Investigating Factors Influenccing Mobile Money Service Among Small-Scale Entrepreneurs in Nigeria

Authors

  • Nathan Udoinyang Department of Economics, Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Rivers State Nigeria

DOI:

https://doi.org/10.56778/rss.v1i1.562

Keywords:

Mobile money, Nigeria, Service, Small-scale entrepreneurs

Abstract

The variables affecting acceptance of mobile banking services among small businesses in Nigeria are discussed in this research. Using a survey questionnaire to gather information from a sample of small-scale entrepreneurs in Nigeria, the study uses a quantitative research methodology via interview. For small-scale entrepreneurs in Nigeria, the findings of the research reveal that awareness and understanding of mobile money services, perceived usefulness and ease of use, as well as security concerns are major factors affecting their acceptance of mobile money services. To encourage small-scale entrepreneurs in Nigeria to use mobile money services, the study suggests that mobile network operators, legislators, and other interested stakeholders should raise awareness and knowledge of them, improve their perceived utility and simplicity, and address security issues. 

References

Akinnuwesi, B. A., Uzoka, F.-M. E., Fashoto, S. G., Mbunge, E., Odumabo, A., Amusa, O. O., Okpeku, M., & Owolabi, O. (2022). A modified UTAUT model for the acceptance and use of digital technology for tackling COVID-19. Sustainable Operations and Computers, 3, 118–135. https://doi.org/10.1016/j.susoc.2021.12.001

Asif, M., Khan, M. N., Tiwari, S., Wani, S. K., & Alam, F. (2023). The Impact of Fintech and Digital Financial Services on Financial Inclusion in India. Journal of Risk and Financial Management, 16(2), 122. https://doi.org/10.3390/jrfm16020122

Bajwa, F. A., Fu, J., Bajwa, I. A., Ahmad, S., & Mahmood, F. (2025). Factors influencing usage and loyalty for payment app customers in Saudi Arabia. Acta Psychologica, 255, 104961. https://doi.org/10.1016/j.actpsy.2025.104961

Balakrishnan, V., & Lay Gan, C. (2023). Going Cashless? Elucidating Predictors for Mobile Payment Users’ Readiness and Intention to Adopt. Sage Open, 13(4), 21582440231215111. https://doi.org/10.1177/21582440231215111

Chilembo, T. (2021). A Study of the Factors Affecting Small and Medium Enterprises (SMEs) Access to Finance. A Case of Lusaka Based SMEs. American Journal of Industrial and Business Management, 11(05), 437–460. https://doi.org/10.4236/ajibm.2021.115028

Chua, E. L., Chiu, J. L., & Chiu, C. L. (2020). Factors influencing trust and behavioral intention to use Airbnb service innovation in three ASEAN countries. Asia Pacific Journal of Innovation and Entrepreneurship, 14(2), 175–188. https://doi.org/10.1108/APJIE-12-2019-0095

Dwivedi, Y. K., Hughes, L., Baabdullah, A. M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M. M., Dennehy, D., Metri, B., Buhalis, D., Cheung, C. M. K., Conboy, K., Doyle, R., Dubey, R., Dutot, V., Felix, R., Goyal, D. P., Gustafsson, A., Hinsch, C., Jebabli, I., … Wamba, S. F. (2022). Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 66, 102542. https://doi.org/10.1016/j.ijinfomgt.2022.102542

Goncalves, M., Papagelis, S., & Nicolitsas, D. (2025). Drivers for Women Entrepreneurship in Greece: A Case Analysis of Early-Stage Companies. Businesses, 5(1), 1. https://doi.org/10.3390/businesses5010001

Kraus, S., Durst, S., Ferreira, J. J., Veiga, P., Kailer, N., & Weinmann, A. (2022). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 63, 102466. https://doi.org/10.1016/j.ijinfomgt.2021.102466

