The impact of electronic payment system on customer satisfaction in the financial sector in Zimbabwe: A case of FMC Finance

Author

Tapiwa Blessing Maduke

Title

The impact of electronic payment system on customer satisfaction in the financial sector in Zimbabwe: A case of FMC Finance

Abstract

The purpose of the study was to identify the impact of electronic payment system on customer satisfaction using FMC Finance as a case study. The study sought to demonstrate an understanding of electronic payment systems in the Zimbabwean financial sector, determine the challenges faced by financial institutions in using electronic payment system, evaluate customer appreciation and perception of payment system in the Zimbabwean financial sector as well as to determine the costs that are associated with the perception of using electronic payment system. A descriptive research design was used and a sample size of fifty respondents participated in the study. Questionnaires were used to obtain data from respondents. The findings revealed that both consumers and management were facing challenges in using electronic payment system such as system crush. The study revealed that consumers had different perceptions in using electronic payments system. The research findings shows that electronic payment system in Zimbabwe is associated with several costs such as high annual fees and high interest rates. The study concludes that electronic payment system has a positive impact on customer satisfaction and financial institutions should keep on working to improve customer perspectives. From the findings, it can be concluded that consumers are mainly affected by high costs that are associated by using electronic payment system. The researcher recommended that bank management must re-evaluate their policies regarding the amount of fees charged on fees. Consumers must choose the payment method that fits their financial needs, offers convenience and best protects the security of their money in each transaction. The researcher suggests for further studies on the effects of electronic payment system on financial performance of retail sector in the rural areas.

Date

2021

Publisher

BUSE

Keywords

Electronic payment system

Impact

Customer satisfaction

Financial

Supervisor

N/A