Participants at the workshop commended the study for helping them adopt digital tools to improve their businesses.
Mobile money agents who attended a workshop organised as part of the ReFinD-funded "Mobile Money Agents' Incentives to Adopt Digital Tools: A Randomised Controlled Pilot Study" have commended the study's timeliness in addressing challenges within their industry. The year-long study aims to support agents in integrating digital tools into their businesses, ultimately strengthening their role in the formal financial sector.
"This intervention has come at the right time," said Mr Kwaku Bosompem of Highlife Ventures at Betom Junction in Koforidua, a participant at the workshop held in Koforidua, the capital of Ghana’s Eastern Region. "The financial landscape is changing rapidly, and having access to digital tools will help us stay competitive and grow our businesses," he added.
Madam Patience Armah of Malmo Ventures highlighted the broader impact of digital integration, noting, "if we have the right tools and resources, we can improve our services, attract more customers, and ultimately enhance our livelihoods."
Understanding the research approach
"Agents miss out on potential revenue streams from offering more advanced services like banking and insurance products, while customers are unable to access valuable financial services through the high-density mobile money agent network," noted Dr Kwami Ahiabenu, Faculty Director at fintech research firm, Knowledge Innovations, a ReFinD grantee.
The workshop was organised in collaboration with strategic partners, including the Mobile Money Agents Association Ghana (MMAAG) and Ecobank Ghana. It featured several speakers, among them Dr Prince Boakye Frimpong, Co-Principal Investigator and Senior Lecturer of Economics at Kwame Nkrumah University of Science and Technology (KNUST).
Outlining the study’s design, Dr Frimpong explained that it involves assigning mobile money agents into three groups:
Group One: Receives loans to acquire POS devices and working capital, plus support to sign up as banking agents.
Group Two: Provided with cash incentives, POS devices, and working capital to boost their businesses.
Group Three: Serves as a control group.
The research team aims to monitor and evaluate outcomes across all groups to assess the effectiveness of these interventions.
Scaling for greater impact
The strong interest and positive feedback from mobile money agents highlight the potential for wider adoption of digital tools in the sector. "If this pilot study proves successful, we hope to expand it into a full-scale Randomised Controlled Trial (RCT) to drive even greater impact," said Dr Ahiabenu. The study runs from 1 August 2024 to 31 July 2025.