Obstacles towards adoption of mobile banking in Tanzania: a review

Abstract

Adoption of mobile banking in Tanzania is negatively affected by factors such as theft of mobile handsets, poor network coverage, lack of knowledge of m-banking users, high mobile money transaction fees, irregular standards of mobile money payments, lack of enough float of mobile money agents, ATM breakdown and theft, lack of trust of mobile money agents, and poor security of mobile networks. Fourteen (14) current papers (2010-2014) related to the study were reviewed to extract obstacles which appear most frequently. The frequencies and percentages of eight (8) studied variables were computed using excel and presented in tables and pie chart. The findings reveal that poor network coverage, lack of knowledge of m-banking users, lack of enough float of mobile money agents and ATM breakdown and theft are major obstacles on the way to the adoption of m-banking in Tanzania. The study recommends that, the government and all other stakeholders should hastily focus their first priority to tackle the most critical obstacles instead of dealing with a huge number of obstacles, taking into account the limited resources the country is facing. This approach may be productive since it needs little resources, integrated efforts and strategies which must be implemented in parallel with government policies such as National Strategy for Growth and Reduction of Poverty (NSGRP).

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