that employ less than 10 persons while those that employ more than 10 people are classified as Medium and Large-Sized Enterprises. However, the National Board for Small Scale Industries (NBSSI) in Ghana employs both the fixed asset and number of employees benchmark to define SMEs. Conferring to the NBSSI, enterprises with not more than 9 workers, has plant and machinery (excluding land, buildings and vehicles) and not exceeding 10 million Cedis (US 9506, using 1994 exchange rate) are considered as Small-Scale Enterprises. The operational definition of SMEs for this study is the one by Steel and Webster (1990), Osei et al (1993). They used an employment cut off point of 30 employees to indicate Small 4 Scale Enterprises. The latter however dis-aggregated small-scale enterprises into three main categories (i) micro enterprises are those that employ less than 6 people (ii) very small enterprises constitute those employing 6-9 workers (iii) small enterprises are business units that employ between 10 and 29 employees. Hence, for this study, SMEs are enterprises that employ not more than 29 people. In view of the above definition, the following are some informal sector groupings of SMEs in Ghana. The Ghana Private Road Transport Union (GPRTU), Ghana National Chemical Sellers Association, Ghana National Tailors and Dressmakers Association, National Drinking Bar Operators Association, Chop Bar Keepers and Cooked Food Sellers Association, Hair Dressers Association of Ghana, Susu Collectors Association, Blacksmiths and metal workers union, amongst many (Yankson,1992). In Ghana, readily available data on SMEs is scarce but statistics from the Registrar Generals Department suggests that 92 per cent of companies registered are micro, small and medium enterprises. SMEs in Ghana have also been noted to provide about 85 per cent of manufacturing employment, contribute about 70 per cent to Ghanas GDP, and therefore have catalytic impacts on economic growth, income and employment (HYPERLINK http//www.eservices.gov.gh/pages/empowering-smes-in-ghana-for-global-competitiveness.aspxEmpowering smes in ghana for global competitiveness 2018). Some challenges to the SME sector despite their commendable contribution to the national economy, as part of the challenges confronting SMEs in Ghana, SMEs have not always obtained the required support from concerned banks, financial institutions and other bigger corporate entities. This lack of support is a handicap to developing competitiveness locally and globally. According to World Bank (2012), the inability of the SMEs to access funds is still a major issue that limits the formation of new businesses and prevents others from expanding and growing. Lennart and Bjorn (2010) noted that cash-flow management are key bottlenecks for 5 micro and small enterprises operations. This declaration tallies with what Booster et al (2008) who established that debt collection, lack of working capital and low sales are among the top five challenges facing micro and small businesses. These challenges make SMEs lack financial capacity to enlarge and develop. According to Atieno (2009), most formal financial institutions consider SMEs as uncreditworthy, thus denying them credit. This lack of access to financial resources has been seen as one of the reasons for the slow growth of SMEs. This is coupled with negative perception towards them, which adversely affect their ability to access financial services provided by financial institutions. This is because they are considered not viable customers by the formal financial sectors as their transaction sizes are small. Their accessibility to financial institutions is difficult due to low capital base, poor returns, lack of financial records and collateral property to secure loans from banks and this in turn affects their development (Amyx, 2005). Liquidity is key to doing business and the accomplishment of any business may very well depend on how to mobilize cash quickly from savings, credit from suppliers, or to have customers that can pay upon delivery. This suggests that the performance of SME businesses depends on how fast cash receipt and payments are made since any delay affects operations of their business. The presence of the mobile money transaction has transformed how business is conducted. This is because offering banking products through mobile phones has brought about great potential for reaching those who have no bank accounts. Moreover, accessibility to the mobile phone is to both the poor and the rich. According to Lennart and Bjorn (2010), the fast diffusion of mobile money transfer was viewed as a potential key tool for facilitating financial transactions. This indicates that the rapid adoption of mobile phone was seen as a means of uplifting the financial functionality of SMEs. A positive aspect of mobile phone is 6 that mobile networks can reach remote areas at low cost thereby making it possible for financial transactions to be made in a simple and faster manner from any point insofar as there are mobile money service providers. It is easier to transact and at a lower cost. According to Mataba (2009), the growth and development of SMEs in most cases depends on good operating environment, and sustainable financial system/services where all Commercial Banks provide credits, money transfer, saving and leasing, to mention but few. These services are so far important but seem not helpful in relation to SMEs transactions which occur mostly overnight. Mobile money however has a range of services that the SMEs could benefit from using mobile money technology. Mobile ATMs, money transfers, bulk payments, mobile vouchers, mobile insurance, savings, content purchases and deliveries, information services, mobile banking etc. are some examples of these services (Nyaga, 2013). Regardless of the extensive documentation on the impact of mobile money on the performance of SMEs in African countries, many studies of this nature have been done in Kenya and other Eastern African Countries whiles little is known about whether and how mobile money services influences the performances of SMEs in Ghana. Even if the reviewed literature suggests that mobile money has significantly contributed to the development of SMEs in many African countries especially Kenya, Tanzania and Uganda, there is little empirical evidence that support such assertion in Ghana. Given the importance of mobile money and the pursuit of the Ghana government to drive the economy into a cashless one, this study is carried out to find out the impact of mobile money services on the performance of SMEs within Ga East Municipality of Ghana. 7 1.2 Statement of the Problem SMEs needs for payment and transactional services are not always well served by conventional banks since they do not always find it easy or cost effective to adopt a full-feature package for banking services (Higgins, Kendall Lyon, 2012). Additionally, they lack proper mode of receipts and payments, debt collection procedures and access to finance and this makes them to be faced with problems associated with liquidity and working capital management (Higgin at el, 2012). This situation is likely to have an effect on the performance of SMEs. The commencement of the mobile phone financial transactions has reformed how business is being done. Financial transactions have been made much easier complemented with the provision of savings avenue for those without bank accounts. The main literature gaps exist in revealing whether mobile money technology has contributed to SMEs performance through increased sales and profit. This gap is however confirmed by ADDIN CSL_CITATION citationItems id ITEM-1, itemData author dropping-particle , family Ngaruiya, given B, non-dropping-particle , parse-names false, suffix , dropping-particle , family Bosire, given M, non-dropping-particle , parse-names false, suffix , dropping-particle , family Kamau, given SM, non-dropping-particle , parse-names false, suffix , container-title Research Journal of Finance and Accounting, id ITEM-1, issue 12, issued date-parts 2014 , page 53-58, title Effect of Mobile Money Transactions on Financial Performance of Small and Medium Enterprises in Nakuru Central Business District, type article-journal, volume 5 , uris http//www.mendeley.com/documents/uuid312f4f55-ed29-4ab7-bb49-c6871a49581d , mendeley formattedCitation (Ngaruiya, Bosire, Kamau, 2014), plainTextFormattedCitation (Ngaruiya, Bosire, Kamau, 2014), previouslyFormattedCitation (Ngaruiya, Bosire, Kamau, 2014) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json Ngaruiya, Bosire, Kamau, (2014) when they recommended future studies be conducted to determine the effects of mobile money on the profitability of SMEs. They furthered added that, additional studies be done to determine how SMEs are utilizing some of the newly introduced mobile service products within the financial innovation space. More so, further literature review suggests that, there has been quite an extensive work done in the area of mobile money services and SMEs in Kenya Nyaga (2013), ADDIN CSL_CITATION citationItems id ITEM-1, itemData author dropping-particle , family Ngaruiya, given B, non-dropping-particle , parse-names false, suffix , dropping-particle , family Bosire, given M, non-dropping-particle , parse-names false, suffix , dropping-particle , family Kamau, given SM, non-dropping-particle , parse-names false, suffix , container-title Research Journal of Finance and Accounting, id ITEM-1, issue 12, issued date-parts 2014 , page 53-58, title Effect of Mobile Money Transactions on Financial Performance of Small and Medium Enterprises in Nakuru Central Business District, type article-journal, volume 5 , uris http//www.mendeley.com/documents/uuid312f4f55-ed29-4ab7-bb49-c6871a49581d , mendeley formattedCitation (Ngaruiya, Bosire, Kamau, 2014), plainTextFormattedCitation (Ngaruiya, Bosire, Kamau, 2014), previouslyFormattedCitation (Ngaruiya, Bosire, Kamau, 2014) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json Ngaruiya, Bosire, Kamau (2014), Mutinda (2014) , Simiyu (2015) and in Tanzania Chale Mbamba (2014). However not much has been done in Ghana around this area of study hence the decision to study the impact of mobile money services on the performance of SMEs in Ghana specifically Ga East Municipality. 8 1.3 General and Specific Objectives of the Study The general objective of the study is to determine the impact of mobile money services on the performance of SMEs in the Ga East municipality of Ghana 1.4 The specific objectives are to 1. To determine current awareness and acceptance of various mobile money services amongst SMEs in Ga East Municipality. 2. To determine if mobile money services uptake had any impact on SMEs growth through increased sales, savings and loan accessibility in Ga East municipality. 3. To establish if mobile money service qualities of low cost, convenience, efficiency and reliability and financial accessibility resulted to increased SMEs performance in Ga East Municipality. 4. To determine the challenges SMEs encounter from the use of Mobile Money Services. 1.5 Research Questions 1. Which types of mobile money services are SMEs currently aware of and make use of for business transactions in Ga East Municipality 2. How have mobile money services contributed to the SMEs sales, savings and loan accessibility in Ga East Municipality 3. How have mobile money services attributes of low cost, convenience, efficiency and accessibility resulted in increased SMEs performance in Ga East Municipality 4. What are the challenges SMEs in Ga East encounter from the use of Mobile money services 9 1.6 Scope and Limitations of the Study Certain limitations were encountered at the course of conducting this study. One of the utmost challenge that the researcher encountered was in connection with the access to and collection of hard data due to extreme data gaps situation in the country. Another limitation of this study relates to time, funds and logistics constraints, which limited the intensity of the spread or area of coverage of the study. SMEs are spread throughout the length and breadth of Ghana but due to resource constraints the research only covered a certain percentage of them. Hence the decision to narrow the research to Ga East Municipality as the Study area. Some respondents failed to complete their questioners and this limited the number of respondents involved in the study despite efforts to explain the potential benefits of the study to them. The findings from this study may, therefore, not be open to generalization unless similarities can be identified in other regions. 1.7 Significance of the Study SMEs are vital for economic growth and development because they encourage entrepreneurship, generate employment, and reduce poverty (Abor Quartey 2010). The SME market constitutes the vast majority of businesses in Ghana and over the years, they have evolved to become key suppliers and service providers to large corporations, inclusive of multinational and transnational corporations. (Akugri1, Bagah, Wulifan, 2015). A study conducted by Bastiat Ghana, a liberal economy think tank, shows that 92 per cent of companies registered in Ghana are micro, small and medium scale enterprise (SMEs). According to the study 85 per cent of the SMEs offer employment in the manufacturing sector, while 75 per cent of them contribute to the GDP. Irrespective of the immense contribution of this sector to the Ghanaian economy, the SME sector faces bigger obstacles 10 such as difficulty in accessing funding and ability to conduct market research to support their operations as a guide to work scientifically for the success of their venture. Hence, the need to focus on affordable financial inclusion methods that contribute positively to SME business performance in areas like increased sales, increased use of mobile money services to purchase business products and supplies, savings and loan accessibility is very significant. The Government of Ghana in its bid to fight corruption is pursuing the agenda of a cashless economy which it believes has the antidote of sealing the chronic revenue leakages within the economy. This was however confirmed by Dr. Settor Amediku, the Head of Payment Systems Department of the Bank of Ghana, in his discussion with Citi Business Newsdisclosed that, cabinet is currently considering the new Payment Systems and Services Bill for onward submission to the Parliament of Ghana for passage. 