ISSN: 2225-8329
Open access
With mobile money adoption, financial services have become available to youths through mobile channels. This has enabled youths to meet many day?to?day financial transaction needs using a mobile phone. Although Kenya has undergone extensive financial reforms in the last two decades, its financial sectors remain under-developed relative to the standards of industrial economies. A recent global database shows that financial exclusion is more pronounced in Kenya especially among the youths. According to FSD-K only one in five youths has a bank account with a financial institution. Further from the study 73% of youths own a mobile phone. The general objective of this study was to determine the role of mobile money deposits on savings mobilization of boda-boda youths in Wote town. The study used a descriptive survey design. The study targeted a population size of 16,621 and a sample size of 384 boda-boda youths in Wote town. The study used primary data. Data was collected using a questionnaire. The data was analyzed using descriptive statistics for frequency and percentages, Pearson correlation analysis and chi-square analysis to summarize and classify data, to establish the relationship between the variables and to determine the strength of association between the variables respectively. The study established that mobile money deposit was an important factor influencing savings mobilization of boda-boda youths (r = 0.956, P-value = 0.000). The null hypothesis was tested using Chi-square analysis, where it was rejected based on the Chi-square values. There was perception from the respondents that savings mobilization of boda-boda youths was influenced by mobile money deposits. The study therefore concluded that for effective savings mobilization among boda-boda youths mobile money providers should enhance mobile money deposits. The study recommends that for effective savings mobilization among boda-boda youths, mobile money providers should enhance mobile money deposits by enhancing the service through proving various deposit accounts.
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In-Text Citation: (Thomas et al., 2022)
To Cite this Article: Thomas, J. M., Gudda, P., & Gathuru, E. K. (2022). The Role of Mobile Money Deposits on Savings Mobilization of Boda-Boda Youths in Wote Town, Makueni County. International Journal of Academic Research in Accounting Finance and Management Sciences. 12(2), 549 – 559
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