An evaluation of the effects of mobile money services on financial inclusion in Ugep Local Government, Cross River State
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Background of the Study:
Mobile money services have emerged as a pivotal financial technology innovation, transforming the way transactions are executed and how individuals access financial resources. In Ugep Local Government, these services have notably begun to reshape the financial landscape by providing unbanked communities with a viable alternative to conventional banking (Okoro, 2023). The rapid adoption of mobile platforms, alongside increasing mobile penetration, has enhanced the accessibility of financial services, thereby potentially reducing poverty and fostering local economic growth (Ibrahim, 2024). This digital revolution also offers a unique opportunity to address longstanding issues of financial exclusion prevalent in remote areas. Additionally, evolving regulatory frameworks and consumer protection policies are gradually being implemented to support these innovations (Johnson, 2023). Despite these positive trends, the local context presents challenges such as inadequate infrastructure, limited financial literacy, and cultural resistance that may impede optimal utilization. The interplay between technology, social behavior, and policy environments in Ugep necessitates a detailed investigation to ascertain whether mobile money truly contributes to inclusive growth or if significant gaps remain in reaching the most vulnerable populations (Smith, 2023). Understanding these dynamics is essential for stakeholders aiming to maximize the benefits of digital financial services.
Statement of the Problem:
Although mobile money services have expanded access to financial resources, there remains limited empirical evidence on their specific effects in Ugep Local Government. Many residents still depend on cash-based transactions, which hinders full participation in the digital economy. This situation is compounded by infrastructural limitations and low digital literacy, resulting in a mismatch between the technology’s potential and its practical impact. Consequently, there is a need to critically assess the barriers and benefits associated with mobile money adoption in the region (Okoro, 2023).
Objectives of the Study:
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To evaluate the impact of mobile money services on financial inclusion in Ugep Local Government.
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To identify key factors influencing the adoption of mobile money among local residents.
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To examine the role of regulatory frameworks in facilitating or hindering mobile money usage.
Research Questions:
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How do mobile money services influence financial inclusion in Ugep Local Government?
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What are the major determinants affecting the adoption of mobile money services?
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In what ways do regulatory measures impact the effectiveness of mobile money transactions?
Research Hypotheses:
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Mobile money services significantly enhance financial inclusion in Ugep Local Government.
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Socioeconomic factors positively correlate with the adoption of mobile money services.
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Effective regulatory frameworks lead to increased usage of mobile money platforms.
Significance of the Study:
This study will provide valuable insights for policymakers and financial service providers by highlighting practical strategies to bridge the gap between technology potential and real-world application, ultimately fostering economic growth and inclusivity in Ugep Local Government (Williams, 2024).
Scope and Limitations of the Study:
The study is limited to evaluating the effects of mobile money services on financial inclusion in Ugep Local Government, Cross River State.
Definitions of Terms:
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Mobile Money Services: Digital platforms that enable financial transactions through mobile devices.
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Financial Inclusion: The process of ensuring access to affordable financial products and services.
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Regulatory Framework: The system of rules and guidelines governing the operation of financial technologies.
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