Evaluation of mobile money banking in financial institutions in Uganda. A case study of Centenary Bank

Abstract

The purpose of the study was to evaluate the role of mobile money banking system in Centenary Bank Uganda (Rubaga, Mapeera, Nateete, and Namirembe Branches). This was driven by the fact that mobile money banking is an innovative system which has improved the banking sector and it is widely acceptable by scholars and policy makers. The study was guided by three specific research objectives which included:- to assess the role of mobile money banking system (Cente-mobile) towards the performance of Centenary Bank, to identify the challenges of mobile money banking system and to propose appropriate strategies to improve the usage of mobile banking in Centenary Bank. The research design used was quantitative, non-experimental, and cross sectional in nature. Units of analysis were individuals from Centenary bank. Primary data was collected and analyzed using SPSS to generate descriptive statistics. Findings from the study indicated that majority of the respondents agreed to expansion of access to financial services and linking of mobile money services to banking industry. However, inadequate technical support to serve clients on the use of mobile money banking system was a dominant challenge and all strategies were applicable on the improvement of mobile money banking system. The study recommends that Centenary bank should recruit mobile money bank support staff, collaborate with telecommunication companies, invest more resources to boost infrastructures in relation to information Communication Technology to improve on the use of mobile money banking system since it has a significant influence on the performance of the Bank.