An assessment of mobile money adoption among rural farmers: a case study of Guaranty Trust Bank
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Background of the Study
Mobile money has emerged as a transformative tool for financial inclusion, particularly in rural areas where traditional banking infrastructure is sparse. Guaranty Trust Bank (GTBank) has implemented mobile money services to extend banking solutions to rural farmers, enabling them to conduct transactions, save money, and access credit through their mobile devices (Adesina, 2023). This digital financial service is designed to overcome geographical barriers and reduce the costs associated with conventional banking. By leveraging widespread mobile network coverage, GTBank aims to empower rural communities by enhancing access to affordable and convenient financial services.
The adoption of mobile money among rural farmers has several potential benefits. It simplifies the transfer of funds, facilitates timely loan repayments, and supports day to day transactions that are critical for agricultural operations. Moreover, mobile money platforms provide a platform for delivering financial education and advisory services, which can enhance farmers’ understanding of credit management and budgeting (Balogun, 2024). These services are particularly important in rural areas where financial literacy levels are generally low. In addition, the data generated through mobile transactions can offer insights into customer behavior, enabling GTBank to tailor products and improve service delivery.
Nevertheless, despite its promising potential, mobile money adoption faces significant challenges in rural areas. Factors such as limited digital literacy, inadequate network connectivity, and concerns over transaction security can hinder widespread acceptance (Eze, 2024). Moreover, cultural resistance and the absence of user‐friendly interfaces may further restrict the uptake of mobile money solutions. This study assesses the extent of mobile money adoption among rural farmers served by GTBank, analyzing both the benefits and challenges of this technology. The findings will provide critical insights into how mobile money can be optimized to enhance financial inclusion and support agricultural development in rural Nigeria.
Statement of the Problem
Although mobile money services have been introduced to promote financial inclusion, many rural farmers in Nigeria remain reluctant or unable to fully utilize these platforms. One significant problem is the low level of digital literacy among rural communities, which limits the effective use of mobile money applications (Olatunde, 2023). Many farmers are unfamiliar with the functionalities of mobile money, which leads to underutilization of these services despite their potential benefits. In addition, inconsistent network connectivity in remote areas further restricts access, rendering mobile money unreliable for day to day transactions.
Another critical challenge is the concern over transaction security and data privacy. Rural customers often exhibit mistrust toward digital financial services due to past incidences of fraud and cyber theft, which undermines confidence in mobile money platforms (Ike, 2024). Furthermore, the interface of many mobile money applications is not adequately tailored to the needs and language preferences of rural populations, resulting in usability issues. These challenges reduce the overall effectiveness of mobile money as a tool for financial inclusion and agricultural development.
This study aims to address these challenges by evaluating mobile money adoption among rural farmers in the context of GTBank’s services. It will investigate the key barriers hindering adoption, assess the impact of mobile money on financial accessibility, and propose measures to enhance user engagement and trust. The goal is to provide actionable recommendations for improving the design, security, and accessibility of mobile money platforms to better serve rural farmers.
Objectives of the Study
• To assess the level of mobile money adoption among rural farmers.
• To identify barriers to effective mobile money utilization.
• To recommend strategies for enhancing mobile money accessibility and security.
Research Questions
• What is the current adoption rate of mobile money among rural farmers?
• What are the key factors limiting its utilization?
• How can mobile money services be improved to better serve rural populations?
Research Hypotheses
• H1: Increased digital literacy significantly improves mobile money adoption.
• H2: Enhanced network infrastructure positively impacts service utilization.
• H3: User friendly interfaces increase customer trust and adoption rates.
Scope and Limitations of the Study
This study focuses on GTBank’s mobile money services in rural areas from 2023 to 2025. Limitations include regional differences in connectivity and varying levels of digital literacy.
Definitions of Terms
• Mobile Money: Digital financial services accessed via mobile devices.
• Financial Inclusion: The ease of accessing financial services.
• Digital Literacy: The ability to effectively use digital tools.
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