The Importance of Mobile Money Banking on Small-Scale Businesses
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Date
2024-05-23
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Publisher
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.