How to Improve Mobile Money Service Usage and Adoption by Nigerians in the Era of Covid-19

Tonuchi Emmanuel Joseph
International Journal of Finance, Insurance and Risk Management, Volume 10, Issue 3, 31-52, 2020
DOI: 10.35808/ijfirm/220


Purpose: The paper aims to investigate how to improve mobile money service adoption and usage by Nigerians during the era of Covid-19 by examining the challenges faced by mobile money users in Nigeria. Approach/Methodology/Design: The study used a mixed method to sample 300 targeted informal sector operators offline using questionnaires and 200 respondents online (ardent digital products users) using Google form. In reaching the targeted online sample, the study distributed the google form through social media while a judgmental and accidental sampling technique was employed to target the informal economy participants. Findings: Both the online and offline data revealed that poor mobile network (infrastructural deficiency), security concerns, cost of services, and poor complaints resolution top the biggest hindrance facing mobile money adoption and usage in Nigeria. While the introduction of community-based complaints resolution, fixing security bugs, reduction in the cost of service, and effective stakeholder collaboration top the measures of improving mobile money adoption and usage in the country. Practical Implications: The study identified popular misconceptions about mobile money and also provide evidence that the process of recruiting respondents influences the outcome of the result. Originality/value: First to collect sample both online (targeting ardent digital product users) and offline (targeting informal economy operators).

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