Overview

Original Research

ASSESSING THE IMPACT OF MOBILE MONEY SERVICES ON THE PROFITABILITY OF BANKS IN GHANA: A CASE STUDY OF GCB BANK

EDWARD ATTAH-BOTCHWEY 1, JAMES DOKU NTIAMOAH 2, MARY ESSIAW 3 ERIC BOACHIE YIADOM 4, JOSEPH AYITTAH 5, and ALICE BARRIGAH 6.

Vol 18, No 12 ( 2023 )   |  DOI: 10.5281/zenodo.10376086   |   Author Affiliation: University of Professional Studies Accra, Department of Banking and Finance, Accra, Ghana 1; University of Professional Studies Accra, the Chancellor, Accra, Ghana 2; University of Professional Studies Accra, Department of Accounting Accra, Ghana 3,4; University of Professional Studies Accra, Department of Banking and Finance, Accra, Ghana 5,6.   |   Licensing: CC 4.0   |   Pg no: 544-578   |   Published on: 12-12-2023

Abstract

Mobile money services have revolutionized financial services in Ghana, allowing users to store, send, and receive money using their mobile phones. This study aims to understand the implications of mobile money services on traditional banking operations and profitability. This research examines the impact of mobile money services on the profitability of a traditional banking institution in Ghana, using GCB Bank as a case study. This study aims to provide insights into the impact of mobile money services on traditional banking operations and profitability in Ghana, using GCB Bank as a case study. The mixed-methods research approach, incorporating both quantitative and qualitative methodologies, was utilized to investigate the influence of mobile money services on GCB Bank in Ghana. Data was collected at a single point in time from a total population of 651 employees spanning various departments, from which a sample size of 268 was selected for data analysis. Statistical software was employed to scrutinize the quantitative data, while thematic analysis was applied to qualitative data. To ensure robustness and credibility of the findings, data triangulation was performed. The study provided valuable insights into the opportunities and challenges of mobile money services within traditional banking systems. The study found that mobile banking significantly influenced GCB Bank's profitability, primarily by altering customer behavior and increasing transaction volume. The bank's user-friendly technological infrastructure and adherence to regulatory standards enhanced customer confidence and service growth. Despite minor concerns, the overall positive reception of mobile banking services by staff and customers signaled its potential to boost the bank's operational efficiency and profitability. Therefore, mobile banking emerged as a vital component in shaping the bank's operations and profitability. The study recommends that GCB Bank enhance its technological infrastructure, prioritize transaction security, expand its mobile banking service offerings, and continually seek user feedback to refine services.

Keywords

Mobile money services, ATMs, GCB Bank, Artificial Intelligence (AI)