4.5 million has already been invested into Ghanas new mobile interoperability platform launched on the 10th May, 2018. The backbone of all these important government policy rest heavily on the mobile money ecosystem. The results of this study will present valuable information to mobile phone companies who could be motivated to develop or augment available products with special focus on SMEs. Moreover, policy makers can use the study results to fine tune government policies in the bid to facilitate accelerated growth of the SME sector in Ghana. The net effect can be linked to the associated increase in employment in that sector. The SMEs operators or owners will benefit from knowledge of financial services available through mobile money and how they can use them to positively impact their business. Also, appropriate regulatory bodies can use the findings to enhance service delivery and ensure that the SME sector continues to benefit from innovations such as mobile money technology. Researchers who are interested in the field of financial innovation and inclusion would find this research very helpful since the mobile money ecosystem continues to be a growing area of study in Ghana. 11 1.8 Organisation of the Study The chapter one would comprise of the background of the study, statement of problem, objectives, research questions, scope of the study, limitations of the study, and the significance of the study and the organization of the study. Chapter two will look at the literature review of the study. The researcher will focus on the research methodology and profile of the metropolis at chapter three, whiles analysis of the data at chapter four. The chapter five of the study will look at the findings, recommendations and conclusions. 12 CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Theoretical, conceptual and empirical information from papers on topics related to the research problem are highlighted in this chapter. It scrutinizes what various authors and academic scholars have studied and written about mobile money and SME performance. Literature review involves the systematic identification, location and analysis of documents containing information related to the research problem being investigated (Mugenda and Mugenda, 2003). The goal is to gain an understanding of the history, evolution and direction which will provide justification in revealing the knowledge gap for which this study is intended. 2.2 Theoretical Review 2.2.1 The Theory of Technology Acceptance Model (TAM) Mobile payment procedures are essentially information technology (IT) procedures and channels through which users make various payment transactions. Studies show that the acceptance to use the mobile payments varies with the context in which users are able to use a mobile payment procedure. Moreover, the mobile payment procedures are functional services adopted for utilitarian reasons (Khodawandi, Pousttchi and Wiedmann, 2003). This study focuses on the impact of mobile money services on the performance of SMEs and applies the Theory of Technology Acceptance Model (TAM). TAM is a theoretical model that explains how users come to accept and use a technology (Davis, 1989). The model suggests that when users are presented with a new technology, a number of factors influence their decision about how and when they will use it. These factors are perceived usefulness and perceived ease of use. 13 Perceived Ease of Use (PEOU) Perceived ease of use (PEOU) refers to the degree to which a person believes that using a particular system would be free from effort (Davis, 1989). Liu Li (2009) further explains that, to use a particular form of technology, little effort should be needed by the user. This effort can be physical and mental (Davis, 1993 Taylor Todd, 1995).. Extensive researches have documented evidence of the significant effect of PEOU on user behavioural intentions (Adams et al., 1992 Davis, 1989 Guriting Ndubisi, 2006 Ramayah et al., 2002 Ramayah et al., 2003). The perceived ease of use has been incorporated as an important factor in adopting Mobile commerce as in recent studies of (Wei et al., 2009 Bhatti, 2007). Many prior empirical studies have demonstrated that perceived ease of use has a positive influence to adopt mobile commerce (Wei et al., 2008 Khalifa Shen, 2008). In the mobile money services, perceived ease of use include how easy is the registration procedure, ease of use of the payment method, easy access to customer services, minimal steps required to make a payment, availability of mobile money transfer agents and how accessible the service is on mobile phones with the basic features and software Amoh (2016). Perceived Usefulness According Hong, Thong, Moon, Tam (2008) perceived usefulness is a prominent factor which is widely used in explaining consumer behaviour in a recent M-commerce adoption model studies. Perceived usefulness of a system is defined as the extent to which individuals believe that using the new technology will enhance their task performance (Davis, 1989). There is extensive research in the Information Systems and M-commerce that provides evidence of the significant effect of perceived usefulness on usage or adoption intention (Davis et al, 1989 Khalifa Shen, 2008). Perceived usefulness will show that the use of a given technology might be useful for someone to achieve a particular result in the online environment (Vijayasarathy,2004). In the 14 view of Lopez-Nicolas, Molina-Castillo and Bouwman (2008), that technology should be able to assist the consumer to carry out a job easier, quicker and in better quality. Perceived usefulness in the context of this study, is adopted from the perspective of Kleijnen et al, (2004) who defines it as how well consumers believe the services can be integrated into their daily activities and how it can enhance their transaction (Chen, 2008). According to Kim, Mirusmonov Lee, (2010) employing mobile money service systems by the consumer will be due to the fact that the system is useful in their financial transactions. According to Tobbin and Kuwornu (2011), intention to use mobile money services will increase if the belief in its usefulness also increases. Perceived usefulness has been seen to positively influence the adoption of mobile payment system across countries like Finland, USA, Japan and Germany (Guhr, Loi, Wiegard Breitner, 2013). Studies on past literatures have validated perceived usefulness as an essential factor in the acceptance of technology (Agarwal Karahanna, 2000 Hong, Thong, Moon, Tam, 2006 Kim, Chuan, Gupta, 2007 Lee, 2009 Sim, Tan, Ooi, Lee, 2011 Venkatesh Morris, 2000) Figure 1. The original technology acceptance model TAM (Davis, 1989) HYPERLINK https//www.researchgate.net/publication/265905915_Predicting_Users27_Continuance_Intention_Toward_E-payment_System_An_Extension_of_the_Technology_Acceptance_Model_sgBLFXXBxUUSGX9Fu9_oaxo4gR9pglOuRPZ1aZFaELLFVIai6zuBEDVLFXusQ3fD36WQV7nG__8w INCLUDEPICTURE https//www.researchgate.net/profile/Tella_Adeyinka/publication/265905915/figure/fig1/[email protected]/The-original-technology-acceptance-model-TAM-Davis-1989.png MERGEFORMATINET 15 TAM has been widely used to predict the acceptance of a new technology. It theorizes that perceived usefulness and perceived ease of use, have great importance to technology acceptance and usage behaviours. 2.2.2 Entrepreneurship and innovation theory The entrepreneurship and innovation theory introduced and developed by Joseph Schumpeter (1838-1950). Schumpeter in his theory defines an entrepreneur as The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on The original approach focused on the role of innovation on entrepreneurship, economy and social change. Schumpeter argued that, the economy through static lenses focused on the distribution of given resources across different roads. Schumpeters view of economic development is seen as a process of qualitative change driven by innovation taking place in historical time. He defined innovation as a new combination of existing resources. Through these combinations, he labeled the entrepreneurial function. For successful innovations, Schumpeter noted the important role played by entrepreneurs. That is, the prevalence of inertia or resistance to new ways at all levels of society that entrepreneurs had to fight in order to succeed in their aims. Rafinejad, (2007) describes the Schumpeters theory as the one that emphasizes innovation-ignoring risk taking and organizing abilities of an entrepreneur. Schumpeters description of the innovation process and its diffusion continues to be characteristic in the contemporary knowledge- and technologically driven global economy (Carayannis and Ziemnowicz, HYPERLINK https//link.springer.com/referenceworkentry/10.10072F978-1-4614-3858-8_476 l CR04763 o View reference2007). The theory of entrepreneurship is important to this study as it describes the relationship between innovation and entrepreneurship. Innovations as per Schumpeter brings about economic and social change. Alternatively, innovation presents an opportunity through which 16 entrepreneurs create new products, new sources of supply, exploitation of new markets and new ways to organize business. In the study context, mobile money services present an opportunity for SMEs to have new ways of doing business, which are likely to bring economic and social changes within the customer fraternity. This is reflected in the way the SMEs use the services to deal with their customers and suppliers to facilitate their business. 2.2.3 Diffusion Theory Diffusion of innovations is a HYPERLINK https//en.wikipedia.org/wiki/Theory o Theorytheory that seeks to explain how, why, and at what rate new HYPERLINK https//en.wikipedia.org/wiki/Idea o Ideaideas and HYPERLINK https//en.wikipedia.org/wiki/Technology o Technologytechnology spread. Rogers (2003) argues that diffusion is the process by which an HYPERLINK https//en.wikipedia.org/wiki/Innovation o Innovationinnovation is communicated over time among the participants in a social system. Rogers theory of diffusion contains four elements that are present in the diffusion of innovation process. The first is innovation which he defines as an idea, practice, or object that is perceived as new by an individual or other unit of adoption. The other is communication channel which is the means by which messages get from one individual to another. Time is the other that encapsulates innovation-decision process, relative time (innovation is adopted by an individual or group) and innovations rate of adoption. Last element is social system which is a set of interrelated units that are engaged in joint problem solving to accomplish a common goal. It seeks to explain how, why and at what rate new ideas and innovations spread through cultures. Acknowledging the fact that innovation takes time, it involves transmission of new ideas and processes to its users. This new idea has to be accepted by all stakeholders so that the social system can understand the importance of the innovation despite high costs and work towards streamlining the processes (Honor,1998). Rogers (2003) described the innovation-diffusion process as an uncertainty reduction process (p. 232), and he proposes five attributes of innovations that help to decrease uncertainty about the innovation. These attributes are relative advantage, compatibility, complexity, trialability, and observability. 17 Relative Advantage Relative advantage is defined as the degree to which an innovation is perceived as being better than the idea it supersedes (Rogers,2003). The cost and social status motivation aspects of innovations are elements of relative advantage. This means that using mobile money services should be better than any traditional mode of payment. Also, the value gained in using mobile money services should outweigh the cost of the service to the consumer (Pihlajamki, 2004). To increase the rate of adopting innovations and to make relative advantage more effective, direct or indirect financial payment incentives may be used to support the individuals of a social system in adopting an innovation. Studies have consistently found relative advantage to affect positively, users intention to use an innovation (Ilie et al. 2005 Lee, 2007, Lee et al, 2011 Premkumar Ramamurthy, 1995 Shih, 2007 Teo Tan, 2000). Compatibility According to Rogers (2003) compatibility is the degree to which an innovation is perceived as consistent with the existing values, past experiences, and needs of potential adopters. A lack of compatibility in IT with individual needs may negatively affect the individuals IT use (McKenzie, 2001 Sherry, 1997). Hoerup (2001) in her literature review reiterates the point that, if an innovation is compatible with an individuals needs, then uncertainty will decrease and the rate of adoption of the innovation will increase. What the innovation is called should be meaningful to the potential adopter. What the innovation means also should be clear. Complexity Complexity is the degree to which an innovation is perceived as relatively difficult to understand and use (Rogers, 2003). As Rogers stated, opposite to the other attributes, complexity is negatively correlated with the rate of adoption. Thus, excessive complexity of an innovation is an important obstacle in its adoption. A technological innovation might confront faculty members with the challenge of changing their teaching methodology to 18 integrate the technological innovation into their instruction (Parisot, 1995), so it might have different levels of complexity. If hardware and software are user-friendly, then they might be adopted successfully for the delivery of course materials (Martin, 2003). Trialability According to Rogers (2003), trialability is the degree to which an innovation may be experimented with on a limited basis. Also, trialability is positively correlated with the rate of adoption. The more an innovation is tried, the faster its adoption is. Reinvention usually may occur during the trial of the innovation. Then, the innovation may be changed or modified by the potential adopter. Increased reinvention may create faster adoption of the innovation. However, Rogers stated that earlier adopters see the trialability attribute of innovations as more important than later adopters. Observability The TRA proposes that individual always have control of whether or not to perform the behaviour. The theory is useful in envisaging how individual behaves based on their pre-existing attitudes and behaviour intention. However, critics of this theory professes that TRA is concerned to individual level behaviour and does not consider environment and social factors that might influence the behaviour. From the theory, SMEs owners use mobile money services if they belief that services give rise to outcome which would benefit organisation or an individual, then intentionally participate in particular behaviour through the usage of mobile money services. 