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An Empirical Evaluation of Cashless Systems Implementation in Ghana

Richard Apau


Ernest Obeng


Akonnor Nana Darko

Richard Apau 1

Ernest Obeng 2
Akonnor Nana Darko 3

  1. PhD Candidate, Department of Computer Science, KNUST, Ghana. 1

  2. PhD Candidate, School of Economics and Finance, Jiangsu University, China. 2

  3. Masters Student, Institute of Distance Learning, KNUST, Ghana. 3

Pages: 159-173

DOI: 10.18488/journal.62.2019.63.159.173

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Article History:

Received: 07 January, 2019
Revised: 15 March, 2019
Accepted: 29 April, 2019
Published: 27 June, 2019


This study aims to evaluate cashless systems as a means of payment and receipt in Ghana. Specifically, the study sought to identify the modes of cashless systems in use and evaluate the level of implementation. A quantitative approach was adopted and primary data was gathered from 345 respondents knowledgeable in cashless systems using a structured questionnaire. Secondary data on cashless systems transactions between 2013 and 2017 were obtained from the Bank of Ghana. Data were analysed quantitatively using SPSS and presented using tables and charts. The findings reveal that the value of transactions made through cashless systems is on the rise. The use of cheques continues to be the dominant system in place at the end of 2017. The study found that mobile money services are penetrating the market at a pace faster than all other cashless payment and receipt modes. Internet banking is another emerging area that is also fast gaining ground. Debit/credit cards, E-zwich and Electronic funds transfers are not fully used in day to day transactions. Point of Sale terminals are rarely available at local shops to promote the use of cards in making purchases. The study found convenience, time savings and security from physical attacks to be the key benefits of cashless systems. Low literacy serves as major challenge to cashless system implementation. Based on these findings, it is recommended that local shops and supermarkets be assisted to adopt cashless receipt systems. The ease of finding shops that accept e-payments for items will reduce the desire in carrying cash for transactions.
Contribution/ Originality
This study is one of few studies that have assessed the effectiveness of cashless system implementation in Ghana. The study adopted a mix of research approaches and strategies aimed at exploring the level of implementation, benefits, drivers and challenges of cashless systems as a means of transaction.


Cashless system, Electronic payment, Effectiveness, Banking industry, Mobile financial services, Implementation, Technology innovation.




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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


All authors contributed equally to the conception and design of the study.

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