The Impact of Adopting Mobile Money Transactions on SME Growth in Ghana

This study aimed to examine the effects of adopting mobile money transactions on SME growth in Ghana. A quantitative survey was conducted among 150 SMEs in the Offinso North District to determine awareness of mobile money services, identify preferred services, assess service quality, and analyze impacts on revenue, profitability, and prompt payment of credit sales. Descriptive statistics revealed high awareness and usage of mobile money services among SMEs, with a preference for MTN mobile money. Efficiency, convenience, affordability, and accessibility of services were all rated favorably. Differences in sales figures before and after adoption were statistically significant, with revenues increasing over 6 times post-adoption. The study established a positive impact of mobile money payments on timely payment for credit sales. Correlation analysis indicated very strong positive associations between adopting mobile transactions and business profitability, sales, and prompt credit payments among SMEs in Ghana. Regression analysis showed prompt payments had the largest beta coefficient, indicating it made the greatest contribution in explaining mobile money adoption among dependent variables. The research concluded that the adoption of mobile money transactions has a substantial and positive influence on various aspects of SME activities in Ghana. The findings provide clear empirical evidence that embracing mobile platforms markedly expands SME revenues. Enhancing digital infrastructure and financial inclusion can thus generate commerce by serving underbanked groups. The data signals profound promise for socio-economic advancement in developing economies.