2.3 Conceptual Review 2.3.1 Mobile Financial Services According to GSMA (2014) there are four types of mobile financial services mobile money, mobile insurance, mobile savings and mobile credit. 20 Mobile Money GSMA (2014) identifies specific criteria in defining and identifying mobile money services and clearly states that, for any service to qualify as mobile money, the service must offer at least one of the following products domestic or international transfer, mobile payments including bill payment, bulk disbursement, and merchant payment. Secondly, the service must rely heavily on a network of transactional points outside bank branches and ATMs that make the service accessible to unbanked and underbanked people. Customers must be able to use the service without having been previously banked. Mobile banking services that offer the mobile phone as just another channel to access a traditional banking product, and payment services linked to a current bank account or credit card, such as Apple Pay and Google Wallet, are not included. Thirdly, the service must offer an interface for initiating transactions for agents and/or customers that is available on basic mobile devices. Mobile Insurance Mobile insurance uses the mobile phone to provide microinsurance services to the underserved. In reference to GSMA (2014) criteria, a service can qualify as a mobile insurance if The service allows subscribers to manage risks by providing a guarantee of compensation for specified loss, damage, illness, or death. Secondly, the service must allow underserved people to access insurance services easily using a mobile device. Services which offer the mobile phone as just another channel for the clients of an insurance company to access a traditional insurance product are not included. Thirdly, the service must be available on basic mobile devices. Mobile Savings Mobile savings uses the mobile phone to provide savings services to the underserved. Mobile savings services are expected to meet the following criteria in respect to GSMA (2014) standards. The service should allow subscribers to save money in an account that provides principal security, and, in some cases, an interest rate. Secondly, the service must allow 21 underserved people to save money using a mobile device. Services which offer the mobile phone as just another channel to access a traditional savings account are not included. Thirdly, the service must be available on basic mobile devices. Mobile Credit Mobile credit uses the mobile phone to provide credit services to the underserved (GSMA, 2014). Services that are classified as mobile credit are expected to meet the following GSMA criteria. Foremost, the service should allow subscribers to borrow a certain amount of money that they agree to repay within a specified period of time. Secondly, the service must allow underserved people to apply for credit and repay it more easily using a mobile device. Airtime credit products or services which offer the mobile phone as just another channel to access a traditional credit product are not included. Thirdly, the service must be available on basic mobile devices 2.4 Key players in the mobile money service system There are a number of key players in the mobile money system (i.e. ecosystem) who share a common fate and these key players include consumers, Mobile Money Operators (MNOs), banks, merchants and regulators. Below is the key players and their roles in the ecosystem. Jenkins (2008), and Tobbin (2011) Mobile Network Operators (MNOs) According to (Jenkins, 2008) MNO bring the infrastructure, including wireless communication, back-end m-commerce server and application facilities and the mobile device application. They also bring their huge distribution channel for the sale of prepaid cards. These channels are far reaching than branches of other financial institutions (e.g. banks). The ability of the MNOs in reaching their customers across all categories gives them 22 the impetus to be players in the system (Jenkins, 2008). Ghana currently has six MNOs operating MTN, AIRTEL TIGO, VODAFONE, GLO and EXPREESO. Out of which only three have successfully launched mobile money applications MTN mobile money (MOMO), AirtelTigo Money and Vodafone Cash respectively. Through the use of agents, MNOs are able to offer their customers the varied services available for use. Financial Institutions (Banks) In most situations the banks act as intermediary between the MNOs and the agents in acquiring e-value which is necessary for the onward service delivery to the end user. Bank branches serve as aggregation points for the merchants, the distribution channels and their agents. Where merchants are involved, the banks provide a link to the existing merchant account to facilitate the flow of money from the e-float account to its main accounts. The financial institutions are mandated to deal with cross border financial transaction and settlements and provide financial regularly advice to the MNOs (Jenkins, 2008). Merchants and Utilities According to Jenkins, (2008) merchants and the utility providers offer an additional reason to adopt and use the mobile money services. They include retail shops, online shops, casinos, lotteries and general goods and service providers who adopt the platform of the mobile money as a means to receive payments from users (i.e. customers). The customers of the merchants buy the e-value from an agent and use it to pay the merchant by transferring the e-value to the merchants account. Customers use mobile money to pay for utility services such as water, ECG and DSTV bills using the e-value on their mobile phone devices. The mobile money system provides convenience to the users of the utility as it affords users the opportunity to make fast and secured payments for services with ease. Regulators Regulators impose regulations to ensure a balance between innovation, value creation, efficiency, financial inclusion and prudence. MNOs are playing a key role in the delivery of mobile money services globally with 60 of all mobile money services run by MNOs and, in 23 Sub-Saharan Africa, for example, over half of all MNOs have already launched a mobile money service (75 out of 144). They have the expertise in setting up distribution networks, building broad and trusted brand awareness and mass marketing they also own the USSD (Unstructured Supplementary Service Data) channel that is typically used to enable access to mobile money services from handsets (GSMA, 2014). According to Tobbin (2011), their activities cover all the other members of the ecosystem. GSMA has developed a guideline which seeks to develop a regulatory framework for mobile money transfer with a focus on the remittance segment, recognising that mobile operations lack experience in payment regulations (GSMA, 2007). The Bank of Ghana regulates, supervises and oversees the activities of the banks and Specialized Deposits-taking Institutions (SDIs) to ensure that the banking sector and the payment ecosystem are safe, reliable and efficient. The Bank focuses on key issues relating to Anti-Money Laundering Countering Financing of Terrorism (AML/CFT) consumer protection promotion of competitive practices, assets quality, solvency, liquidity, earnings, systems and control and management with respect to oversight of the mobile money sub-sector. The National Communication Authority (NCA) oversees security of customers data and integrity of mobile money technologies. It regulates and oversees the activities of the Mobile Network Operators which own the Mobile Money Companies (BOG, 2017). The Customer The customer is the end user of the ecosystem. In the view of Tobbin (2011), their engagement with the service ensure its success or failure. Hence, it is imperative that customers needs are met. The meeting of their needs lessens the risks that will be perceived by customers. The table below shows the different stakeholders roles and their limitations 24 Table 1 Key players in the mobile money ecosystem Players Roles Limitation and constraints Mobile Money Operators 1.Provide infrastructure and communications service. 2.Provide agent oversight and quality control 3. Issue e-money 4.Exercise leadership in drawing mobile money ecosystem together 5. Advise other businesses like banks, utilities on their mobile money strategies. 1.Regulatory limitations on providing financial services 2.Shareholder pressure for faster and higher returns 3. Strategic focus that may not include mobile money Financial Institutions 1.Offer banking services through mobile 2.Hold float or accounts in customers names 3.Handle cross-border transactions, manage foreign exchange risk 4.Ensure compliance with financial sector regulation 1. Narrow customer base 2. Lack of experience with or interest in low-income customers 3. Stringent regulatory requirement with significant compliance burdens Agents 1.Perform cash-in and out functions 2. Handle account opening procedures, including customer due diligence 3. Identify potential new mobile money applications. 1. Liquidity shortfalls 2. Basic business skill gaps 3. Lack of customer trust 4. Limited liability to partner with large corporations Regulators 1.Provide enabling environment for mobile money. 2. Protect stability of financial system 3. Demonstrates leadership to encourage and protect behaviour change 1. Lack of experience with convergence of financial and telecommunications regulatory schemes 2. Lack of financial and technical capacityConsumers 1. Use mobile money to improve their lives. 1. Lack of awareness 2. Limited financial literacy 3. Cultural and psychological resistance Source Jenkins (2008) 25 2.5 Mobile Money Systems Mobile money services can be broadly categorised into three groups m-transfers, m-payments and m-financial services. M-transfers involve money transfer from one user to another, normally without any accompanying exchange of goods or services (Jenkins, 2008). These are also referred to as person-to-person (P2P) transfers and may be domestic or international (Jenkins, 2008). M-payments involve money exchange between two users with an accompanying exchange of goods or services. M-financial services are mobile money services in which mobile money may be linked to a bank account to provide the user with a whole range of transactions that they would access at a bank branch. Users access financial-related services like insurance and micro-finance among others via their mobile phones (Jenkins, 2008). GSMA (2014) defines mobile money as the use of mobile phone to transfer money and make payments to the underserved. 2.6 The Impact of Mobile Money In 2017, mobile technologies and services generated 4.5 of GDP globally, a contribution that amounted to 3.6 trillion of economic value added. By 2022, this contribution will reach 4.6 trillion, or 5 of GDP, as countries around the globe increasingly benefit from the improvements in productivity and efficiency brought about by increased take-up of mobile services and machine to machine/ (M2M/IoT) solutions. In 2017, the wider mobile ecosystem also supported a total of 29 million jobs (directly and indirectly) and made a substantial contribution to the funding of the public sector, with almost 500 billion raised through general taxation and 25 billion through mobile spectrum auctions (GSMA, 2017). Global research on mobile money has focused on the impact in developing countries revealing that access to financial services through mobile money leads to poverty reduction and financial inclusiveness (Must Ludewig, 2010). 26 According to World Bank, (2012), increased mobile phone penetration in developing countries is correlated with a 0.8 increase in economic growth. Mobile money penetration has, therefore, had its own contribution especially in relation to financial inclusiveness. The rapid growth in Mobile Money usage in Ghana is partly on account of increasing penetration and application of mobile phones particularly in the rural areas. The widespread proliferation of Mobile Money among the unbanked and underserved is premised on recent advances in handset functionality, chip and mobile network technologies, and upgrade in Point-Of-Sale (POS) infrastructure. These developments have improved the environment for Mobile Money solutions, and brought together different industry players, such as banks and mobile money operators to establish Mobile Money businesses. The use of Mobile Money services as a means of payment brings a number of benefits to the user including convenience, speed, flexibility and affordability (GSMA, 2013). In Ghana, the mobile money wallet is mainly used to transfer value from one person to another person (P2P), for payment of goods and services such as buying airtime, paying for utility bills, Go and DSTV bills, salaries of some workers, taxi fares, micro-credit, savings and micro-insurance. The Mobile Money industry creates jobs for the Mobile Money agents, service providers and users including Fintech companies, merchants, retailers, and aggregators (BOG, 2017) An emerging body of research shows that the reduction in communication costs associated with mobile phones has tangible economic benefits, improving agricultural and labour market efficiency and producer and consumer welfare in specific circumstances and countries. (Jensen, 2007 Aker,2008 Aker, 2010 Klonner and Nolen, 2008). 2.7. Small and Medium Enterprises in Ghana There is growing recognition of the important role Micro, Small and Medium Scale Enterprises (SMEs) play in economic development. They are often described as efficient and prolific job creators, the seeds of big businesses and the fuel of national economic 27 Irrespective of the tremendous impact of SMEs to Ghanas economy this group usually finds it difficult to accessing formal financial services savings, loans and investment. They are perceived as high risk, non-profitable and expensive to reach due to their geographical dispersion. This assertion is however confirmed by Adjei (2012), who stipulated that most of entrepreneurs do not patronize bank loans since access to credit has become one of the major challenges to SMEs growth in Ghana. It was commonly believed that SMEs have limited access to deposits, credit facilities and other financial support services. This is because SMEs cannot provide the necessary collateral demanded by these institutions and on the other hand these institutions find it difficult to recover the high cost involved in dealing with SMEs. Since mobile money services provide accessible means for savings through collaboration with mainstream banking institutions, this can be used as an indication 28 of potential collateral and relationship building towards loans accessibility. According to Rahmat et al (2006), financing through loans is aimed at increasing performance and loan accessibility is one technique this study can use to determine business growth and performance. Through the collaboration with main stream banking, mobile money services provide accessible means for savings, this can however be used as an indication of potential collateral and relationship building towards loans accessibility. The consequential performance indicator can be assessed using sales and profits. 2.8 Mobile Money Services and SMEs Researchers have recently started paying attention to this area of study. M-Pesa of Safaricom in Kenya has been studied in detail by Mbiti Weil (2011) who observed certain patterns of usage. Though M-Pesa is not used for money storage, it has this potential yet though the primary purpose has been to send and receive money. Access and use of more sophisticated financial services through mobile money services like savings, credit, and insurance could prove more beneficial (Donovan, 2011) even to SMEs. Mbogo (2010) set out to examine success factors attributable to the use of mobile payments by micro business operators. Mbogo (2010) verified different variables including accessibility of mobile payment services, transaction costs, convenience and security, perceived support from mobile payment operators, satisfaction with mobile payment services, and actual usage of mobile payment and business performance. The study revealed positive correlation with the behavioural intention to use the mobile payment services and associated actual usage but low correlation between perceived support and actual usage. Nyaga (2013) investigated into the impact of mobile money services on the performance of SMEs in Kenya and concluded that, majority of study respondents agreed that mobile money has had a positive impact on their sales even though fewer respondents are using the service as a savings facility or to access loans services. The study further revealed that, mobile money as the mode of payment has not penetrated the market very much accounting 29 for fewer respondents using the service. 36 were against the idea of mobile money being used to pay suppliers. Nyaga (2013) further recommended that, this study can be replicated in the same setting at a different time, or in other urban towns in Kenya or elsewhere. This recommendation is however seconded by Ackah (2016). 2.9 Mobile phone financial transactions and SMEs performance Ban Gens and Soderberg (2010) acknowledges the fact that, mobile financial transactions lead to increased efficiency in SMEs. This is because mobile financial transactions assist in saving time while undertaking business transactions. Haggins at el (2012) observes that most SMEs find mobile phone financial transactions easier than bank based financial transactions. This is due to the fact that they assist the users to avoid incurring travelling expenses when making and collecting payments. This enables them to significantly reduce their operating costs and increase their performance. Jensen (2007) emphasizes that mobile phone financial transactions assist SMEs to reduce information asymmetries and market inefficiencies hence enabling them to achieve better performance. Chogi (2006) points out that SMEs in Kenya perceive mobile phones financial transactions as tools that can mediate their activities by transforming their objectives into outcomes. This in turn has an effect on their profitability and productivity. According to Higgins at el (2012), SMEs are characterized by frequent financial transactions which may involve large amounts or long distances. As a result, mobile phone financial transactions provide them with a way through which they can lower their costs and save time with a cheaper and more convenient way to carry out their financial transactions. 2.10 Conceptual Framework The impact of mobile money technology is presented in the conceptual framework below. The usage behaviour adopted in this study includes the range of services preferred by SMEs and the reason why they prefer those services. The conceptual framework model adapted for this study, as depicted in the figure below, highlights that mobile money services will 30 influence some important pillars of business financial operations due to reduced transactional costs, reduced time to complete transactions, increased financial accessibility, and increased efficiency of mobile money services. Transaction costs, transaction time, and financial accessibility and efficiency are products of the different categorization of mobile money financial services according to World Bank (2010) which will increase the attractiveness of mobile money services to SMEs resulting in increased enrolment rates, increased transactions through mobile money platforms and the resulting benefits like increased micro-credit accessibility, increased sales and increased profits. Since mobile money presents a cheaper option for various essential services like banking, financial and payment services, this model presents the argument that increased transactions arising from mobile money lead to increased business activities which eventually leads to improved SMEs performance and competitiveness. Figure 3 The Mobile Money Impact Model Framework Source Adapted from Nyaga (2013) 31 This figure demonstrates the relationship between independent variables and dependent variables within market and mobile operator regulatory environment as the intervening variables. 2.10.1 Independent variables in the conceptual framework Transaction costs, convenience, financial accessibility and reliability are the independent variables used in this study include. These variables are discussed further as follows Transaction costs According to Omwansa (2009), mobile money services are considerably much cheaper than other money transfer options such as Western Money Union. SMEs profit increases when transfer cost is low, the saving gained is either passed on to the customers or translates to money that can be kept by SMEs. This research attempted to establish if lowered transaction costs contributed to the impact of mobile money services on SMEs and if it contributed to increased use of mobile money services amongst SMEs in Gas East Municipality. Convenience Mobile money is considered liquid enough to allow for easy or fast conversion with minimal loss on value compared to other assets that SMEs might own (World Bank 2012). This proves to be an important element in time of crises, when money stored in mobile money can easily be converted to actual cash or used for business transaction directly without converting into cash. Additionally, mobile money can be transacted anywhere anytime without the need to travel to an agent, unless the need to withdraw or deposit cash arises. Even so, mobile money agents, especially MTN mobile money are conveniently located in many towns in Ghana. The study therefore attempted to verify if reduced transaction time is a factor that lead to increased mobile money subscription and if it contributed to increased SME mobile money transactions. 32 Financial accessibility Pagani (2004), states that accessibility (ability to reach the required services) is one of the main advantages of mobile payment services. According to Erickson (2010), the lack of financial services means that the poor cannot efficiently save or borrow money. Financial accessibility allows SMEs to save which goes a long way into increasing business performance and reducing poverty. Increased savings, even via mobile money services increases the potential for the SMEs to secure financing that contributes to business growth. Mobile money has significantly increased the accessibility of financial services to the poor in Ghana. According to the 2015 Financial Inclusion Insights survey executed by InterMedia, whilst access to banking increased only marginally from 34 to 36 of Ghanaian adults, access to mobile money increased from nearly zero to 29 in the last five years. As at March, 2018, active mobile money accounts stood at 11,248,758 with a complementary active agent record of 161,317 with its associated transaction volume of 312,926,881 representing 21.45 growth against the same period in 2017 (BOG, 2018). This study seeks to uncover if increased accessibility to financial services contributed to increased SMEs mobile money transactions in the Ga East Municipality. Efficiency and Reliability According to Omwansa (2009), mobile money was originally designed to help microfinance institutions streamline their operations, raising efficiency and boosting business growth. Users of mobile payment platforms receive confirmation data from their recipients to confirm transaction details. The transaction information is stored within the phone short message service (SMS) storage option allowing for future retrieval and tracking when the need arises. Additional information services which are available for use by SMEs include include 33 requests for and viewing of bank statements, requesting for bank balances and many more. The study therefore explored if increased efficiency from using mobile money services is an important factor, and if it had any impact on SME mobile transactions in Ga East Municipality. 2.10.2 Dependent variable This study argued that reduced time to transact, reduced transaction costs, increased efficiency and increased financial accessibility eventually led to increase SMEs financial transactions through mobile money. These variables operate within the framework of regulatory institutions and market conditions. According to Word Bank (2010), increased penetration of mobile money especially M-Pesa has made Kenya financial transactions up to 20 of National GDP. This result can be replicated in the SME industry. As financial transactions increase, more money is spent on business transactions, propelling SMEs towards increased accessibility to financial services for savings and micro-credits. These services have a net effect of improved SMEs business performance and competitiveness. 2.11 Empirical Literature Huang (2008) conducted a study to determine the impact of mobile phones on SMEs performance in Auckland, New Zealand. The results of his study indicated that most SMEs in Auckland were using mobile technology to conduct their business activities. Additionally, the results of the study indicated that the use of mobile devices had enabled SMEs to increase their annual turnover due to additional business networking opportunities. Furthermore, Bangens and Soderberg (2008) assessed the role of mobile banking and its potential to provide basic banking services to the vast majority of people in Sub-Saharan Africa. According to their findings, mobile banking has facilitated financial transactions and remittance of funds. Additionally, the results of their study indicated that mobile banking has 34 enhanced the operations and competitiveness of SMEs. Chogi (2006) did a study to investigate the impact of mobile phone technologies on SMEs in Nairobi. The data for the study was collected using a self-structure questionnaire. The results of the study revealed that most SMEs perceived that mobile phones had a positive impact on their revenues. Additionally, the study results indicated that the majority of SMEs perceived that mobile banking enabled them to reduce their operating costs. Similarly, Donner and Escobari (2010) assessed the use of mobile phones by SMEs in developing countries. They used questionnaires to collect data from fourteen research studies that had examined mobile use by SMEs. According to their findings, mobile phones have helped SMEs to become more productive and to improve their sales thereby improving their financial performance. Wambari (2009) did a case study in Kenya to determine the impact of mobile banking in developing countries. He used a semi-structured questionnaire to collect data from a sample of 20 SMEs. The results of his study indicated that mobile banking had a positive impact on financial transactions of SMEs. Furthermore, the results of the study indicated that the adoption of mobile banking had enabled SMEs to increase their sales thereby leading to improved financial performance. Likewise, Higgins at el (2012) conducted a study to determine mobile money usage patterns of Kenyan SMEs. They used a questionnaire to collect data from 865 SMEs owners. The results of their study showed that 99.5 of the SMEs used mobile money. Moreover, the study results indicated that the use of mobile money enabled SMEs to improve their performance. 