Institute for Money, Technology & Financial Inclusion

The study investigated the unmet needs of small merchants in rural and urban Ghana regarding adoption and utilisation of digital financial payment systems. The primary research questions were: What are the needs of small merchants in adopting digital payment platforms for businesses? How are various policy makers/regulators and service providers addressing these needs in order to boost adoption and utilisation of digital payment systems for financial transactions? A mixed method research design was adopted for the study. Findings of the study indicate that about 28% of the 200 sampled respondents were adopters of the digital payment system and 25% were currently using it. Major challenges impeding adoption and utilization include poor communication networks, illiteracy and limited knowledge of the usefulness of digital payment systems, lack of trust in the system due to insecurity of wallets, and the sheer intrinsic value of holding physical cash on the person. This study can make a significant impact if it is expanded and the sample size is more nationally representative.