![]() Overall, the findings from this study show the traders in Accra Central Market have knowledge of digital financial products and services especially mobile money. This study surveyed 350 traders of the Accra Central Market to assess their digital financial literacy using questionnaire as the research instrument. New products and services, new service and product providers and the emergence of new digital channels are a few of such challenges. ![]() New challenges in the usage of digital financial services/products emerge every day. ![]() Hence, the informal sector needs to have the skills in this growing digital world. Most rely on mobile money agents who are at the heart of mobile money services. The structure and archetype of digital finance services can pose huge complexities to traders and expose them to scams. ![]() These traders are mostly illiterates, low-income earners, and women dominate. The statistics for mobile money usage in the informal sector could be much lower. Recent data indicate that 10.4 million users were actively using mobile money representing 33.4 percent of the 31,154,420 total mobile phone subscription in Ghana as at 2015. Nonetheless, adoption and active use of mobile money services remains low regardless of the increased access to mobile phone technology. Of these transactions, cash-ins to customer accounts, peer-to-peer (P2P) transfers and cash-outs from customer accounts are the most common. In the Ghanaian context, the country is leading in West Africa in terms of mobile money (according to the INTERPOL ENACT report) and has witnessed an exponential growth to an estimated value of GHC37.07bn with 17.2 million active users as at July 2016 since its launch in 2009. Some FinTech experts have projected that mobile money transaction will grow up to $129.29bn by 2021. This has been necessitated because from 2007 when the first mobile money, M-PESA first launched in Kenya, it has steadily gained prominence across the African continent, making the continent a world leader in terms of mobile money services. ![]() This project seeks to examine the digital financial literacy of the traders in Accra Central Market and the factors affecting it. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |