The Importance of Mobile Money Banking on Small-Scale Businesses

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Date

2024-05-23

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Uganda Christian University

Abstract

The study was about the importance of mobile money banking on small-scale businesses in Pallisa town council. The study was based on the following objectives; To examine the contribution of mobile money banking on small scale businesses in Pallisa Town Council, to establish the benefits of mobile money banking on small scale businesses in Pallisa Town Council, to identify the challenges presented by mobile money banking on small scale businesses in Pallisa Town Council, to identify the remedies to challenges presented by mobile money banking in Pallisa Town Council. A sample size of 73 respondents both male and female clients were selected for the study. The study employed a cross-sectional research design and methodology used were both qualitative and quantative. Questionnaires and documentary review were the major tools of data collection, the researcher found out that majority of respondents saw the following as the major benefits of mobile money banking on small scale enterprises, Easy accessibility (26%), Lower transaction cost (23%),Promotes security of customer’s money and the culture of saving (19%), User friendly and reliable (18%), Wide spread. (14%) and Challenges presented by mobile money banking on small scale enterprises, infrastructure and the high cost of withdrawing and receiving money (33%), marketing problems since the cost of advertising is too high (25%), High rental charges (16%), poor record keeping which is a source of problems in case the deposited money has not reached well (15%) and Entrepreneurial problems (11%). The study though had some shortcomings like inadequate funds for collecting data from the field, inadequate information from the respondents since managers were not willing to reveal their secrets out however despite the shortcomings the research was successful.

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