An appraisal of mobile money services and economic inclusion in Awka North Local Government Area, Anambra State
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- NGN 5000
Background of the study
Mobile money services have revolutionized financial transactions, serving as a catalyst for economic inclusion, especially in regions with limited access to traditional banking infrastructure. In Awka North Local Government Area, Anambra State, digital financial platforms have expanded access to savings, credit, and payment systems for individuals who were previously excluded from the formal financial sector (Eze, 2023). These services have bridged the gap between banks and underserved communities, fostering economic empowerment and encouraging entrepreneurial activities. Historically, low financial inclusion has stifled economic growth, particularly in rural and semi-urban areas. With the advent of mobile technology, residents in Awka North are now able to conduct secure and efficient financial transactions, which in turn supports local businesses and stimulates economic activity (Chinwe, 2024). Despite these benefits, challenges such as low digital literacy, security concerns, and inadequate regulatory frameworks persist. This study aims to evaluate the impact of mobile money services on economic inclusion by analyzing their adoption, benefits, and limitations in Awka North. The research will explore how these digital solutions contribute to improved financial access and overall socio-economic development.
Statement of the problem
Although mobile money services hold significant promise for promoting economic inclusion in Awka North, challenges remain that limit their full potential. Many residents encounter barriers related to digital literacy, security vulnerabilities, and limited regulatory support (Eze, 2023). Additionally, discrepancies in service availability between urban and rural areas contribute to persistent economic exclusion, leaving segments of the population underserved (Chinwe, 2024). The lack of comprehensive consumer protection further undermines confidence in these platforms. This study aims to identify these challenges and assess the overall impact of mobile money services on economic inclusion, ultimately proposing strategies to overcome these barriers and enhance the benefits of digital financial services.
Objectives of the study (3):
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To assess the role of mobile money services in enhancing economic inclusion in Awka North.
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To identify challenges affecting the adoption of mobile money.
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To recommend strategies for improving service effectiveness and security.
Research questions (3):
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How do mobile money services promote economic inclusion in Awka North?
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What challenges limit the adoption of mobile money services?
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How can these platforms be improved to better serve economically excluded groups?
Research Hypotheses (3):
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Mobile money services significantly improve economic inclusion.
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Digital literacy and security concerns hinder adoption.
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Strengthened regulatory frameworks enhance service effectiveness.
Significance of the study
This study underscores the pivotal role of mobile money services in advancing economic inclusion in Awka North. The insights generated will help policymakers, financial institutions, and technology providers tailor interventions to overcome digital and regulatory challenges, thereby fostering broader financial inclusion. Ultimately, these efforts can lead to improved economic stability and empowerment for underserved communities (Eze, 2023; Chinwe, 2024).
Scope and limitations of the study:
This study is limited to evaluating the impact of mobile money services on economic inclusion within Awka North Local Government Area, focusing on user adoption and related challenges.
Definitions of terms (3):
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Mobile Money Services: Digital platforms facilitating financial transactions via mobile devices.
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Economic Inclusion: Ensuring all individuals have access to financial services and opportunities.
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Digital Literacy: The ability to effectively use digital tools and technologies.
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