Facilitating mCommerce Growth in Nigeria through mMoney Usage: A Preliminary Analysis

Abstract

A general belief is that Mobile Money (mMoney) has the catalytic effect of spurring mCommerce growth and driving financial inclusion in developing nations like Nigeria. In Nigeria, mMoney service is certainly a new financial service innovation in the country, and as a result critical issues surrounding its early critical mass adoption, including its perceived usefulness, remain largely opaque. In this paper, our aim was to explore factors influencing perceived usefulness of mMoney by using the extended technology acceptance model (TAM) as the theoretical underpinning of our work. This work is based on a usable sample of 127 respondents from two major cities in Nigeria. Overall, the study's results indicate that perceived regulator assurance, service affordability, convenience, proximity to the nearest bank branch, and worry over ease of use are significant predictors of mMoney perceived usefulness. The work helps shed new insights about the significant factors that are closely related to the consumer's perception of the relevance of mMoney services (to his/her financial needs). In sum, the study is an initial step to addressing the issue of perceived usefulness of mMoney service, including its pivotal importance to laying a solid foundation for mCommerce growth in Nigeria and similar sub-Saharan African (SSA) countries.

Assessing the Role of Trust in Merchant Adoption of Mobile Payments in Ghana

“…"We get all kind of calls supposedly coming from providers but it turns out to be intruders who are able to generate codes, that should be coming from service providers which are a little bit suspicious if merchant information ends up with third parties" As alluded by the operations director "I think the encryptions back to back are not strong enough because fraudsters are able to wipe people's wallet without knowing the merchant code. I don't feel safe with the telecom company because they do not understand the banking rudiment; I will feel safe if these services are run by the banks" a statement by the operations Director This finding is similar to earlier findings on the relationship between risk and trust (see Pavlou 2003;Osakwe and Okeke 2016;Bhuvana and Vasantha 2017). These findings support proposition 3 in the model.…”

“…Confidentiality and Safety concerns hamper merchant adoption of an online and wireless channel for a commercial transaction (Bhuvana and Vasantha 2017). Because of the shared domain of online information which merchants may be reluctant to adopt until they are convinced of self-assurance in the safety feature of the technology (Osakwe and Okeke 2016). In the mobile payment environment, merchants have to entrust all their account details, to MSPs and other players in the mobile payment context.…”

“…In the mobile payment environment, merchants have to entrust all their account details, to MSPs and other players in the mobile payment context. Owing to the merchant's lack of control and uncertainties associated with mobile payment transactions makes merchants perceive environmental risks (Bhuvana and Vasantha 2017;Osakwe and Okeke 2016).…”

An Empirical Examination of Customers’ Mobile Phone Experience and Awareness of Mobile Banking Services in Mobile Banking in Saudi Arabia

“…In Saudi Arabia, Al-Somali et al Laukkanen and Kiviniemi (2010) and Palani and Yasodha (2012) reported that awareness (information provided by banks) diminishes perceived risks and enhances positive user expectancy of m-banking. Osakwe and Okeke (2016) stated that users are more concerned with risk when using mobile devices and pointed out the need for awareness creation, taking into consideration the level of awareness of non-adopters and early adopters about the security and benefits of m-money. Therefore, this study hypothesizes the following:…”

Integrating technology acceptance model and organizational innovativeness in the adoption of mobile commerce

“…Report from Digital-Capital (2014) reveals that Asian countries account for nearly half of the global m-commerce revenue, which stood at us$230 billion, while sales revenue from m-Commerce in developing countries is still at very low ebb. It has also been advocated that despite the tremendous benefits which users of m-Commerce can derive from its usage, the rate of adoption in a country like Nigeria is still low (Osakwe & Okeke, 2016) as m-Commerce is still at the infant stage in developing countries generally Wong & Hiew, 2005). For instance, experience has also indicated that many customers are still reluctant to accept this new technology notwithstanding that it has much potential in developing countries (United Nations, 2002).…”