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  3. EVALUATING THE IMPACT OF MOBILE MONEY TECHNOLOGY SERVICES ON THE SOCIOECONOMIC STATUS OF THE MOBILE MONEY VENDORS (MMV)
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Ojo Luke , Dafaah Franklin Bawelle , Chukwuma Chinaza Adaobi

EVALUATING THE IMPACT OF MOBILE MONEY TECHNOLOGY SERVICES ON THE SOCIOECONOMIC STATUS OF THE MOBILE MONEY VENDORS (MMV)

In Ghana today, there are various mobile money transfer services being embraced by several providers as a way of business and sustainability to reach customers. Mobile network operators and banking institutions have devised various services to meet customer needs and enhance the socio-economic status of the providers of the service. The Mobile money transfer types offered by four out of six Mobile Network Operators are MTN Mobile Money by Scancom Ghana, Airtel Money by Airtel Ghana, Tigo Cash by Milicom Ghana, and Vodafone Cash by Vodafone. The study aimed at evaluating the socioeconomic impact of MMT on vendors in Cape Coast Metropolis in the Central Region of Ghana. The study adopted a descriptive cross-sectional design involving 100 participants. The participants were selected using probability (simple random) and non-probability (convenience) sampling techniques. Data analysis was done using SPSS version 25. The study concluded that MMT services had impacted positively on vendors’ income level (savings ability and disposable income. From the study, it was found that fraud in mobile money services is caused by poor remuneration of employees and their managers. The respondents were of the view that some of the employees deliberately connived with the subscribers and other employees to steal money from the mobile money operators. The results of the study show that to combat mobile money causes, effects cum fraud, the Bank of Ghana has issued EMI guidelines to assist mobile money operators and agents. The Bank of Ghana keeps on updating this policy document based on what is happening in Ghana.