35 CHAPTER THREE 3.0 Introduction There is the need to look at the general approach the researcher will take to carry out the research to achieve and address the objectives and answer the research questions of this. Research methodology is the general approach in carrying out a research project (Leedy and Ormrod 2001). This chapter outlines the methodology used for the study. It includes the research design, study area, population, sample and sampling procedure, data collection instrument and data processing and analysis. 3.1 Research Design According to Polit, Beck Hungler (2001) research design is the general plan that a researcher will use in the quest to answer research questions or test research hypotheses. In the view of Saunders, Lewis Thornhil, 2011, Teyi (2014) there are usually two main approaches researchers adopt to conducting research inductive or deductive approach. The deductive approach usually uses present theories as guide to understand data while inductive also employs data to gain new understanding, such as constructing a theory. This research therefore adopts the deductive approach. The use of deductive approach in this study is based on the research questions and conceptual framework as adopted in chapter 2, which is guided by present theories and empirical studies in Mobile money adoption and its impacts on SMEs. This study attempted to understand and describe how SMEs used mobile money services and its impacts resulting from such uses. Hence, the research was descriptive in nature and required quantitative information from respondents. A five-point Likert scale survey questionnaire was used to obtain the data. The objective was to determine the opinion of people about mobile money and ascertain how the highlighted services affected SMEs performance through increase sales. The main purpose of this research was focused towards finding the impacts of mobile money services on the performance of SMEs in the Ga East Municipality. 36 3.2 The Study Area The study was carried out in the Ga East Municipality, located in the Greater Accra Region of Ghana. The Ga East Municipal Assembly (GEMA) was carved out of the then Ga East District which was established in 2004 by an Act of Parliament, Legislative Instrument (L.I) 1749 as a District. It was elevated to a Municipal in 2008 by LI 1864. In June 2012 the Municipality was split into two Ga East and La-Nkwantanang Madina Municipalities. It is one of the Twenty Sixteen (26) Districts (Metropolitan, Municipal, District Assemblies MMDAs) in the Greater Accra Region and covers a Land Area of about 96 square kilometres (sq km). The Capital of the Municipal Assembly is Abokobi. The Assembly is bordered on the West by the Ga West Municipal Assembly (GWMA) and Ga North Municipal Assembly (GNMA) on the East by La-Nkwantanang-Madina Municipal Assembly (LaNMMA), the South by Ayawaso West Municipal Assembly (AWMA) and the North by Akwapim South District Assembly (ASDA). The population of Ga East Municipal, according to the 2010 Population and Housing Census, is 147,742 representing 3.68 percent of the regions total population. Males constitute 49 percent and females represent 51 percent Ghana Statistical Service (2014) This research was necessary in this area because of the concentration of Mobile money activities and the growing levels of commercial activities of SMEs in the area. The study therefore explored the impact of the mobile money services on the performance of SMEs in the area. 37 3.3 Population According to Malhotra (2007) population of a research is the collection of elements that possess the information which is being sought by the researcher and about which inferences could be drawn. Ghanas SME sector is characterised by both the formal and informal sector. The informal sector would be the point of focus for this research. Owners or managers of Small and Medium scale enterprises that operates in the informal sectors within Ga East Municipality were the targeted population of this study. The concentration on informal sector was due to the dominance of the informal economy in the study area and the general consensus that the small and medium enterprises in the informal sector are less financially literate. It is worth nothing that, the total population of SMEs within Ga East municipality is not known due to the informal nature of their operations primarily as a result of the fact most SMEs fail to register their businesses with the appropriate state agencies within their operating environs where in this case Ga East Municipal Assembly. 3.4 Sampling Procedure A sample of SMEs was selected to represent the target population. Respondents were selected based on non-probability sampling method. This sampling method relied on the researchers own judgment rather than on chance-base selection (Malhotra Birks, 2007). Due to the fact that the total number of enterprises, especially SME businesses in the area was not known, non-probability sampling was used in the selection of respondents. Consequently, convenient sampling technique under the non-probability sampling method was employed by the researcher. This technique was considered suitable for this study since it was less time consuming and also less expensive and also allowed the researcher to select knowledgeable respondents who expressed their frank opinions on the issues raised without any difficulty. The sample size was informed by Hair and Lukas (2014) assertion that, for a sample to be 38 representative it should be preferably greater than 100. Using this procedure, a total of 150 SMEs was selected based on their willingness, location and size to participate in the study to ensure that respondents were not reduced to a few informal businesses only. 3.5 Data Collection Instruments Questionnaires were the main source of primary data. Questionnaires are a list of questions with which a respondent is expected to read, give an interpretation of what is expected and then select the opinion that best suits the question (Kumar 1999). According to Eze, Asogwa, (2013) Kalusopa, (2011) Kimama, (2008) for a relatively quicker and economical way of gathering data on attitudes, opinions, practices and conditions, questionnaires are extensively used. Based on the objectives of this research, a closed ended structured questionnaire was design and used. The structured questionnaires were adapted to reduce ambiguity. The questions were adapted from previous studies to ensure the validity and reliability of the items. 3.6 Data Collection Procedures Data collection is the process of gathering and measuring information on targeted study variables in an established and systematic manner that enables a researcher to answer research questions, test hypotheses and evaluate outcomes Konar (2011). The structured questionnaires were expediently distributed to selected SMEs managers or owners. Questionnaires were self-administered by the researcher in order to create rapport with the respondents and encouraged questionnaire return. The administration of the questionnaire was done in an interactive manner and where necessary the local language was used to offer clarification for effective responses. 3.7 Data Processing and Analysis According to Denzin Lincoln (1994) the main task in analysing research data is to understand the case through teasing out relationships, probing issues and aggregating the data 39 categorically. For this research, primary quantitative techniques were used to analyse the data collected. These methods included descriptive methods and statistics to present respondents mean demographics and standard deviation. Data collected was first edited to detect and eliminate errors and omissions. It was then coded according to categorization for entry into computers for data analyses. In order to examine the relationship between mobile money services and SMEs performance, a statistical tool was adopted for the analysis of data gathered from the field. For the analysis, Statistical Packages for the Social Sciences (SPSS) and Microsoft Excel statistical packages were used. Once the questionnaires were checked for completeness and correct recording, they were then entered into the developed database for subsequent analyses. The researcher validated entries through regular checks to ensure that recorded data are accurate. Data cleaning was also done after all the entries. To demonstrate how variables related to data collected, coefficient of correlation was used to find out whether dependent variables of transaction cost, transaction time, efficiency and financial accessibility are correlated with SMEs performance. Multiple regression analyses will be used to determine whether the four independent variables have any significant effect on SMEs performance. The coefficient of determination, (r2) is the square of the sample correlation coefficient between outcomes and predicted values. As such it explains the extent to which changes in the dependent variable can be explained by the change in the independent variables or the percentage of variation in the dependent variable (performance of SMEs) that is explained by all the four independent variables. 3.8 Data Presentation The study findings were summarized using descriptive means like percentages, means and averages for most of the findings and presented in tables and graphs. Coefficient of correlation 40 and multiple regression analyses results were presented using model tables, formulas and interpretation of the findings. Study findings were further discussed in detail to provide the basis for the conclusions and study recommendations. 3.9 The Questionnaire The questionnaires were administered to SME owners or managers owning a mobile phone and were already registered for mobile money services. Section A composed of the respondent demographics like age, gender and position in the business. This section was intended at describing respondent characteristics in link with ownership of business. This included gender in relation to ownership, the age of those responding and if any of these factors had any connection to subscriptions to mobile money services and the type of services preferred. In Section B, the study examined the business characteristics the type of business ownership, type of business, and the size of the business in terms of turnover, number of employees, number of branches, and growth. The type of business and possible use of certain services were the differences the questions designed was to explore. Another area explored in this study was the size of business with respect to the number of employees and the annual turnover. This information was also used to authenticate study findings to guarantee information was only analysed for SMEs according to the definitions provided earlier. Section C observed the knowledge of the respondent with regard to mobile money services available in Gas East Municipal like payment of bills, withdrawals from mobile money services, purchase of airtime and goods, receiving money, checking account balances, and statement of recent transactions. This section primarily explored the knowledge of mobile money services accessible through mobile money providers and to relate these findings to Section D which looked into the usage of those services. In Section D, respondents were entreated to specify how often they used mobile money services listed above. Further inquiry was made into the frequency of use of those services 41 and their rating on the importance of those services commonly used to their business. Section E examined the frequency of using mobile money services by the respondents. Various mobile money attributes that led to use of available services were explored including the view of the users with regard to how those variables contributed to use of the mobile money service and business performance. Section F probed at how mobile money services contributed to business growth. We inquired if SMEs believed that mobile money services have had any impact on the growth of their businesses especially as reflected through savings, increased sales and increased remittances. 3.10 Pilot Study The data collection instruments were piloted using ten SMEs in a different town. The results were analysed and information gained used to adjust data in the final collection instruments. The pilot and analyses of the information obtained was to ensure validity of the study instruments and the study results to addressing the study objectives. 42 CHAPTER FOUR STUDY FINDINGS AND DISCUSSIONS 4.1 Introduction Data was analysed using Correlation Coefficient in this exploratory study to measure how variable are related to each other in accordance with the conceptual framework of the study. Multiple regression was also used to determine the effect of independent variable on the dependent variable. The data was collected and analysed from the SMEs population in Ga East Municipal. Demographics of the respondents are presented first, followed by the types of business found in Ga East. The use of mobile money transactions by SMEs in Ga East are discussed, including frequency and reasons they choose to use these services over other financial services available in Ga East Municipal. This is followed by the results of the impact of mobile money services on SMEs through the examination of mobile money service qualities such as Efficiency and reliability, Convenience, Transaction cost and Accessibility of mobile payment services. Discussions are then made around the results of the study within the framework from which the research results were taken. The study provides recommendations based on the study findings. 4.2 Background Information of the Respondents This section seeks to present the demographics of the respondents where background information relevant to the study is collected. The types of business, the number of years it has been in operation and the size of business in respect of the estimated annual turnover and number of employees of those surveyed are also presented here. The aim is to provide a clear understanding of what criteria was used to assign to or exclude business from the characterization as SMEs. 43 4.2.1 Respondents Demographics Male respondents to this survey (61) were more compared to females respondents (39). The study tracked to know the position of the respondent in the business and found that a significant 75 of the respondents were the business owners. The figure below displays the distribution of the findings. FIGURE 4 Position held in the Business Source Field Data Analysis, August, 2018 4.2.2 Type of Business The study wanted to find out the form of businesses operated by SMEs within the research area and it was found out that 10 of businesses had been registered as a company. It was further discovered that 19 of the businesses surveyed were partnerships while a significant proportion of businesses were sole proprietorships constituting 71 of the sample. This demonstrates that majority of the businesses in the area of the study were sole proprietorships. 44 TABLE 2 Type of Business FrequencyPercentageSole proprietorship10771Partnership2819Company1510Totals150100Source Field Data Analysis, August, 2018 Majority of the businesses sampled (62) had 1-5 employees. The findings are presented in Figure 3 below FIGURE 5 Number of Employees Source Field Data Analysis, August, 2018 4.2.3 Business Operations In order to get a more detailed appreciation of the SME sector in the research area, the study examined specific aspects of each business. It was found that that 60 of the businesses have been in operation for between 1 5 years with only 40 having exceeded 5 years of business operations. It was further established that 22 had more than one business. The lesser the number of businesses ran by one person, the less diverse the business lines are and vice versa. The data is presented in Table 4 below. 45 TABLE 3 Analysis of the Operations of the Sample Group Years ofPercentageMore ThanFrequencyOperation1 Business1-5 Years60No226-10 Years33Yes7811-15 Years6Above 15 Years1Total100100Source Field Data Analysis, August, 2018 4.2.4 Annual Sales (DAILY SALES) The estimated daily sales were used to ascertain the size of the businesses. The study found out that 28 of the businesses had a daily sales turnover of 2001 and above whiles 22 had a daily turnover of up to 1500. Of the businesses surveyed for the study 18 had a daily turnover between 1501 to 2000 with only 15 of the respondents recording a daily sales turnover of less than 500. Table 5 is a summary of this information. TABLE 4 Estimated SME Daily Turnover Range (GHS)FrequencyPercentage1-5002215501-1000 25171001-150033221501-200028182001 and above4228Total150100 Source Field Data Analysis, August, 2018 46 4.3 Knowledge of Mobile Money Services This section of the analysis looks at the level of awareness of Mobile money and its adoption among SMEs for payment transactions. Respondents were asked if they were aware of mobile money services and the outcome as presented in table 6 indicate that 98 are aware of mobile money services. Table 5 Awareness of Mobile Money Service amongst RespondentsFrequencyPercentYes14798No32Total150100.0 Source Field Data Analysis, August, 2018 Moreover, the study establishes the level of acceptance of mobile money payment systems for sales transactions and the following were congregated from table 3, 102 of the SMEs representing 68 of the total SMEs surveyed indicated that they accept mobile money payment during sales transactions at all times whiles 4 of the SMEs representing 2 of the total SMEs surveyed indicated that they do not accept mobile money payment during sales transactions. Also 16 of the SMEs representing 11 of the total SMEs surveyed indicated that they sometimes accept mobile money payment during sales transactions. Table 6 Acceptance of Mobile Money Payment for Sales TransactionsFrequencyPercentYes at all times10268Not often2819Sometimes1611Not at all42Total150100 47 Additionally, the study also enquired further on which mobile payments services the respondents use personally in their businesses and the results were summarized in figure 3. From the figure it can be seen that 43 of the respondents used MTN Mobile Money services as 7 used AirtelTigo. Also, 1 only used Vodafone Cash Services. However, 36 used MTN Mobile Money and AirtelTigo Cash services with 7 indicating that they used MTN Mobile Money and Vodafone Cash. Additionally, 1 indicated that they used Airteltigo and Vodafon Cash. However only 5 indicated that they used all mobile money payments systems for their transactions. FIGURE 6 The type of mobile money services personally used by respondents Source Field Data Analysis, August, 2018. In order to establish the validity of the above findings, the study sought to find out how the various respondents used mobile money products. It was established that over 90 of the respondents had the correct information on buying airtime, savings or depositing money into wallet, sending money, receiving money, checking balance and understanding deposit notifications. In contrast, 73 of the respondents had detailed understanding of how to pay bills and 79 were able to check bank balances. 48 FIGURE 7 Knowledge of Mobile Money Products Source Field Data Analysis, August, 2018 4.4 Mobile Money Services and Significance to SMEs The study analysed the importance of mobile money services to those businesses surveyed. Mobile money was very important for purchasing airtime (75). However, a significant 54.4 and 52.7 respectively asserted that mobile money was very important for receiving and withdrawing money respectively. Figure 5 illustrates these findings FIGURE 8 Importance of Mobile Money Source Field Data Analysis, August, 2018 49 4.5 SMEs adoption of mobile payments services based on four domains (1) efficiency and reliability, (2) convenience (3) transaction cost and (4) financial accessibility of the mobile payment services This section of the analysis critically assesses the service quality of mobile money services in the GA East Municipality on four (4) dimensions including (1) reliability (2) convenience (3) Transaction cost and (4) accessibility of mobile money services. The service quality dimension results were summarised in a mean score on a scale from 5.0-4.5 Strongly Agree, 3.5-4.4 Agree, 2.5-3.4 Neutral, 1.5-2.4 Disagree and 0.5-1.4 Strongly Disagree. Table 8 shows the level of efficiency of mobile payment services. The weighted mean score of 4.64 (SD0.61) indicated that SMEs agree that the mobile payment services in the Municipality is efficient. For all items used to determine service quality dimension of mobile payment efficiency, the SMEs agree that mobile payment services at Ga East Municipality is efficient to allow SMEs receive exact money when it is sent to them with a mean score of 4.74 (SD0.55), keep proper records of all transactions with the service providers and customers with a mean score of 4.72 (SD0.49), that the advantages of mobile payment outweigh the disadvantages of cheque transactions with the mean score of 4.61 (SD0.62), and withdrawing from mobile money is not difficult with mean score of 4.50 (SD0.78). Table 7 Efficiency and reliability of mobile payment servicesRatingsMeanStd. DeviationMeaningI receive exact money when it is sent to me4.740.55Agree Mobile money keeps proper recordsof all transactions with the service4.720.49Agreeproviders and customersI believe the advantages of mobilemoney would outweigh the4.610.62AgreeDisadvantages 50 Withdrawing from mobile money is not difficult 4.500.78 AgreeWeighted mean4.64 0.61AgreeSource Field Data, August, 2018. Table 8 also shows SMEs perception about the level of convenience of mobile payment services. The weighted mean score of 4.67 (SD 0.48) indicated that SMEs agree that adopting mobile payment services was convenient. For all items used to determine service quality dimension of mobile payment convenience, the SMEs agree that mobile payment services in the Municipality conveniently allow businesses to reduce the risk of holding physical cash with a mean score of 4.7 (SD0.46), helps save time with a mean score of 4.67 (SD0.49), that users find mobile money payment service easy to use with a mean score of 4.68 (SD0.48), and that SMEs agree that the mobile money interface was user friendly scoring a mean of 4.63 (SD0.50). Table 8 Convenience of mobile payment servicesRatingsMeanStd. DeviationMeaningI find mobile money payment service4.680.48 Agreeeasy to useThe interface with mobile money is4.630.50 Agreeuser friendlyMobile money helps save time4.670.49 AgreeMobile money payment reduces risk of4.70.46 Agreeholding physical cashWeighted mean4.670.48AgreeSource Field Data, August, 2018. 51 Table 9 shows SMEs perception of the cost of transaction for using mobile payments services. The Weighted mean 4.22 (SD0.90) indicated that the SMEs perceived transaction cost of mobile payment services inexpensive. For all items used to determine service quality dimension of transaction cost, the mean score of 4.51 (SD0.76) indicated money services are not expensive as registration is free of charge with a mean score of 3.53 (SD1.41) and that mobile money transaction cost is acceptable compared to alternatives scoring a mean of 4.38 (SD0.82). And that mobile money really help SMEs save time compared to processing cheques payment with mean score of 4.47 (SD0.63). Table 9 Transaction cost of mobile payments services RatingsMeanStd. DeviationMeaningUsing mobile money for mytransactions is not expensive4.51 0.76 Agree Mobile money registration is free of charge 3.53 1.41 Agree Mobile money transaction cost is acceptable compared to alternatives 4.38 0.82 Agree Mobile money helps me save time 4.47 0.63 Agree Weighted mean 4.22 0.90 Agree Source Field Data, August, 2018 Table 10 shows SMEs perception about accessibility of mobile payment services. The weighted mean score of 4.56 (SD0.61) indicated that SMEs perceived mobile payment services in the Municipality as accessibility. For all items used to determine service quality dimension of mobile payment services accessibility, was indicative that with mean score of 4.54 (SD0.64) mobile payment open at convenient times always and that mobile money service network is always available to access for transaction payment with a mean score of 4.52 (SD0.74) that SMEs did panic to the risk of losing money if mobile phone get missing money with a mean score of 4.61 (SD0.50). However, with a mean score of 4.57 (SD0.56) SMEs agree that mobile money services was secured from account being tempered with during sales transactions. 52 Table 10 Accessibility of mobile payment servicesStd.Accessibility of mobile payment servicesMeanDeviationMeaningMobile money opens at convenient times4.540.64 NeutralalwaysMobile money services network is alwaysavailable to access for transaction payment4.520.74NeutralIf I lose my mobile phone, I will not lose my 4.610.50 Agree money as wellThere is a low risk of other people tamperingwith my personal information during the4.570.56AgreetransactionWeighted mean4.560.61NeutralSource Field Data Analysis, August, 2018. 4.6 Performance level among SMEs due to adoption of mobile money transaction services To further investigate the impact of mobile payment on sales, the effects of mobile payment adoption on profitability of the SMEs were also examined and the results were presented in table 12. From the table it can be seen that 58 of the SMEs representing 38.7 of the total SMEs indicated that they had increase in revenue and profit margin after adopting mobile payment services. However, 29 of the SMEs representing 19.3 of the total SMEs have had decreased in revenue and profit margin after adopting mobile payment services. However, 61 of the SMEs representing 40.7 of the total SMEs indicated the adoption of mobile payments has neither increased nor reduced their profit. However, with 1.3 of the SMEs did not respond on this issue. 53 Table 11 Effect of mobile payment adoption on profitability of business Impact of mobile payment on SME profitFrequencyPercentNo response21.3Adoption of Mobile payment has increased revenue and profit margin5838.7Adoption of mobile payments has reduced my profit margin due to cost per transaction2919.3The adoption of mobile payments has neither increased my profit nor reduced my profit6140.7Total150100.0Source Field Data Analysis, August, 2018. Afterwards, the effects of mobile payment adoption on sales turnover was also investigated and results were presented in table 13. From the table, it can be seen that 98 of the SMEs representing 65.3 of the total SMEs were not sure of any impact of mobile money payment adoption on their sales turnover. About 19.3 of SMEs did not experience any increase or decrease in sales turnover after adopting mobile payment systems. However, only 5 of the SMEs representing 3.3 of the total SMEs experienced a very large extent effect of mobile payment on sales turnover. Table 12 Effects of mobile payment adoption on sales turnover Impact of Mm on Sales TurnoverFrequencyPercentTo a very large extent53.3To a moderate extent1812.0Neither increased nor reduced sales turnover2919.3Note sure of the impact9865.3Total150100.0 Source Field data, August, 2018. 54 4.7 Independent Variables and Relation to SMEs Growth Finally, using data collected from the field, statistical analyses was conducted to see how study independent variables related to business performance. Statistical models and findings are summarised as follows. 