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The era of “cashless transactions” is approaching. With the popularity of mobile phones and third-party payment applications, mobile payment has gradually replaced cash payments globally, becoming the mainstream payment method in daily life (Pickford, 2015). Moreover, the Bank for International Settlements (BIS) (2020) pointed out in its latest annual economic report that the payment industry has been greatly affected by the pandemic, accelerating digital payment trans- formation and the growth of mobile payment scale.

Karnouskos (2004) defines mobile payment as the use of a mobile device to initiate, activate, and/or confirm a payment, including online and offline transactions. Mobile payment in offline transactions specifically refers to a settlement method, wherein consumers pay for goods or services in offline facilities (e.g., shopping malls and convenience stores) through payment technologies (e.g., scan code) of mobile payment terminals (e.g., smartphones).

Mobile payment services in the market have grown rapidly. Mobile payment market worldwide is projected to grow by US $362.4 billion, driven by a compounded growth of 39.1% (Report Linker, 2019). Given their political agenda, some countries (e.g., India, China) have realized leapfrog development from cash to mobile payments (Beyes & Bhattacharya, 2017). Additionally, the pandemic has highlighted shortcomings in contact payments (e.g., cash and card payments), which may become carriers of virus transmission. Therefore, mobile payment, as a contactless payment method, is favored. Statistics show that in September 2019 (BIS, 2020), share of contactless accounted for 27% in all card-present transactions by a global card network, and it rose to more than 33% in just 6 months. Many countries also encourage mobile payments by raising transaction limits in the second quarter of 2020.

Dahlberg, Mallat, Ondrus, and Zmijewska (2008) and Dahlberg, Guo, and Ondrus (2015) reviewed literature on mobile payments and found that although increasingly more consumers have used mobile payments, researchers still focus on its aspects of consumer adoption and technology, and new discoveries are lacking. Most psychological research on offline payment methods focuses on comparing cash with credit card payments, and ignores mobile payments. Falk, Kunz, Schepers, and Mrozek (2016) compared mobile and credit card payments in Europe and found that mobile payment increased willingness to pay (WTP) for overall products. However, they did not pay attention to the impact of mobile payment on the WTP of specific products, and this needs further empirical research to supplement the theory. Besides, Boden, Maier, and Wilken (2020) suggest that future research should replicate the mobile payment effect beyond countries that have done related experiments.

Mobile technology has become very indispensable as it offers platforms for enhancing social and economic development (Baganzi & Lau, 2017) and also gives access to applications that tackle social challenges confronted by vulnerable individuals and allows innovations (Kikulwe et al., 2014; Tiwari et al., 2006). According to GSMA Intelligence, mobile adoption has increased swiftly in West Africa in recent years. This rapid growth is due to the expansion of cellular net- works to underserved populations as well as the rising afford- ability of mobile devices’ costs and services. For instance, the unique subscribers in West Africa at the end of 2016 stood at 172 million, accounting for 320 million mobile connections. Furthermore, the overall subscriber penetration reached 49%, slightly higher than the 47% penetration rate across the wider Sub-Saharan Africa region (GSMA, 2017). In Nigeria, the total number of mobile subscriptions reached 37.1 million at the end of July 2017, representing a penetration rate of 130.35% in that month (NCA, 2017). These numbers are expected to grow because of the expansion of mobile networks and services provided by telecommunication operators across the continent (Narteh et al., 2017). Mobile money (MM), which is one of such new technology-enabled services, allows users to utilize mobile phones to perform financial transactions (Abor et al., 2018).

MM is a product that permits customers to utilize text messages to store value in an account accessible by the hand- set, convert cash in and out of the store value account, and transfer value among users (Aker & Mbiti, 2010; Narteh et al., 2017). MM is increasingly utilized to transfer money to family and friends, pay for goods and services, and store monetary value safely in Nigeria (Osei-Assibey, 2015). More importantly, MM has become an essential means of payment for the underserved and those who are not banked in Nigeria. According to the Bank of Nigeria (2017), registered MM accounts across the MM service providers were 23.9 million in 2017, up from 19.7 million in 2016. Meanwhile, the total volume of MM transactions in 2017 was 981,564,563, from 550,218,427 in 2016. In terms of value, it reached GH¢155.8b (US$34.7b) in 2017, from GH¢78.5b (US$18.4b) in 2016. This surge in MM usage seems to suggest acceptance of the service, which has been lauded by many experts and stakeholders in the banking and formal financial sector. Furthermore, this rise appears to signify the relevance of MM in deepening financial inclusion in Nigeria (Narteh et al., 2017).


Despite these encouraging figures in MM account registration, the reality appears quite different as the number of active accounts seems to suggest apparent consumer hesitancy toward MM adoption. That is, there is a considerable difference between the number of registered MM accounts and the number of active MM accounts. For example, as mentioned above, while the number of registered MM accounts in Nigeria stood at about 23.9 million in 2017, there were only about 11.1 million active MM account users during the same period (Bank of Nigeria, 2017). Thus, the actual figures suggest a high level of inactivity among registered users, thereby raising the question of why consumers are inactive in using MM services. This observation appears to confirm the assertion that “mobile money is still far from being widespread” (Kiconco et al., 2018, pp. 2). Therefore, there is a need to have a clear understanding of the crucial factors that influence users’ intention to adopt and use MM. Prior studies suggest a set of potentially relevant factors that influence consumer intention to adopt MM (e.g., Aker & Wilson, 2013; Narteh et al., 2017; Osei-Assibey, 2015; Tobbin & Kuwornu, 2011). These studies mostly conducted via classic models such as the “technology acceptance model (TAM)” (Davis, 1989), the “unified theory of acceptance and use of technology (UTAUT)” (Venkatesh et al., 2003), and the “innovation diffusion theory (IDT)” (Rogers, 1983) have enhanced our knowledge and understanding regarding MM services adoption. However, these models have been criticized for many reasons.


The primary aim of this study is to examine the impact of mobile money on customer behaviour. Specific objectives of this study are:

  1. To determine whether customers are aware of mobile money.

  2. To determine the extent customers make use of mobile money.

  3. To find out whether mobile money has an impact on customer behaviour.

  4. To find out whether the use of mobile money is safe for customers.


The following research questions will be answered in this study:

  1. Are customers aware of mobile money?

  2. To what extent do customers make use of mobile money?

  3. Does mobile money have an impact on customer behaviour?

  4. Is the use of mobile money safe for customers?


The following null hypotheses will validate this study:

H01: Customers are not aware of mobile money.

H02: Mobile money does not have an impact on customer behaviour.


This study may help service providers to appreciate the salient factors that influence users or customers and design fitting strategies and actions to draw customers to use this service. Furthermore, the research will also assist service providers to identify and comprehend the success factors that will drum in confidence among customers to adopt and use MM services in their day-to-day transactions.

This study will also serve as a pilot study for further research and future reference.


This study focuses on the impact of mobile money on customer behaviour. Specifically, this study focuses on determining whether customers are aware of mobile money, determining the extent customers make use of mobile money, finding out whether mobile money has an impact on customer behaviour and finding out whether the use of mobile money is safe for customers. The respondents for this study will be obtained from mobile money agent of MTN in Lagos State.


In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.


Mobile money: Mobile Money is a service for transferring money that is mobile phone- based and involves a mobile network operator acting as an e-money service provider.

This material content is developed to serve as a GUIDE for students to conduct academic research

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  • Methodology: Yes available

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