dc.description.abstract | Global financial inclusion is considered essential for promoting sustainable economic
development and reducing poverty, as it enables individuals and businesses to access
financial services that help them manage their resources and achieve their financial
objectives. The objective of the study was to determine the effect of mobile technology
on globalization of financial inclusion by NCBA bank. The constructs that were deemed
to affect global financial inclusion were mobile banking, mobile money, mobile payment
and mobile –based insurance. The study adopted a case study research design with an
interview guide being the main data collection instrument. The bank mobile payment
service is convenient and accessible to many individuals to conduct financial transactions
such as money transfer, pay bills, and make purchases using their mobile phones without
the need for visiting a physical bank branch. The cost of transacting using mobile
technology was found to be significantly lower to both the customer and the bank. The
challenges faced by the bank in extending its mobile money technology include
infrastructure and connectivity, lack of stable telecommunications infrastructure that
hinder the effectiveness of mobile banking services, lack of interoperability among the
different operators in the region, safety and data privacy challenges, and cultural and
social stigma towards the use of the mobile money technology. Despite challenges related
to infrastructure and connectivity, collaborative efforts with industry stakeholders and the
deployment of agents in remote areas have expanded access to financial services in East
Africa. The study recommends that robust security measures and education to customers
is needed on safety practices and also the bank should forge greater alliances with agents
and financial institutions in the region to increase its product coverage. Similarly,
regulatory authorities should come up with policies aimed at protecting consumer data
and also lead to greater interoperability among different actors in the mobile technology
ecosystem internationally. | en_US |