Mobile Phones are Strategic Tools for Promoting Access to Financial Service in Underprivileged Communities in Developing Countries
The unprecedented rate at which mobile phone is penetrating the
socio-fibre of society, especially its ability not only to facilitate
communication but also aid in money transfer to loved ones and relations in
sub-urban and rural communities makes it crucial for researchers to investigate
the relationship between this communication device and administration of
financial services. Besides the article being reviewed the reviewer consulted
other reputable current publications on the role mobile phone plays in delivery
financial services to the poor thereby extending the scope of the literature
material. The article itself examined various papers on “how banks can translate
the potential of mobile phones into greater financial access for poor people”.
It came out unequivocally that the potential of mobile phones to assist in meeting
the financial services needs of the poor has been driven by rapid expansion
into previously un-served regions and communities of developing countries over
the last decade. In most developing economies, governments five-year tax holiday and favourable regulatory environment
for promoting investments in the mobile telecommunications sector all goes a
long way to explain why a good number of international companies have thrown in
heavy investment to reach a lot more rural and sub-urban communities. The study
further revealed that the various governmental interventions such as waving
import duty and taxes on mobile handsets and accessories all help in rendering
the prices of handsets very affordable thereby enabling the masses to procure
these devices at very reasonable prices to enhance the mobile banking business.
It is doubtless to assert that the mobile phone technology has really revolutionized
the socio-economic set-up of mankind. Despite its ability to stimulate
effective and timely communication it also facilitate the administration of
financial services to alleviate poverty in developing economies. It is
therefore essential for stakeholders especially developing partners and
manufacturer to join forces and make the device much cheaper for the poor so as
help reduce poverty.
Adomi, E.E. (2006) “Mobile
phone usage patterns of library and information science students at Delta state
University, Abraka, Nigeria”. Electronic Journal of Academic and special
librarianship, vol. 7, no. 1, pp. 1-11.
Akturan, U., & Tezcan,
N. (2012) “Mobile banking adoption of the youth market: Perceptions and
intentions”. Marketing Intelligence & Planning, 30(4), 444 – 459.
Al-Jabri, I. M., &
Sohail, M. S. (2012) “Mobile banking adoption: Application of Diffusion of
Innovation Theory. Journal of Electronic Commerce Research, 13(4), 379-391.
Al-Mudimigh, A.S., (2007)
“E-Business strategy in an online banking service: A case study”. Journal
International Banking Commercial, 12(1).
Amin, H., Baba, R., &
Muhammad, M. Z. (2007) “An analysis of mobile banking acceptance by Malaysian
customers”. Sunway University College Academic Journal, 4, 1-12
Anamuah-Mensah, E. and
Marfo, G. (2009) “E-business adoption in the banking industry in Ghana”. MA.
Thesis, Lulea University of Technology.
Anyasi, F.I. and Otubu, P.A.
(2009) “Mobile phone technology in banking system: its economic effect”.
Research journal of Information Technology, vol. 1, no. 1, pp. 1-5.
Balachandher, K.G., S.
Vaithilingam, N. Ismail and R. Prasad, (2001) “Electronic banking in Malaysia:
A note on evolution of services and consumer reactions”. Journal Internet
Banking. Commercial., 5 (1).
Barnes, S.J. and Corbitt, B.
(2003) “Mobile banking: concept and potential”. International Journal of Mobile
Communications, vol. 1, no. 3, pp. 273-288.
Batchelor, S., Scott, N.,
and Hearn, S. (2007) “Senegal household survey: M-payment analysis”. Reading,
G.C. (2009). Business
Statistics, 3rd Ed.
Tata McGraw Hill Pvt. Ltd.; India.
Beshouri, C.; Chaia, A.; Cober,
B.; & Gravråk, J. (2010) “Banking on mobile to deliver financial services
to the poor. Global Financial Inclusion”. McKinsey &
Company’s Social Sector office.
Blake, M. (2004) “Growing
mobile market in Africa”, The electronic library, vol. 22, no. 4, pp. 370.
Boadi, R.A., Boateng, R.,
Hinson, R. and Opoku, R.A. (2007) “Preliminary Insights into M-commerce
Adoption in Ghana”, Information Development, 23, 4, 253-265.
Booth, W.C, Colomb, G.G.
& Williams, J.M, (2008). The craft of Research. Chicago: University of
(2011) “Major issues and challenges on computerization of rural banks by the
ARB Apex Bank Ltd”., Ghana. Unpublished MBA Thesis, Sikkim Manipal University,
Buchs, T. D. and Mathisen,
J. (2005) “Competition and Efficiency in Banking: Behavioral Evidence from
Ghana”., IMF Working Paper, 5 17 International Monetary Fund, Washington, DC.
Buellingen, F. and Woerter,
M. (2002) “Development perspectives, firm strategies and applications in mobile
commerce”. Journal of business research, vol. 57, no.12, pp. 1402-1408.
Chowdhury, S & Ahmmad, N
(2011), “Factors Affecting Consumer Participation in Online Shopping in
Malaysia: The Case study of University Students”, European Journal of Business
and Economics, VOL .5 No.4, pp 49-53
Ciuci, C. (2010)
Possibilities of Mobile Banking in Nigeria [online], Available at: http://www.ciuci.us/newsletter/PSMobilebanking.pdf
[Accessed: 20 December 2011].
Cooper, D. R.
& Schindler, P. S. (2006). Business Research Methods, Tata McGraw Hill Companies;
Coursaries, C., Hassanein,
K., and Head, M. (2004) Understanding the mobile consumer., Idea Group, USA and UK, pp. 132-165.
