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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Changing Face of Money: Preferences for Different Payment Forms in Ghana and Zambia
Author(s): Vivian A. Dzokoto, Elizabeth N. Appiah, Laura Peters Chitwood, Mwiya L. Imasiku
Citation: Dzokoto Vivian A., Appiah Elizabeth N., Chitwood Laura Peters, Imasiku Mwiya L., (2016)"The Changing Face of Money: Preferences for Different Payment Forms in Ghana and Zambia," Journal of Applied Business and Economics, Vol. 18, Iss.4, pp. 66-81
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Mobile Money (MM) is now a popular medium of exchange and store of value in parts of Africa, Latin
America and Asia. As payment modalities emerge, consumer preferences for different payment tools
evolve. Our study examines the preference for, and use of MM and other payment forms in both Ghana
and Zambia. Our multi-method investigation indicates that while MM preference and awareness is high,
scope of use is low in Ghana and Zambia. Cash remains the predominant mode of business transaction in
both countries. Increased merchant acceptability is needed to improve the MM ecology in these countries.
