The Changing Face of Money: Preferences for Different Payment Forms in Ghana and Zambia

Authors

  • Vivian A. Dzokoto Virginia Commonwealth University
  • Elizabeth N. Appiah Pentecost University College
  • Laura Peters Chitwood Counseling & Advocacy Associates
  • Mwiya L. Imasiku University of Zambia

Keywords:

Business, Economics, Finance, Mobile money

Abstract

Mobile Money (MM) is now a popular medium of exchange and store of value in parts of Africa, Latin America and Asia. As payment modalities emerge, consumer preferences for different payment tools evolve. Our study examines the preference for, and use of MM and other payment forms in both Ghana and Zambia. Our multi-method investigation indicates that while MM preference and awareness is high, scope of use is low in Ghana and Zambia. Cash remains the predominant mode of business transaction in both countries. Increased merchant acceptability is needed to improve the MM ecology in these countries

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Published

2016-08-01

How to Cite

Dzokoto, V. A., Appiah, E. N., Chitwood, L. P., & Imasiku, M. L. (2016). The Changing Face of Money: Preferences for Different Payment Forms in Ghana and Zambia. Journal of Applied Business and Economics, 18(4). Retrieved from https://mail.articlegateway.com/index.php/JABE/article/view/860

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Section

Articles