Examining Issues of Electronic Payment Systems in Ghana

Texila International Journal of Academic Research, 2023

Although other payment methods are available, like card, cheque, mobile, and online payments, most Ghanaians still use the cash payment system. The study examined how Ghanaian customers felt about using electronic payments. These included determining thesector andctors that influence consumer adoption and use of electronic payment services in Ghanaian banks, examining customer satisfaction with e-payment in the banking sector, and preventing fraud. A sample size of 100 participants was chosen for the study using purposive sampling to select participants from the banks and systematic sampling to select participants from the customers. According to the research's findings, factors such as usability, security, privacy, the caliber of the after-sales support, marketing mix, and reputation affect consumers' opinions of electronic payment systems. According to the study, customers are satisfied with the value offered for their banking requirements and the opportunity to experiment with e-payments in the banking sector. The study also found that while customers' top concerns are trust and security, barriers to e-commerce include a low internet penetration rate, fewer users, expensive and challenging e-commerce technology, and a lack of progress in other supporting industries. Trust and security are significant deterrents against using electronic payment systems. The ability of consumers and banks to reach a larger market and participate in the world payment system is another way that technology can help the economy. Stakeholders should offer the unbanked sufficient assurances of security for utilizing electronic payment systems on their privacy without requiring them to maintain accounts with them.

International Journal of Multidisciplinary Studies and Innovative Research, 2023

There has been a significant increase in mobile money accounts and transactions in recent years due to the interoperability of mobile money platforms. The literature on mobile money still needs to highlight one area that needs attention: its role in realizing the cash-lite agenda. This study investigated whether a mobile money payment system could be the panacea for achieving the cash-lite agenda in Ghana. The study adopted a mixed methods research design and used both quantitative and qualitative data collection and analysis approaches. Three hundred and fifty-one (351) respondents responded to the questionnaires, while data collection involved questionnaires and structured interviews. The questionnaires had three parts: Part A consisted of respondents' bio-data; Part B covered their acceptance and usage of cashless instruments; and Part C addressed the challenges they faced while using such tools. The questions were mostly 5-point Likert scale-type questions. Data were analyzed quantitatively using descriptive and inferential statistical analysis tools with the help of the Statistical Package for Social Sciences (SPSS) software. The findings showed that the top three cashless instruments used were mobile money, the Visa or Master Card, and the Automated Teller Machine (ATM). Among these, mobile money was the most widely used. Also, for e-levy, inadequate infrastructure, and frequency of e-payments were some of the factors that affected cashless instruments usage. Additionally, the study found that most respondents were concerned about the illiteracy rate, identity theft or fraud, unreliablenetworks, cyber security, and privacy issues. Among other things, it is recommended that there should be massive investments in infrastructure by key stakeholders such as government, banks, and non-bank operators to ensure faster and cheaper internet connectivity and improved network availability, quality, and security.

2016

The study investigates the challenges of electronic payment system in Gombe state, evidences from the office of the accountant general in Gombe state with a view to provide solutions to the problems so identified, In carrying out the study, four hundred and five (405) staffs of the office of the accountant general of Gombe formed the population with a total of hundred respondents sampled through purposive sampling method and the analysis is principally based on the Primary data collected from the respondents in the study area. Simple descriptive statistics such as means, percentages and frequencies were used to analyze the data collected from respondents. The study identified problems associated with electronic payment system such as: network failure which leads to failure in capturing variations (personnel update) between platforms and banks, problem in attaching special allowance to a specific pay group (grade level), problem of system maintenance among others. On the basis of the...

2012

Parties conducting electronic businesses and transactions have usually never seen each other face-to-face, nor exchanged currency or hard copies of documents hand-to-hand. The society at large prefers transactions that involve physical contact of people, cash and cheques to that which is done over a telecommunication network such as the Internet. However, security, trust and convenience are among the major contending factors affecting the adoption of e-payment systems in Nigeria. This paper presents issues on the factors necessary to facilitate the development of EPS in Nigeria and devise ways to enhance its adoption by users.

Oman Chapter of Arabian Journal of Business and Management Review, 2012

Nigeria cannot afford to fold her hands and watch other countries take its pride of place in the electronic payment system. It is a truism that no country can function optimally without an efficient financial system which can be triggered by electronic payment system. The study examines the user acceptability and payment problems encountered by Nigerians in utilizing electronic banking system. It equally ascertains the contribution of electronic retail payment to the elimination or reduction in problems inherent in the payment process in Nigeria. Data were sourced from both primary and secondary sources. Data collected were analysed using tables and percentages. However, we found out that cash usage is still very high in Nigeria irrespective of the efforts of Central Bank of Nigeria towards the adoption of electronic payment system. It is caused by the challenges of inadequate power supply, shortage of critical technological infrastructures, lack of sociocultural support and absence of regulatory framework that are required to operate seamless and effective electronic payment system in the country. We recommend that there is the need for the government to remove barriers to innovation, including regulatory barriers to pave way for rapid development of the electronic payment systems in Nigeria.

