Factors affecting the utilizaton of mobile banking services in Kenya: A survey of banks in Narok County

Abstract

The study is a survey of factors affecting utilization of mobile banking services in banks. Mobile banking applications have become increasingly popular in theory in emerging markets, particularly as a result of the success of initiatives such as SMART Money in the Philippines. In kenya, there are an estimated six million customer with cellular phones. This is about two times larger than the banked population, and offers a significant opportunity for banks to use mobile phone networks to deploy banking solutions. The objectives of the study was to determine the effect of network coverage, cost, security and handset use on utilization of mobile banking in Narok, To determine the factors that is more influential in mobile banking utilization Narok, to determine how mobile banking services can be improved in Narok and to find out w mobile banking utilization has influenced the banking industry in Narok. The study was conducted in Narok with a target population of 228 workers in banks in Narok. Data was collected using semi-structured questionnaires. The questionnaires was dropped and picked as ~ with the respondents. The sampling design for the study was a stratified random ~pling in Narok town in Kenya. Data was analyzed using descriptive statistics. Statistical Package for Social Sciences (SPSS) was used in the analysis. The result of the study may make mobiIe banking more attractive than earlier thought of. The beneficiaries of this project include business entrepreneurs, farmers and students within Narok County and Kenya at large since they are the most users of mobile banking in the town. The study concludes that the several factors affecting mobile banking in Narok can be overcome only if the managers increase the awareness program and marketing on the use of m-banking. It also recommends that all banks should adopt m-baking for easy deliverance of banking services.