A Qualitative Exploration of Mobile Money in Ghana

Access to formal financial services, or being financially included, allows individuals the opportunity to plan, save, and stabilize their financial lives. Financial inclusion has recently received higher priority due to its promise to improve financial well-being and, in turn, assist in the reduction of poverty on larger scales. The simultaneous success of M-Pesa, bolstered by the proliferation of mobile phone access, convinced many that mobile money would enable financial inclusion. However, with nuanced characteristics in each country and distinct financial systems and economy, mobile money adoption and usage is varied. In this paper, we evaluate the mobile money's viability as a vehicle for financial inclusion in the Southern region of Ghana. We report on qualitative interviews and observations from five different cities and surrounding small towns and evaluate individual financial practices, existing and projected needs for financial services, and the potential role of mobile money in fulfilling these goals.