An Assessment of the contribution of mobile and internet banking on the financial access in the informal sector in Bindura, Zimbabwe during covid-19 pandemic
- Author
- Manyangadze, Precious
- Title
- An Assessment of the contribution of mobile and internet banking on the financial access in the informal sector in Bindura, Zimbabwe during covid-19 pandemic
- Abstract
- This study aimed to assess the contributions of mobile and internet banking on the financial access in the informal sector during covid-19 pandemic in Bindura. The objectives of the study were to: assess how mobile and internet banking ease barriers to financial access to informal sector during covid-19 pandemic, determine the level of adoption of mobile and internet banking by the informal business sectors during covid19 pandemic, determine the strategies that can be used to optimise the adoption of mobile and internet banking in informal business sector during covid-19 pandemic and to identify and assess the opportunities and challenges associated with mobile and internet banking by the informal business sectors during covid19 pandemic. Sample size of 40 respondents was used for the study. Questionnaires and interviews were used as data collection instruments. Results were analysed using Microsoft Excel. Research findings were that mobile and internet banking positively contributed to the financial access to the informal business sector group of people in Bindura since electronic payments made an easy flow of their businesses during covid-19 pandemic. It also brought opportunities of business growth since it came as cash remedy. The study concluded that mobile and internet banking helped in minimising the spread of corona virus. Also, mobile and internet banking was viewed as a safe mode of saving money in the informal business sector in Bindura. Furthermore, transaction service charges were the major challenges of the low uptake and adoption of mobile and internet banking in the informal sector. Recommendations of the study were that service providers such as Econet, Netone and Telecel should reduce their transaction service charges when their customers are transacting. Also, mobile money agents should as well stop adding extra percentages on top of the ones charged by service providers when customers wish to collect their cash.
- Date
- June 2022
- Publisher
- BUSE
- Keywords
- Covid-19,
- Internet banking,
- Supervisor
- Mr. Maunga,
