Unlocking Financial Inclusion Through ICT and Mobile Banking: A Knowledge-Based Analysis of Microfinance Institutions in Ghana

Ruoyun Liu (), Zhan Wang (), Stavros Sindakis () and Saloome Showkat
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Ruoyun Liu: Wuhan University
Zhan Wang: Yunshan Studio, Guangdong University of Foreign Studies
Stavros Sindakis: Hellenic Open University
Saloome Showkat: Institute of Strategy, Entrepreneurship and Education for Growth

Journal of the Knowledge Economy, 2024, vol. 15, issue 2, No 182, 9723-9755

Abstract: Abstract Microfinance institutions (MFIs) are critical in providing financial services to low-income individuals in developing countries, but challenges such as inadequate infrastructure, limited resources, and low financial literacy have affected effective service delivery. In Ghana, MFIs have adopted information and communication technology (ICT) and mobile banking/money solutions to address these challenges. This study uses qualitative and quantitative research methods to explore the impact of integrating ICT and mobile banking/money adoption on the efficiency, growth, and outreach of MFIs in Ghana. The findings reveal that the integration of ICT and mobile banking/money adoption positively impacts the efficiency, growth, and outreach of MFIs, loan repayment rates, and financial inclusion. However, effective utilization and adoption of these technologies face barriers such as limited ICT infrastructure, a lack of technical expertise, and insufficient awareness of the benefits of these technologies. Furthermore, the study shows that integrating ICT solutions into microfinance operations has a significant positive relationship with MFIs’ growth and customer satisfaction rates. The study contributes to the literature on the adoption of ICT solutions in microfinance operations and provides insights into how MFIs can integrate ICT solutions into their operations to enhance their performance.

Keywords: Microfinance institutions; Developing countries; ICT; Banking/money adoption; Financial inclusion; Customer satisfaction; Performance; Ghana (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s13132-023-01460-0

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