Customers' Perceived Risk and Trust in Using Mobile Money Services—an Empirical Study of Ghana

MM Services

MM involves the use of mobile phones to access financial services remotely that have typically been provided over a counter (Mothobi & Grzybowski, 2017). MM services largely include transfers and payments. MM is also referred to as cell phone banking, over-the-counter banking, agent banking and branchless banking (Diniz et al., 2012).

The weaknesses of traditional and other electronic banking channels (ATMs and online banking) in fulfilling customers’ financial needs and requirements due to limited availability, week internet connectivity and other access issues may be the reason for the increasing popularity of MM services.

MM services are a novel way of accessing and conducting low-cost financial transactions. Unlike other digital banking channels, MM services operate at the intersection of finance and telecom and involve a diverse set of stakeholders with competing players from various fields (Donovan, 2012). Among these stakeholders or actors, MM agents (individuals or firms who operate mobile money services) are at the frontline of MM service deployment and play a decisive role in the success of MM services in Ghana and elsewhere.