Adoption of mobile money transfer by co-operative bank of Kenya limited in the settlement of international transactions
It has recently been observed by Co-operative bank of Kenya Limited that a significant number of accelerated international business transactions, in the interplay with other factors, can increase productivity; enhance access to services; widen markets; simplify transactions; substitute for physical transport; prevent crime; improve governance, and create new socio-economic opportunities, among many other benefits. The linkage between mobile money and settlement of international business transactions is an echo of older discourses on development of communication that expounded on the positive links between communications, access to information and development. The study seeks to explore the adoption of mobile money transfer and its effectiveness in the settlement of international business. In addition, African scholars believe the enthusiasm about the potential of mobile money remittance services for Africa’s development is based on a view that if many western countries experienced the positive impact of science and technology during the industrial revolution, mobile money remittance services would, on this basis, assist Africa to assail socio-economic problems. The qualitative study established Co-Op Bank to a great extent has adopted mobile money transfer for settlement of international transactions. The main driver for adopted mobile money transfer for settlement of international transactions were noted to be competition in the industry, technology leadership, change management, and customer needs and preferences.