Dahlberg, T., Mallat, N.
Ondrus, J., & Zmijewska, A. (2008) “Past, present and future of mobile
payments research: a literature review” Electronic Commerce Research and
Applications, 7(2): 165-181
Dankwah, B.A., J.A. Achefon,
F. A. Okai and E. Lartey, (2011) “Design and implementation of a mobile banking
application”. M. Sc. Thesis, Trimester Project Report, Ghana Telecom University
Donner, J. (2008) “Research
approaches to mobile use in the developing world: a review of the literature”.
The information society, vol. 24, no. 3, pp. 140-159.
Drexelius, K. & Herzig,
M. (2001) “Mobile Banking and Mobile Brokerage – Successful Applications of
Mobile Business?”, International management & Consulting, 16(2), 20-23.
Fanawopa, S. (2006) “Mobile
banking on the rise”, Daily Sun
Gamos. B., I., Cajee, Z.,
Davies, D., & Stroebel, S. (2003) “Cell phone banking: Predictors of
adoption in South Africa --an exploratory study”. International Journal of
Information Management, 23(5), 381-394.
Gautam, I. and M. Pickens,
(2006) “Mobile Phone Banking and Low - Income Customers: Evidence from South
Africa”. Consultative Group to Assist the Poor, Washington DC.
Hammonds, H. (2006) “Money
banking”, Smart Apple media, USA.
Kabir, K., (2007) “How can Mobile Phones be used to
Provide Diverse Financial Services to a Range of Client segments?” Retrieved
from: http://technology.cgap.org/author/kabir- kumar/page/2/, (Accessed on: February 23, 2012).
Kothari, C.R. (2004).
Research Methodology Methods and Techniques,New Age International (P) Limited:
Krugel, G.T., (2007) “An
Overview of the Different Mobile Banking Technology Options and their Impact on
the Mobile Banking Market”.
http://18.104.22.168/mmt/downloads/finmark-mbt- aug-07.pdf (Accessed on:
February 11, 2012 ).
Laukkanen, T. & Pasanen,
M. (2000) "Mobile banking innovators and early adopters". Journal of
Financial Services.18, 85-91.
Mallat, N., Rossi, M. and
Tuunainen, V. K. (2004) “Mobile Banking Services”. Communications of the ACM,
vol. 47, no. 5, pp. 42-46.
Marczyk, G. R, DeMatteo, D.
and Festinger D., (2005) Essentials of Research Design and Methodology, New York City, NY : Wiley.
Mas, I. and Kabir, K. (2008)
“Banking on Mobiles: Why, How, for Whom?” CGAP Focus Note 48, Washington, D.C.
Mas, I., (2009). The
economics of branchless banking. Innovations, 4(2): 57 - 76, MIT Press.
Mattila, M. (2003) “Factors
affecting the adopting of mobile banking services”. Journal of Internet Banking
and Commerce, vol. 8, no. 1.
Medhi, I., Ratan, A and
Toyama, K. (2009) Mobile-Banking adoption and usage by low- literate,
low-income users in the developing world. Berlin, Heidelberg, pp. 485-494.
Nair, A. and A. Fissha,
(2010) “Rural Banking: The Case of Rural and Community Banks in Ghana”. World
Poor, N. A. (2010) "The
role of mobile banking services to its citizens," Telecommunication World
Magazine, No 78.
Porteous, B. T. &
Pradip, T. (2005) Economic Capital and Financial Risk Management for Financial
Services Firms and Conglomerates. Palgrave Macmillan.
Porteous, D. (2006) “The
Enabling Environment for Mobile Banking in Africa, Bankablefrontier” [online],
Available at: www.bankablefrontier.com/publications.php [Accessed: 9 December 2011].
Riquelme, H. E. and Rios,
R.E. (2010) “The moderating effect of gender in the adoption of mobile
banking”. The International Journal of Bank Marketing, vol. 28, no. 5, pp.
Sadi, A., & Noordin, M.
F. (2011) “Factors influencing the adoption of M-commerce: An exploratory
Analysis”. International Conference on Industrial Engineering and Operations
Management, (pp. 492-498). Malaysia
Samudra, M., & Phadtare,
M. (2012) “Factors Influencing the Adoption of Mobile Banking with Special Reference
to Pune City”. ASCI Journal of Management, 51-65.
Singh, S., Srivastava, V.,
& Srivastav, R. (2010) “Customer Acceptance of Mobile Banking: A Conceptual
Framework”. SIES Journal of Management, 55-64.
Skinner, C. & Alavi, L..
S. H. (2010) "Mobile banking and branch banking", Journal of
Economics database, No. 112.
Sripalawat, J., Thongmak,
M., & Ngramyarn, A. (2011) “M-banking in metropolitan Bangkok and a
comparison with other countries”. The Journal of Computer Information Systems,
Tiwari, R., Buse, S. and
Herstatt, C. (2006) “Customer on the move: Strategic Implications of Mobile
banking for Banks and Financial Enterprises”. Paper presented at the 8th
IEEE International Conference on E-Commerce Technology, San Francisco, 26-29
Turban, E., King, D., &
Lang, J. (2010) Introduction to electronic commerce. New York, NY: Prentice
Varshney, U. and Vetter, R.
(2002) “Mobile Commerce: framework, applications and networking support”,
Mobile Network and Applications, vol. 7, no. 3, pp.185-198.
Yang, A. S. (2009)
“Exploring adoption difficulties in mobile banking services,” Canadian Journal
of Administrative Sciences, Vol. 26, No. 2: 136-149.