Assessing Opportunities and Challenges of Implementing Mobile Wallet Banking: The Case of Gizepay
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Date
2021-03
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Addis Ababa University
Abstract
This study work aimed to examine challenges and opportunities in implementing wallet banking project in Bank of Abyssinia in giving due attention to available opportunities which drive implementation process and challenges which can influence the implementation process of wallet banking. The study applied exploratory research design and used questionnaires, open ended questions, yes/no questions and semi structured interview as instrument to collect primary data, while secondary data were reviewed from various literatures. Purposive sampling was used to gather the data through questionnaire for Digital Banking support, Agent banking and application management department team members with sample size of 31 respondents and Semi structure interview was employed for the executives of agent banking and application management team. A mixed research approach was used to answer the research questions. Quantitative data were analyzed with the use of SPSS version 20 software using statistical tools of frequency, percentage and mean score. The results investigated from the selected respondents and review of secondary data demonstrates that BOA implemented GizePay in a manner that followed the right project management methods, staged and practices by combining lessons learned from previous versions and other earlier released wallet banking platforms at the perfect time table for launching wallet banking. The study also demonstrates opportunities that drive implementation of wallet banking like: the market is endowed with huge potential of untapped and unbanked population, increase in the number of Smartphone, internet and mobile payment users, Inventive mobile payment application, being late adopter gave the bank to take advantage of already developed best and existing experience of other similar platforms, , it is a way to minimize cost for the bank and it reduces risks of traditional payment system, The existence of few local and no international mobile wallet service providers and government policy and incentive to widen mobile banking usage. The study result also identified significant challenges for implementation of wallet banking like: lack of adequate telecommunication infrastructure, Low level of internet penetration, Fraud risk and low trust of mobile wallets by customers made the technology acceptance low, Low level of ICT literacy rate and low perception of customer, lack of aggressive advertising and awareness creation by BOA, Customers preference to stick with the physical bank hampered performance and insurgence of wallet banking, Repetitive data network failure (inaccessibility), data network interruption and requirements of little mobile device knowledge, lack of continuous non-virtual training and government policies. On these bases, recommendation were given for BOA to work on creating awareness to employees, customers and shareholders through aggressive marketing and advertisement, giving continuous non- virtual training and also recommendation for government side to loosen the polices on transaction limits and create environment for inter-bank wallet banking.
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Keywords
wallet banking, practice, TOE framework