Abstract:

Over the years, the evolution of and use of mobile phones and other mobile devices such as tablets has offered society the opportunity to access financial services such as mobile money.

Mobile money allows one to transfer money or make payments with their mobile phone, in the comfort of their location and in a simple, fast, convenient and affordable way.

This research sought to determine the effect of the evolution of mobile money services on traditional banking in Ghana.

The article showed that mobile money is a viable tool for financial inclusion, it has improved efficiency of transactions, it has initiated some changes in traditional banking and has a generally positive impact on traditional banking in Ghana.

Keywords: Mobile Phone, Mobile Money Transfer, Financial Inclusion, Mobile Money Subscribers, Ghanaian Economy, Threats, Business Activity, Payment Systems.

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