An Exploration of Mobile Payment Solutions and Their Impact on Business Revenue: A Study of SMEs in Nasarawa State
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- NGN 5000
Background of the Study
Mobile payment solutions have transformed the financial landscape, offering businesses and consumers convenient and efficient transaction methods. For small and medium enterprises (SMEs), mobile payment systems provide opportunities to expand customer bases, reduce transaction costs, and enhance operational efficiency (Adeola & Musa, 2023). With the widespread adoption of mobile technology in Nasarawa State, SMEs have increasingly integrated mobile payment systems into their business models.
Despite the benefits, the extent to which mobile payment solutions contribute to business revenue among SMEs in Nasarawa State remains underexplored. This study examines the impact of mobile payment solutions on revenue generation for SMEs, highlighting challenges and opportunities.
Statement of the Problem
While mobile payment solutions have the potential to boost revenue for SMEs, many businesses in Nasarawa State face challenges such as poor internet connectivity, lack of technical knowledge, and cybersecurity concerns. Additionally, the effectiveness of these solutions in driving revenue growth is not well documented, leading to a gap in understanding their economic value (Ahmed et al., 2024).
This study investigates the relationship between mobile payment adoption and revenue generation among SMEs in Nasarawa State, addressing the challenges and opportunities.
Objectives of the Study
1. To evaluate the impact of mobile payment solutions on business revenue among SMEs in Nasarawa State.
2. To identify challenges SMEs face in adopting mobile payment solutions.
3. To propose strategies for optimizing mobile payment solutions to increase business revenue.
Research Questions
1. How do mobile payment solutions impact business revenue among SMEs in Nasarawa State?
2. What challenges do SMEs face in adopting mobile payment solutions?
3. What strategies can optimize mobile payment solutions for increased revenue?
Research Hypotheses
1. Mobile payment solutions do not significantly impact business revenue among SMEs.
2. SMEs face significant challenges in adopting mobile payment solutions.
3. Optimized mobile payment solutions significantly enhance business revenue for SMEs.
Scope and Limitations of the Study
This study focuses on SMEs in Nasarawa State, analyzing their use of mobile payment systems and their impact on revenue generation. Limitations include differences in mobile payment adoption rates and variations in SME business models.
Definitions of Terms
• Mobile Payment Solutions: Technologies that allow businesses and consumers to conduct financial transactions through mobile devices.
• Business Revenue: The income generated from the sale of goods or services.
• SMEs: Small and medium enterprises, defined as businesses with limited scale and resources.
