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How to Improve Mobile Money Service Usage and Adoption by Nigerians in the Era of Covid-19

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  • Tonuchi Emmanuel Joseph

Abstract

Purpose: The paper aims to investigate how to improve mobile money service adoption and usage by Nigerians during the era of Covid-19 by examining the challenges faced by mobile money users in Nigeria. Approach/Methodology/Design: The study used a mixed method to sample 300 targeted informal sector operators offline using questionnaires and 200 respondents online (ardent digital products users) using Google form. In reaching the targeted online sample, the study distributed the google form through social media while a judgmental and accidental sampling technique was employed to target the informal economy participants. Findings: Both the online and offline data revealed that poor mobile network (infrastructural deficiency), security concerns, cost of services, and poor complaints resolution top the biggest hindrance facing mobile money adoption and usage in Nigeria. While the introduction of community-based complaints resolution, fixing security bugs, reduction in the cost of service, and effective stakeholder collaboration top the measures of improving mobile money adoption and usage in the country. Practical Implications: The study identified popular misconceptions about mobile money and also provide evidence that the process of recruiting respondents influences the outcome of the result. Originality/value: First to collect sample both online (targeting ardent digital product users) and offline (targeting informal economy operators).

Suggested Citation

  • Tonuchi Emmanuel Joseph, 2020. "How to Improve Mobile Money Service Usage and Adoption by Nigerians in the Era of Covid-19," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(3), pages 31-52.
    • Handle: RePEc:ers:ijfirm:v:10:y:2020:i:3:p:31-52
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    References listed on IDEAS

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    1. Bedman Narteh & Mahmoud Abdulai Mahmoud & Simon Amoh, 2017. "Customer behavioural intentions towards mobile money services adoption in Ghana," The Service Industries Journal, Taylor & Francis Journals, vol. 37(7-8), pages 426-447, June.
    2. Ronald Baganzi & Antonio K. W. Lau, 2017. "Examining Trust and Risk in Mobile Money Acceptance in Uganda," Sustainability, MDPI, vol. 9(12), pages 1-22, December.
    3. Pierre-Laurent Chatain & Raúl Hernández-Coss & Kamil Borowik & Andrew Zerzan, 2008. "Integrity in Mobile Phone Financial Services : Measures for Mitigating Risks from Money Laundering and Terrorist Financing," World Bank Publications - Books, The World Bank Group, number 6530.
    4. Toni Mora & Francesc Prior, 2018. "The impact of mobile financial services’ usage on microfinance delinquency," Applied Economics, Taylor & Francis Journals, vol. 50(50), pages 5354-5365, October.
    5. Ahmed Dermish & Christoph Kneiding & Paul Leishman & Ignacio Mas, 2011. "Branchless and Mobile Banking Solutions for the Poor: A Survey of the Literature," Innovations: Technology, Governance, Globalization, MIT Press, vol. 6(4), pages 81-98, October.
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    More about this item

    Keywords

    Coronavirus; financial inclusion; mobile money; mobile banking; Nigeria.;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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