Abstract:
Mobile money in recent times has become very essential in transferring money/carrying out a business. The introduction of Bank to Wallet transfers and mobile interoperability has enlarged the mobile money market. The purpose of the study is to find out how mobile money influences the growth of small and medium scale enterprises. Qualitative data was used to examine these questions: What is the level of adoption of Mobile Money by Small and Medium Scale Enterprises? What is the rationale behind mobile money adoption? To what extent has Mobile Money influenced the growth of Small and Medium Scale Enterprises? Primary data i.e. closed-ended questionnaires were created and administered to a sample of 100 SMEs using a convenience sampling technique. The data was analyzed using Statistical Package and Services Solutions (SPSS). The findings were reported using means, frequencies and standard deviations. The study established that a lot of people use mobile money because is it not difficult to access. Also, there was a high response on the positive impact of Mobile Money to businesses by way of the short duration in transacting business, use of mobile money to purchase airtime, pay bills and how affordable mobile money service is. The study suggests that, to reduce current dangers service providers should identify platforms proficient of improving the time spent in performing transactions and ensure swift reply to increase the rate of adoption in Ghana.
