Factors Affecting the Adoption of Mobile Money Services in Zambia: Case of Central Bank of Zambia

Abstract

Mobile money services has technologically advanced with an increase in popular usage in Africa and the rest of the world. The advancement in technology has birthed mobile money which is a new and popular service in Zambia. This study was a cross sectional study conducted to determine the influences of consumer adoption of the service. This study used a mixed research design involving both qualitative and quantitative methods (Saunders et al, 2016). The qualitative method was used to provide an explanation of various variables while the quantitative approach was used to quantify incidences in order to describe current perceptions as regards the factors influencing the adoption of mobile services. This enabled the researcher to gain in-depth information that would be used to find solutions for the research questions of the study. Purposive sampling techniques was employed to select respondents to select a sample size of 100. It is a conclusion emanating from this study that the majority of the respondent’s number of customers believed mobile money service by network operators was less costly than traditional banking and this influenced their adoption. As electronic money transfer service by network operators is becoming more prevalent, so is the level of customer service delivery thus the level of customer adoption of the service is increasing as the service is perceived not only to be convenient but a low cost service. The study recommended that Mobile network operator’s staff and officials should be adequately trained in e-banking products and services to be able to address customers’ needs and challenges. Furthermore, the network providers need to effectively package their products to ensure increased use of the service. Products and services to customers to close the seemingly knowledge gap that exists among the populace with regard to the benefits that can be derived from mobile money services. Such innovation now includes small loans which consumers can access and repay within a chosen time period.