IMPACT OF MOBILE BANKING ON FINANCIAL INCLUSION IN RURAL MWANZA REGION IN TANZANIA

Authors

Keywords:

Mobile Banking, Financial Inclusion.

Abstract

This study focused on the impact of mobile banking on financial inclusion in Magu district, Mwanza region. The objective of the study was to understand the determinants and effects of financial institution’s penetration on the use of mobile accounts and services as opposed to in-branch official banking services. The study focused on three objectives which are to identify social-economic determinants of the use of mobile banking services compared to official banking services users only, to understand the impact of financial penetration of the institution on the use of mobile banking services, and to suggest recommendations that might be inevitable to increasing levels financial inclusion through use of mobile banking. The study used data sample drawn from the Magu district population from Kisesa Ward. The sampling procedure to be used is the random sampling that increases accuracy and precision of the data to be used. Findings showed that individuals mostly use mobile banking for sending and receiving money from one place to another, and it is not used for mobile banking payments such as buying airtime from a mobile bank account directly or payment of other bills. Furthermore, education level and the income status of the head of household, had a significant positive effect on financial inclusion.

 

Author Biography

Okoth Wesley Otieno, Islamic University of Kenya, Kenya

Dr. Otieno Wesley Okoth is a Lecturer in the Business Department at the Islamic University of Kenya and also possesses Eight years’ experience as Lecturer at The East African University (TEAU). He has extensive professional experience in Lecturing Finance, Economics, and Accounting undergraduate courses and has successfully supervised various undergraduate students in Accounting and Finance Areas.

In addition, He has 10 years of Managerial experience in Government Parastatals and Non-Govt sector and worked in various capacities which include being a Parastatal Ag. Managing Director, Commercial/Finance Manager, Accountant, Internal Audit Manager in various Parastatals. Also being a Senior Audit Manager in a registered private audit firm and having consultancies with Water Sector Trust Fund as County Resident Monitor, Migori, and Financial Consultant with an International engineering Firm- WCES.

His research interests cover a wide range of topics, including Financial Innovation, Behavioural Finance, and Financial Performance. He has also published articles and research papers in various international refereed journals.

He is a trained Geographical Information System Expert, Trained Governance expert, Trained ISO 9001:2008 & ISO 14001:2004 Auditor, Associate Member- Marketing Society of Kenya, Risk Management Professional, Advance Excel trained Officer and competent in various Accounting and ERP softwares.

Basic Research Interests

Development Economics, Behavioural Finance, Financial Inclusion, Public Finance, Financial Risk Management, and Entrepreneurial Finance.

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Published

2024-11-25

Issue

Vol. 3 No. 001 (2024): The European Academic Journal (EAJ)

Section

Articles