4.7.1 Correlation Analyses From the findings, as summarised in Table 13 below, there was a negative correlation between SME performance and efficiency reliability with a correlation factor of – 0.034. SME performance and financial accessibility also depicted a negative correlation with a correlation factor of -0.256. A similar negative relationship was recorded for SME performance and Convenience with a correlation factor of -0.324. However, SME performance and transaction cost exhibited a positive correlation with a correlation factor of 0.249. TABLE 13 Coefficient of Correlation between Variables SMEEfficiency ConvenienceTransactionAccessibilityPerformance reliabilitycostSME Performance1Sig. (p-Values)Efficiency reliability-.0341Sig. (p-Values) .679 Convenience -.324 .3811Sig. (p-Values) .000 .000Transaction .249.463.2561costSig. (p-Values) .002.000.002Accessibility -.256 .550 .504 .4311Sig. (p-Values) .002 .000 .000 .000 This table shows that there was negative correlation between SME performance and convenience, financial accessibility and efficiency reliability complemented with a positive correlation with Transaction cost. 4.7.2 Multiple Regression Analyses To establish the relationship between the independent variables and the dependent variable of the study inferential analysis was conducted. It involved a coefficient of determination and a multiple regression analysis. The coefficient of determination was carried out to measure how well the statistical model was likely to predict future outcomes. As such it explains the percentage variation in the dependent variable (performance of SMEs) that is explained by all four independent variables (transactions cost, convenience, financial accessibility and efficiency reliability). TABLE 14 Coefficient of Determination Model Adjusted RStd. Error of theModelRR SquareSquareEstimate1.536a.287.267.790 Coefficient of determination explains the extent to which changes in the dependent variable can be explained by the change in the independent variables or the percentage of variation in the dependent variable (SMEs performance), that is explained by all the 4 independent variables (efficiency and reliability, convenience, transaction cost and accessibility of mobile money services). 56 The four independent variables that were studied, explain 28.7 of variance in effect of mobile money services on SMEs performance as represented by the R2. This therefore means that other factors not studied in this research contribute 71.3 of variance in the dependent variable. This shows a moderately weak fit of the data in the model. Thus, the mobile money services weakly predicts the performance of SMEs in Ga East Municipality. The study therefore concludes that there is no significant relationship between mobile money services and the performance of SMEs in Ga East. This implies that the growth of SMEs does not depend upon the mobile money services and thus there are other factors that affect the performance of SMEs. This can be attributed to the fact that the services have not been internalised as business aids or the absence of a measure of business convenience attributed exclusively to mobile money services. Another reasonable explanation is the absence of business records prior to the usage of the mobile money services which would aid in a comparative study. Therefore, further research should be to find out the effect of Mobile Money Services on SMEs financial performance in Ghana. TABLE 15 Multiple Regression Analysis ModelUnstandardizedStandardizedTSig.CoefficientsCoefficientsBStd. ErrorBeta1(Constant)4.387.8625.087.000Efficiency reliability.111.182.054.607.545-.655.184-.292-3.556.001ConvenienceTransaction cost.708.131.4415.411.000Accessibility-.622.176-.329-3.531.001 Dependent Variable Strategy implementation X3 is the transaction cost independent variable and X4 is financial accessibility independent variable Using the statistical significance of the variables above, it can be realised that efficiency and reliability is statically insignificant. This is so because efficiency and reliability records a P value .05. Hence the need to drop it from the regression equation. This leads to a new regression equation such as below. Y 4.387 – 0.655X1 0.708X2 – 0.622X3 Where Y was the dependent variable (SME performance Profit) X1 is the convenience independent variable X2 is the transaction cost independent variable X3 financial accessibility independent variable From the regression equation established, taking into consideration all the factors (convenience, transaction cost and financial accessibility) constant at zero, SME performance would be 4.387. Further, if all the other variables are kept constant, a unit increase in convenience will lead to a -0.655 reduction in SME performance, while a unit increase in financial accessibility will lead to a -0.622 decrease in SME performance. However, a single unit increase in transaction cost will lead to a 0.708 increase in SME performance. 58 These results imply that transaction cost contributes the most mobile money use. However financial accessibility and convenience, contributes the least to mobile money utilization and SME performance in Ga East municipality. 4.8 Challenges SMEs encounter using Mobile Money Services The study noted that majority of the respondents of a statistical representation of 51 expressed satisfaction with service provision being provided by the Mobile Money operators. However, others expressed their concerns with respect to challenges they have encountered whiles using mobile money. 26 confirmed to have been confronted at one point in time or the other with the problem of Loss of money and No floats whiles using mobile money service for business transactions. It was further observed that, 23 and 25 of SMEs have encountered challenges related to Few Agents and Service provider reliability in the course of using mobile money for their business transactions. FIGURE 9 Challenges SMEs encounter using mobile money services 4.9 Ways Respondents Dealt with Mobile Money Problems Since a minority of the respondents experienced challenges while using mobile money, the study sought to establish how customers tried to alleviate the effects of such problems. It was 59 revealed that, 49 preferred to contact the service provider whiles 40 of SMEs preferred to resort to the use of other means such as to wait for the problem to resolve itself. However, it was interesting to note that is only 1 of the respondents had gone to court regarding a problem relating to mobile money. FIGURE 10 Solutions to Mobile Money Challenges 60 CHAPTER FIVE CONCLUSION AND RECOMMEDATIONS 5.1 Introduction This chapter summarises the findings, draw conclusions of the study and makes recommendations for policy and areas that require further research. 5.2 Summary of Findings The purpose of this study is to determine the impacts of mobile money services on the performance of SMEs in Ghana Ga East Municipality as a case study. The study used secondary data from journals, books and online materials to establish the theoretical, conceptual and empirical background and adopted quantitative methods to obtain primary data using a structured questionnaire and a deductive research approach with the interplay of a non-probability sampling technique to select respondents. The study findings were reported using mean, standard deviation, graphs, bar charts, correlation and multiple regression. 71 of SMEs interviewed was sole proprietorship with workforce strength largely being less than 5 workers who have operated their businesses most for the past five years. On mobile money services awareness among SMEs in Ga East Municipality, it was found that 97 of SMEs surveyed are aware of mobile money payment services with majority of which have adopted it on business basis primarily for sales transactions. MTN mobile money dominated as the widely used mobile money service provider among the SME owners apart from AirtelTigo and Vodafon Cash. On how mobile money services have affected the sales turnover of SMEs in Ga East Municipality, data available points to the fact that the adoption of mobile payment have not significantly affected sales turnover. On the other hand, with respect to the importance of mobile money services to SMEs only 38 of SMEs admitted using mobile money as a saving facility whiles 63 of SMEs do not use mobile money services to accessing a loan facility. 61 On the level of service quality of mobile money services as provided by mobile money service operators, research results available indicated that the SMEs agree largely that mobile money services were accessibility, efficient and reliable, convenient and low in transaction cost. Majority of study respondents (40.7) agreed that the adoption of mobile money have neither increased nor reduced their profits whiles on the contrary only 38.7 of SMEs asserted to the fact that the adoption of mobile money has increased their profit and revenue margins. The study appraised the common challenges experienced by those using mobile money services and the results were few agents (23), no float (26), loss of money (26) and service provider reliability (25). It is worth noting that, 55 of the respondents had never experienced challenges from the use of mobile money services whiles majority of those who have one way or the other encountered mobile money challenges would prefer contacting the service provider for resolution. This study demonstrated increased use of mobile money services for various financial transactions in Ga East Municipality. However, Inferential statistics failed to prove that mobile money had a positive impact to business performance. Thus, the study concludes that there is no significant relationship between mobile money services and the performance of SMEs in Ga East. This implies that the performance of SMEs does not depend upon the mobile money services and there are, therefore, other factors that affect the performance of SMEs. 62 5.3 Conclusion The study found high knowledge of available mobile money services surveyed. Furthermore, this study demonstrated increasing use of mobile money services for various financial transactions in Ga East Municipality. Majority of study respondents were of the opinion that the adoption of mobile money has not yielded a positive impact on their sales even though 97 of SMEs surveyed accept money mobile payments for sales transactions. However, fewer respondents are using the service as a savings facility and to access and repay loans services. Some business owners are using mobile money services for business related transactions like to pay salaries, deposit or withdraw money from their wallets, and to buy or sell business related goods. A significant number of SMEs were using this service for regular functions like sending and receiving money for the business. Respondents did not find it easy to use mobile money services to access loans even though currently this function is available through collaborations with some banks and allied financial institutions such Fido Loan and Qwik Loan administered by Fido Money Lending and AFB Ghana Plc respectively. There is negative correlation between SME performance and convenience, financial accessibility and efficiency reliability complemented with a positive correlation with Transaction cost even though this is a weak relation. Transaction cost contribute more to the mobile money usage. Thus, the study concludes that there is no significant relationship between mobile money services and the performance of SMEs complemented to the evidence that, the adoption of mobile money has not impacted positively to the sales turnover of SMEs within in Ga East. These findings are contrast to Nyaga (2013), ADDIN CSL_CITATION citationItems id ITEM-1, itemData author dropping-particle , family Ngaruiya, given B, non-dropping-particle , parse-names false, suffix , dropping-particle , family Bosire, given M, non-dropping-particle , parse-names false, suffix , dropping-particle , family Kamau, given SM, non-dropping-particle , parse-names false, suffix , container-title Research Journal of Finance and Accounting, id ITEM-1, issue 12, issued date-parts 2014 , page 53-58, title Effect of Mobile Money Transactions on Financial Performance of Small and Medium Enterprises in Nakuru Central Business District, type article-journal, volume 5 , uris http//www.mendeley.com/documents/uuid312f4f55-ed29-4ab7-bb49-c6871a49581d , mendeley formattedCitation (Ngaruiya, Bosire, Kamau, 2014), plainTextFormattedCitation (Ngaruiya, Bosire, Kamau, 2014), previouslyFormattedCitation (Ngaruiya, Bosire, Kamau, 2014) , properties , schema https//github.com/citation-style-language/schema/raw/master/csl-citation.json Ngaruiya, Bosire, Kamau (2014), Mutinda (2014) , Simiyu (2015) in Kenya and in Tanzania Chale Mbamba (2014) whose study findings contrary 63 revealed a positive impact of mobile money service adoption among SMEs on sales growth and SME performance, it is concluded that available data did not support any findings that mobile money adoption have positive impact of SMEs growth in the Ga East Municipality. 5.4 Recommendations Even though SMEs were very much aware of mobile money services, majority have not adopted it in sales transaction and also majority did not know of its possible impact on their business sales, profitability and turnover. Therefore, it is recommended that the mobile money service providers do more education for SMEs in enlighten them on how the adoption of mobile money can impact SME performance through increased sales and profits. Furthermore, the study recommends an awareness campaign on the services offered by the mobile money services with bias towards loan applications and repayment. Given the recent launch of the Fido Loan and Qwik loan mobile money services, the study recommends the operators of these mobile money loan services to embark on educational and sensitization campaigns of their existence and benefits to SMEs given that majority of SMEs have difficulties in accessing credit from the traditional financial institutions. Evaluating SME performance is still an important area that requires devoted attention. Most SMEs have still not adopted simple book keeping practices to aid in analysing the growth and performance of their business. As a result, it becomes difficult for SMEs to provide accurate information regarding business turnover, employee information and business growth. Hence, mobile operators can exploit this gab by developing simple applications that would be incorporated into the use of mobile money service for SMEs where weekly and monthly sales statement, expenses and profit can be generated by users at a given time. To minimize the current risks, it is recommended that mobile money service providers develop systems to minimize the risk of losing money, such as providing a faster method of cancelling a faulty transaction when it arises and instituting an efficient support service where 64 reimbursement are effected timely. 