ADOPTION AND DIFFUSION OF ELECTRONIC BANKING PRODUCTS IN GHANA-A CASE OF E-ZWICH CARD

ABSTRACT

The use of electronic banking products as been noted to be successfully implemented in most developed countries around the world, paving the way for the appreciation of a cashless society. Most Western economies emphasise the use of electronic transactions mediums for the purchase and delivery of products between sellers to consumers. In as much as these electronic transaction mediums are used for fast moving consumer goods in the developed countries; it is also practiced in the banking sector of these economies. Banking products has evolved through the adoption of electronic mediums or means of transactions, with its attendants risk, security and privacy issues. The study aims at examining factors that lead to the adoption of electronic banking products in the Ghanaian banking industry, using the Ezwich product as a case study. Literature on the study discussed thematic areas such as: the global understanding of electronic banking, the pros and cons/risk associated with the adoption and use of electronic banking. In addition, deliberations were made on electronic banking (e-payment) initiatives in Africa, with an examination on two models or frameworks regarding e-banking, i.e.: the technology acceptance model and the adoption diffusion model, as well as the development of a conceptual framework for the study, under the basis of literature discussions from other studies (accessibility/availability, socio-cultural factors, perceived usefulness, ease of use and security and privacy). The study adopted an exploratory research approach under a random sampling method of gathering primary data from two hundred (200) respondents. Data gathered were analysed using descriptive analysis, exploratory factor analysis and multiple regressions to produce findings for the study. The findings of the study showed that, accessibility/availability significantly impacts   consumers‘ willingness to patronise electronic banking products, particularly the E-zwich product. Additionally, the study found that, both socio-cultural factor and perceived usefulness of electronic banking products significantly influences its mass adoption and use by consumers in Ghana, followed by ease of use and security and privacy as other factors contributing to the adoption of electronic banking products in Ghana. The study also provided some managerial implications and recommendations for future studies.