2014

Electronic banking has blurred the boundaries between different financial institutions, enabled new financial products and services, and made existing financial services available in different packages. The aim of the paper was to determine the adoption, challenges and some critical successes of electronic banking in the Ghana.A sample of 10 members of staff was purposively selected from the population and a cross section of 50 customers of ECOBANK was randomly selected. The primary source of data was obtained from interviews and questionnaires which were administered to ten (10) officials of ECOBANK and fifty (50) clients who are using one or more e-banking service of the bank. Secondary data was also collected from research reports, ECOBANK Ghana and other published materials. The findings showed some of the advantages of e-banking were easy access to money and account information 24-hours and time saving for customers to carry out other duties, eradication of long queues as assoc...

2018

The banking industry is one of the sectors that has benefited from the evolving technology by the introduction of Electronic banking (e-banking) systems which provide easy access to banking services. This study was carried out to assess the prospect and challenges of e-banking in Zenith Bank Sunyani, Ghana. Fifty (50) structured questionnaires were administered to customers of e-banking products and some staff to gather data on e-banking. The study indicated that 96.7% of respondents used e-banking products very often and had different types of ebanking products which were ATM, Internet Banking, Z-Prompt, Z-web Acquirer. Most respondents preferred the ATM other e-banking products because of its easy access. Additionally, most customers used combinations of the products. The study also identified benefits customers derive from e-banking as saving of time, quickness in banking transactions, easy access to account details and reduction of long queues in banking halls. The study further indicated that customer satisfaction and competition from other banks were the main influencing factors for ebanking adoption. Notwithstanding e-banking prospects, it is confronted with challenges such as frequent network failure, high bank charges, limit on amount of cash withdrawal and wrong debit.

2015

The study investigated managerial and usage challenges associated with the e-zwich smartcard. It focused on four different population categories namely Bank of Ghana, Ghana Interbank Payment Settlement Systems (GhIPSS), Participating Commercial Banks and Users of the e-zwich system. The total sample size selected from these population categories was 102 users, five managers from five commercial banks, and two personnel from the Bank of Ghana/GhIPSS. Inadequate point of sale (POS) terminals was the most prevalent challenge confronting users of the e-zwich card. This was the view expressed by 27% of the respondents who used e-zwich cards. 13% of respondents held the view that complex processes for conducting payments was a challenge associated with use of the e-zwich cards. Other major challenges mentioned were: Lack of knowledge and skills in basic computing; lack of trust in non-cash payments and inadequate marketing (advertisement) campaigns. It was concluded that, significant prog...

The e--payment system has gradually emerged strongly and has no doubt earned competitive advantage. However, the process of establishing e-payment practices in the pursuit of a sustainable development and economic growth is yet to be firmly established. Firstly, this paper describes the significance of e-payment system by explaining the transition from the traditional payment practices to the evolving electronic payment practices which has broken many new grounds and has taken a global dimension. Secondly, it explains why the electronic payment channels such as the use of ATM, Mobile banking, internet banking, POS terminals, etc could enable business to flourish and reduce the movement of cash/cash handling which in turn helps to curb crime rates and would protect consumers from many dangers. Also, it explains why it has gained greater height of acceptability and thus explains how information communication technology (ICT) could be exploited and enhanced for this purpose. Again, it develops a strategic management framework for leveraging e-payment practices by providing considerable and practical suggestions on the use of e-payment system, its features, benefits, success factors and possible attendant risks associated with e-payment system and e-payment constraints. Finally, it outlines why we need e-payment system, and what we should do to enhance and improve the standard of living, as well as facilitating economic, social and technological changes as certain values are espoused by sustainable development which in turn, would help to foster economic growth in the Nigerian economy .

LLM thesis , 2023

E- Commerce is becoming a major engine of the world economy, as well as in Ethiopia. Ethiopia's e-commerce business is growing rapidly, with a projected annual growth rate of 25%. Payment systems are one of the most essential elements of e-commerce, and they have evolved over time to meet the different needs of customers and merchants. With the growing popularity of e-commerce in the country, it is critical to analyze and address the legal and practical barriers that restrict the payment method. Payment methods used in e-commerce, however, are not without legal and practical challenges. The payment system in Ethiopia's e-commerce industry has both legal and practical challenges. While there are laws in place to support and regulate online transactions, challenges remain in terms of accessibility, security, and consumer trust. In practice, the availability and accessibility of payment methods in Ethiopia remains limited. The majority of e-commerce transactions rely on cash on delivery (COD) or bank transfers, which can be time-consuming and inconvenient. Acquiring payment gateway services can be difficult because there are few providers in Ethiopia. Likewise, many customers are still sceptical of online payment systems due to concerns about fraud and data security. This research paper examines the legal and practical aspects of payment systems in e-commerce in Ethiopia. The research is going to employ a mixed-methods approach, including a legal review of Ethiopia's current regulatory environment as well as interviews with e-commerce merchants and consumers. It examines the legislative framework governing electronic payment systems, including laws governing regulation as well as oversight structures. Additionally, it examines the practical aspects of using electronic payment systems in Ethiopia, including the challenges. Ultimately, this research aims to contribute to a better understanding of the legal and practical factors influencing payment systems in Ethiopia's e-commerce industry, as well as to provide recommendations for future improvements to the legal and practical environment for electronic payments in order to facilitate the country's e-commerce sector's growth.