The Changing Face of Money: Preferences for Different Payment Forms in Ghana and Zambia

Abstract

Mobile Money (MM) is now a popular medium of exchange and store of value in parts of Africa, Latin America and Asia. As payment modalities emerge, consumer preferences for different payment tools evolve. Our study examines the preference for, and use of MM and other payment forms in both Ghana and Zambia. Our multi-method investigation indicates that while MM preference and awareness is high, scope of use is low in Ghana and Zambia. Cash remains the predominant mode of business transaction in both countries. Increased merchant acceptability is needed to improve the MM ecology in these countries