Abstract:
The purpose of this project was to determine the impact of Mobile Money services on Retail banking in
Ghana with emphasis on three selected banks, Ecobank Ghana limited, GCB Bank Limited and Fidelity
Bank Ghana Limited. These banks were selected based on their share of industry deposit contribution.
A close ended questionnaire was designed and used to collect data from one hundred and thirty-three
(133) respondents using convenience sampling. The respondents were customers and potential customers
of the selected banks who walked into the various banking halls to perform a transaction. Data received
from the questionnaire was coded and analyzed using SPSS version 20 and statistical tools such as
frequency counts were employed.
It was observed that almost 52% of the respondents were females and about 72% of the respondents aged
between 18- 35 which happens to be our generation Y age who are predominantly confident, ambitious
and will mostly take the risk at trying new things. Significant among the findings were that most of the
respondents preferred Mobile Banking services to retail banking since it was easily accessible, convenient
to making Bill payment however, they think the charges for transactions should be reduced and measures
should be implemented to reduce the incidents of fraudulent activities and also an improvement of the
network coverage. The content of this work should help stakeholders within the financial services
industry churn out electronic-products that will meet the needs of their customers.
KEYWORDS AND PHRASES: Banking institution, mobile money services, mobile network operators,
retail banking.
