Fintech on campus: mobile money and student entrepreneurship in Ghana

Abstract Fintech, particularly mobile money technologies, has revolutionised access to financial services in Sub-Saharan Africa; it goes beyond person-to-person money transfers and has emerged as a critical infrastructure for micro and small firms. While considerable quantitative research has examined mobile money adoption, qualitative studies exploring how users experience and leverage mobile money and the conditions that shape these practices remain scarce. This study attempts to bridge this gap by examining the impact of mobile money adoption on the entrepreneurship activities of student entrepreneurs in Ghana. Underpinned by multiple theoretical frameworks comprising the technology acceptance model, financial inclusion theory, and effectuation theory, the study examines open-ended survey data collected from 26 student entrepreneurs running micro enterprises in six universities in Ghana: University of Ghana; Kwame Nkrumah University of Science and Technology; University of Education Winneba; University of Cape Coast; Wisconsin International University College; and Ghana Institute of Management and Public Administration. The study found that mobile money plays an important role in entrepreneurial infrastructural dimensions, offering value-added services apart from convenience in conducting transactions. The value-added services include liquidity and cash flow management, expanded outreach through social media, reduced dependence on banks, and the implementation of a prepaid strategy to mitigate uncertainty and risk, all of which align with effectuation logic. Despite numerous difficulties, such as high transaction costs, poor network coverage, and security risks from fraud and robbery, most respondents considered mobile money a must-have for their businesses, as they cannot do business without the service. Employing an open-ended survey instrument and thematic analysis and drawing on the Technology Acceptance Model (TAM), Financial Inclusion Theory, and Effectuation Theory, the paper draws policy implications for promoting youth entrepreneurship in nascent digital economies.