5.5 Area for Further Research It is recommended that this study be carried out in other commercial centres of the country to ascertain the impact of adoption of mobile money services on the performance of SMEs. A study to explore factors that has led to MTN Mobile Money being the most used mobile money service despite other cheaper mobile money service providers like AirtelTigo and Vodafone cash will reveal the compelling characteristics of MTN mobile money against the others. Follow-up studies on same topic could identify differences over time especially with the expectation that mobile money platform will have significant effect on sales revenue and performance of SMEs in the Ga East municipality. This study can be replicated in the same setting at a different time, or in other urban towns in Ghana. 65 REFERENCES Aker, Jenny C., and Isaac M. Mbiti. 2010. Mobile Phones and Economic Development in Africa.Working Paper 211, Center for Global Development, Washington,DC. Amyx, C., (2005). The Perception Problem Size Doesnt Matter. hington Business Journal, 1, 1-15. Atieno, R., (2009). Linkages, access to Finance and the Performance of Small-scale enterprises in Kenya.Research Paper No.2009/06. United Nations University. Burns, N., Grove, K., (2003). 3rd ed. Understanding Nursing Research. Philadelphia Saunders. Carayannis, E. G. Ziemnowicz, Ch. (Hrsg.) (2007). Rediscovering Schumpeter. Creative Destruction Evolving into Mode 3. Houndmills Palgrave MacMillan. Chogi, B.(2006). The Impact of Mobile Phone Technologies on Small and Medium Enterprises. Paper Presented to Communication Policy Research South on National Regional Innovation Systems, Nairobi. 1-20. Corbett, Sara. 2008. Can the Cell Phone Help End Global Poverty New York Times, April 13, 2008. Dalitso Kayanula, and Peter Quartey (2000) Supply and Demand for Finance of Small Enterprises.in Ghana.http//books.google.com/books/about/Supply and Demand for Finance of Small E.htmlid1gjRV. Diniz, H. Alburquerque J and Cernev K. (2011). Mobile Money and Payment A literature review based on academic and practitioner-oriented publications (2001-2011). Proceedings of SIG GlobDev Fourth Annual Workshop, Shanghai China.Duncombe. Donner, J., Escobari, M.(2010). A Review of Evidence on Mobile use by Small and Micro Enterprises in Developing Countries. Journal of International Development, 22, 641-658. HYPERLINK http//www.eservices.gov.gh/pages/empowering-smes-in-ghana-for-global-competitiveness.aspx Empowering smes in ghana for global competitiveness (2018, March 20) Retrieved from HYPERLINK http//www.eservices.gov.gh/pages/empowering-smes-in-ghana-for-global-20competitiveness.aspx http//www.eservices.gov.gh/pages/empowering-smes-in-ghana-for-global- competitiveness.aspx 66 Ghana Statistical Service. (2014). Ga east municipality GSMA. (2017). State of the Industry Report on Mobile Money Mobile Money. State of the Industry Report onMobile Money Decade Edition 2006-2016, 20062016. https//doi.org/10.1002/9781118290743.wbiedcs023 Higgins, D., Kendall, J., Lyon, B. (2012) Mobile Money Usage Patterns of Kenyan Small and Medium Enterprises. Innovations Technology, Governance, Globalization, Spring. 7 (2), 67-81 Howard, Philip N., and Mazaheri, Nimah.2009. Telecommunications Reform, Internet Use and Mobile Phone Adoption in the Developing World. World Development, 37(7) 115969.ITU (See International Telecommunication Union) Jenkins, B., (2008). Developing mobile money ecosystems. hington, DC IFC and the Harvard Kennedy School. Jensen, T. (2007). The Digital Provide Information (Technology), Market Performance and Welfare in the South Indian Fisheries Sector. Quarterly Journal of Economics, 122, 879 924. Khodawandi, D., Pousttchi, K. and Wiedemann, D.G. (2003). Akzeptanz mobiler Bezahlverfahren in Deutschland. In Proceedings of the 3rd Workshop on Mobile Commerce (Pousttchi, K. and Turowski, K. Eds.), 42-57, Augsburg, Germany Logan, S. (2017, Jan. 4). Study provides fresh insights into the benefits of mobile money inKenya Web log post. Retrieved March 9, 2018, from HYPERLINK http//theconversation.com http//theconversation.com Lu, J., Yu, C.S., Liu, C., Yao, J.E. 2003, Technology acceptance model for wireless Internet. Internet Research, ABI/INFORM Global, pp. 206 Mtebe J.S. (2014). Accepted and use of learning solutions in Higher Education in East Africa. School of Information Science of University of Tampere Vol.1 No. 18 pp. 1-56 Mugenda M. O. and Mugenda A. (2008), Research Methods Qualitative and Quantitative Approaches, African Centre for Technology Studies, Nairobi, Kenya 67 Ngaruiya, B., Bosire, M., Kamau, S. (2014). Effect of Mobile Money Transactions on Financial Performance of Small and Medium Enterprises in Nakuru Central Business District. Research Journal of Finance and Accounting, 5(12), 5358 Nyagori, R.(2012). Factors Influencing Performance of Micro and Small Enterprises A Case of Kisumu City Bus Park-Kenya. Unpublished Masters in Planning and Management Project, University of Nairobi Olsen, C. (2008). The Mobile Economy. Adweek, (35), 1111. Osei B, Baah-Nuakoh A, Tutu K.A, Sowa N.K (1993), Impact of Structural Adjustment on Small-Scale Enterprises in Ghana, in Helmsing A.H.J and Kolstee T. H(eds), Structural Adjustment, Financial Policy and Assistance Programmes in Africa, IT Publications Steel W.F (1977), Small Scale Employment and Production in Developing Countries Evidence from Ghana, Praeger, New York, USA. ———and Webster L (1990), Ghanas Small Enterprise Sector Survey of Adjustment Response Constraints, Industry Series Paper 41, World Bank, Industry and Energy Dept, Washington D.C ———(1992), How Small Enterprises in Ghana Have Responded to Adjustment, The World Bank Economic Review, 6(3) 423-438. Viehland, D., and Leong, R. (2007) Acceptance and Use of Mobile Payments. In Proceedings of the 18th Australasian Conference on Information Systems. Wambari, A.(2009). Mobile Banking In Developing Countries-A Case Study on Kenya. Information Technology, University of Applied Sciences.World World Bank. 2009a. World Development Indicators. Washington, DC World Bank. HYPERLINK http//publications.worldbank.org/WDI/ http//publications.worldbank.org/WDI/ Yankson P.W.K (1989), Formation of Enterprises in the Urban Informal Sector in Ghana, Journal of Management Studies, University of Ghana. 1991, Vol. 7.75. 68 APPENDIX I QUESTIONNAIRE The following questionnaire is part of a survey being conducted in partial fulfilment of a Master of Philosophy (MPhil) in Industrial Finance and Investment degree from KNUST on the impact of mobile money services on the performance of SME In Ghana. Section A Respondents Demographics 1Name (Optional)Tick appropriately2Sex (tick appropriately)MaleFemale3Position held in the business (tick appropriately)OwnerManager4Type of ownershipSolePartnershipCompany5Number of employee1-56-1011-15166Number of branches12-56 Section B Business Type 1. How long have you been in the business (Tick appropriately) 1-5 Years 6-10 Years 11-15 Years Above 15 years 69 2. Do you have other businesses you holdYesNo 3. If yes, how many businesses (Tick appropriately) Number of business 2-3 Business 4-6 Business Above 7 4. What is the size of your sales on daily basis i. 1 500 ii. 501 1000 iii. 1001 1500 iv.1501 2000 v. 2001 and above Section C Knowledge of Mobile Money Services Are you aware of mobile money i. Yes ii. No Do you accept mobile money for payment from customers i.Yes at all times ii. Not often iii. Sometimes iv. Not at all Which of the mobile money services do you use Please tick as many as applicable. MTN mobile Cash ii. AirtelTigo cash iii. Vodafon cash When did you start accepting mobile money for payment of purchases 1-5 ii. 5 10 Are your customers aware you accept mobile payment for purchases they do Yes b. No c. Somehow until they ask 6. I have sufficient information regarding the following services through mobile phone (Tick alongside the services you are familiar with) Buying airtime through Mobile MoneySaving (depositing) into Mobile MoneyWithdrawing from mobile moneySending moneyReceiving moneyChecking account balance with the bankChecking account balance in the mobile money transfer accountPaying billsSMS alert when I receive deposit into mobile money accountSMS alert when I deposit into the bankViewing recent mobile money transactions SECTION D Frequency of Using Services. To what extent are these services important to your business Tick your rating only for the services you have used from question 1 above Not at allLeast ImportantLess ImportantImportantVery Important Not at allBuy airtimeBuy business goods and suppliesReceive money from customersPay salariesDeposit money into mobile phone accountWithdraw money from mobile phonePay business billsRepay loansAs a savings facilityInsurance premiums remittancesAccess bank loans 71 Section E SMEs adoption of mobile payments services based on four domains (1) efficiency and reliability, (2) convenience (3) transaction cost and (4) financial accessibility of the mobile payment services The table below provides statements about efficiency and reliability, convenience, transaction cost and financial accessibility of the mobile payment services. For each of the statement, please indicate each statement influence your intention to use mobile payment system for your business financial transactions. 1 Strongly Disagree 2 Disagree 3 Neutral 4 Agree 5 Strongly Agree No.Mobile money payment service(Circle one) Strongly Agree 5 Strongly Disagree 1Efficiency and reliability of mobile payment servicesi.I receive exact money when it is sent to me54321ii.Mobile money keeps proper records of all transactions with the service providers and customers54321iii.I believe the advantages of mobile money would outweigh the disadvantages54321iv.Withdrawing from mobile money is not difficult54321Convenience of mobile payment services v.I find mobile money payment service easy to use54321vi.The interface with mobile money is user friendly54321vii.Mobile money helps save time54321viii.Mobile money payment reduces risk of holding physical cash54321Transaction cost of mobile payments services ix.Using mobile money for my transactions is not expensive54321x.Mobile money registration is free of charge54321xi.Mobile money transaction cost is acceptable compared to alternatives54321xii.Mobile money helps me save time54321Accessibility of mobile payment services xiii.Mobile money opens at convenient times always54321xiv.Mobile money services network is always available to access for transaction payment54321xv.If I lose my mobile phone, I will not lose my money as well54321xvi.There is a low risk of other people tampering with my personal information during the transaction54321 Section F Performance level among SMEs due to adoption of mobile money transaction services How profitable has your business become after you adopted mobile payment services Yes adoption of mobile payment services for my business transaction has increased my revenue and profit margin No adoption of mobile payment services for my business transaction has reduced my profit margin due to the cost per transaction The adoption of mobile payment services for my business transaction has neither increased my profit margin nor reduced my profit margin Has adoption of mobile payments for business transactions affected your sales turnover To a very large extent ii. To a moderate extent iii. Neither increased nor reduced sales turnover iv. Note sure of the impact Before adopting mobile money payment for transaction how many customers did you service in a day sales 1 -10 Sales/day ii.11-20 Sales/day iii. 21- 30 Sales/day 31-40 Sales/day v. 41 and above Sales/days After adopting mobile payment for transactions how may customers do you serve in a day 1 -10 Sales/day ii.11-20 Sales/day iii. 21- 30 Sales/day 73 31-40 Sales/day v. 41 and above Sales/days Section G Challenges Arising from Mobile Money Services 1. Have you encountered any problem while using mobile money Yes N o Which problems and how often have you encountered while using mobile money services RarelyYearlyMonthlyWeeklyDailyLoss of moneyNo floatsFew agentsService provider reliability How do you solve the problem If other means which one below Abandon transactionTry again laterNot above 74 PPENDIX II, Relationship Multiple Regression Analyses on the impact of mobile money services on the performance of SMEs ANOVAaModelSum of SquaresdfMean SquareFSig.1Regression36.42449.10614.579.000bResidual90.5691450.625Total126.993149 a. Dependent Variable How profitable has your business become after you adopted mobile payment servicesb. Predictors (Constant), AccessibilityX4, TransactioncostX3, ConvenienceX2, EfficiencyandReliabilityX1 Residuals StatisticsaMinimumMaximumMeanStd. DeviationNPredicted Value-0.263.321.990.494150Residual-1.8221.62900.78150Std. Predicted Value-4.5592.67701150Std. Residual-2.3052.06200.986150 75 76 Mobile Money Intervening Variables Dependent Variables Independent Variables Regulatory and mobile operator support Market conditions SME mobile financial transactions (e.g. sales) SMEs business performance (e.g. profits) Transaction cost Convenience Financial accessibility Efficiency and reliability 00)400080)J1bVD3L4L
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