Examining the Factors that Influence the Adoption of Mobile Money in Ghana

Abstract

The purpose of this research is to examine the influence of performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation and price value on consumers’ behavioural intention to adopt mobile money in Ghana. Studies on mobile money in developing countries have so far focused more on issues relating to adoption, use, deployment and diffusion. The most dominant among these areas is studies on adoption. However, there still remain salient factors of mobile money adoption such as Hedonic motivation and price value that have not been adequately scrutinized by extant researchers. To address these gaps in knowledge, this study investigated some mobile money consumers in Ghana using the extended Unified Theory of Acceptance and Use of Technology (UTAUT 2) as the theoretical lens and the quantitative survey approach as the research methodology. The result of the study found positive support for the influence of performance expectancy, effort expectancy, hedonic motivation, price value and social influence on behavioural intention. However, the relationship between facilitating conditions and behavioural intention was not supported. In view of this, the study recommends that mobile money service providers should adequately invest in organising free trial services for potential adopter and help develop measures that will help educate potential customers on the benefits that can be derived from the usage of the technology. Finally, the study calls for future researchers to examing how moderators such as gender, age and educational level influence the adoption of mobile money in