An Evaluation of the Adoption of Mobile Payment Systems by SMEs in Nigeria: A Case Study of SMEs in Kaduna State
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Background of the Study
Mobile payment systems (MPS) have emerged as transformative tools in the financial sector, promoting cashless economies and enhancing business transactions. In Nigeria, the Central Bank has championed the adoption of mobile payment systems as part of its cashless policy, fostering inclusivity and efficiency in financial operations (CBN, 2023). SMEs, which represent over 95% of registered businesses in Nigeria, stand to benefit significantly from MPS adoption through improved transaction speed, cost reduction, and enhanced customer satisfaction (Eze & Obi, 2024).
Kaduna State, with its growing SME sector, presents an ideal case for exploring MPS adoption. However, despite their potential, barriers such as inadequate infrastructure, cybersecurity concerns, and limited digital literacy persist (Bello & Aliyu, 2023). This study evaluates the adoption of mobile payment systems among SMEs in Kaduna, examining their influence on business operations and identifying factors hindering wider adoption.
Statement of the Problem
While mobile payment systems offer significant benefits to SMEs, their adoption in Kaduna State remains suboptimal. Studies suggest that only a small percentage of SMEs in Kaduna actively use MPS, citing issues such as high transaction costs, unreliable network services, and security concerns (Aminu & Ibrahim, 2024). This underutilization limits the potential for operational efficiency and financial inclusion, critical for SME growth.
There is limited empirical research addressing the specific barriers and facilitators of MPS adoption among Kaduna SMEs. Bridging this gap is essential to developing effective policies and interventions for enhancing MPS adoption and optimizing their benefits for SMEs.
Objectives of the Study
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To evaluate the extent of mobile payment system adoption among SMEs in Kaduna State.
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To identify factors influencing the adoption of mobile payment systems by Kaduna SMEs.
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To assess the impact of mobile payment systems on the financial operations of SMEs in Kaduna.
Research Questions
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To what extent have SMEs in Kaduna adopted mobile payment systems?
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What factors influence the adoption of mobile payment systems by SMEs in Kaduna?
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How do mobile payment systems affect the financial operations of SMEs in Kaduna?
Research Hypotheses
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Mobile payment systems are not significantly adopted by SMEs in Kaduna State.
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Factors influencing the adoption of mobile payment systems do not significantly affect their implementation among Kaduna SMEs.
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Mobile payment systems have no significant impact on the financial operations of SMEs in Kaduna.
Scope and Limitations of the Study
The study is confined to SMEs in Kaduna State, focusing on their adoption and use of mobile payment systems. Limitations include possible non-responsiveness from some SMEs, challenges in verifying self-reported data, and the rapidly evolving nature of digital payment systems.
Definitions of Terms
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Mobile Payment Systems (MPS): Platforms that facilitate electronic financial transactions through mobile devices.
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Adoption: The process of embracing new technology or practices within an organization.
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Financial Operations: Activities related to managing an organization’s financial resources, including payments and record-keeping.
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