Factors Influencing the Adoption of Mobile Banking Service by Informal Sector Workers in Accra, Ghana

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Factors Influencing the Adoption of Mobile Banking Service by Informal Sector Workers in Accra, Ghana

Abstract The objective of this study was to analyse the factors that influence the adoption of mobile banking service by informal sector workers of Accra, Ghana. A total of 296 informal sector workers were selected for the study through a two-step sampling procedure. The data was analysed using descriptive statistic, Kendall’s coefficient of concordance and a probit regression model. From the descriptive statistics, it was observed that the respondents generally agreed that all service attributes, especially, relative advantage, trialability and perceived usefulness had significant effects on their decisions to adopt mobile banking service. The result of the probit regression revealed that age, income, compatibility, observability, trialability and perceived usefulness, significantly influenced the adoption of mobile banking service. From the ranking by the respondents, the major challenges to the adoption of mobile banking service were high cost of services, low trust on mobile money and perceived risks of mobile money services.