Mogaji, E., & Nguyen, N. P. (2022). The dark side of mobile money: Perspectives from an emerging economy. Technological Forecasting and Social Change, 185, 122045. https://doi.org/10.1016/j.techfore.2022.122045

Mohamed, A. A., & Nor, M. I. (2021). Assessing the Effects of the Mobile Money Service on Small and Medium Sized Enterprises: Study on EVC-Plus Services in Somalia. American Journal of Industrial and Business Management, 11(05), 499–514. https://doi.org/10.4236/ajibm.2021.115031

Osabutey, E. L. C., & Jackson, T. (2024). Mobile money and financial inclusion in Africa: Emerging themes, challenges and policy implications. Technological Forecasting and Social Change, 202, 123339. https://doi.org/10.1016/j.techfore.2024.123339

Qin, F., Mickiewicz, T., & Estrin, S. (2022). Homophily and peer influence in early-stage new venture informal investment. Small Business Economics, 59(1), 93–116. https://doi.org/10.1007/s11187-021-00523-3

Shaikh, A. A., Glavee-Geo, R., Karjaluoto, H., & Hinson, R. E. (2023). Mobile money as a driver of digital financial inclusion. Technological Forecasting and Social Change, 186, 122158. https://doi.org/10.1016/j.techfore.2022.122158

Sufyan, M., Degbey, W. Y., Glavee-Geo, R., & Zoogah, B. D. (2023). Transnational digital entrepreneurship and enterprise effectiveness: A micro-foundational perspective. Journal of Business Research, 160, 113802. https://doi.org/10.1016/j.jbusres.2023.113802

Talom, F. S. G., & Tengeh, R. K. (2019). The Impact of Mobile Money on the Financial Performance of the SMEs in Douala, Cameroon. Sustainability, 12(1), 183. https://doi.org/10.3390/su12010183

Wang, C., Ahmad, S. F., Bani Ahmad Ayassrah, A. Y. A., Awwad, E. M., Irshad, M., Ali, Y. A., Al-Razgan, M., Khan, Y., & Han, H. (2023). An empirical evaluation of technology acceptance model for Artificial Intelligence in E-commerce. Heliyon, 9(8), e18349. https://doi.org/10.1016/j.heliyon.2023.e18349

Wanzala, R. W., & Obokoh, L. O. (2025). Financial inclusion of the informal sector of marginalized counties in Kenya. Cogent Social Sciences, 11(1), 2522291. https://doi.org/10.1080/23311886.2025.2522291

Waris, A., Nazir, S., Khan, S., Ali, M. Z., & Gorsi, M. S. R. (2024). Effects of Mobile Money Services on the Performance of Small and Medium Size Enterprises. American Journal of Industrial and Business Management, 14(04), 537–552. https://doi.org/10.4236/ajibm.2024.144027

Xue, L., Rashid, A. M., & Ouyang, S. (2024). The Unified Theory of Acceptance and Use of Technology (UTAUT) in Higher Education: A Systematic Review. Sage Open, 14(1), 21582440241229570. https://doi.org/10.1177/21582440241229570

Downloads

Published

2025-09-02

How to Cite

Udoinyang, N. (2025). Investigating Factors Influenccing Mobile Money Service Among Small-Scale Entrepreneurs in Nigeria. RADINKA IN SOCIAL SCIENCE, 1(1), 19–25. https://doi.org/10.56778/rss.v1i1.562

Issue

Vol. 1 No. 1 (2025): Radinka In Social Science

Section

Articles

License

Copyright (c) 2025 RADINKA IN SOCIAL SCIENCE

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

<a rel="license" href="http://creativecommons.org/licenses/by/4.0/"><img alt="Creative Commons License" style="border-width:0" src="https://i.creativecommons.org/l/by/4.0/88x31.png" /></a><br />This work is licensed under a <a rel="license" href="http://creativecommons.org/licenses/by/4.0/">Creative Commons Attribution 4.0 International License</a>.