MOBILE BANKING ADOPTION: A RURAL ZIMBABWEAN MARKETING PERSPECTIVE

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Abstract

The purpose of this paper is to explore and discuss the determinants that inhibit mobile banking adoption by the rural unbanked in Zimbabwe. The researchers conducted an extensive literature search. The references consulted were categorically analysed and articles were considered to compile the findings of this paper. The study provides a contribution to practice by providing a better understanding of issues associated with mobile banking diffusion mechanisms that aid the adoption of mobile banking systems. The main findings of the research indicate that there is a slow and often annoying adoption of mobile banking within Zimbabwe by the rural unbanked due to a considerable number of inhibitive factors. This research reveals the nature of adoption that may reliably inform service providers about strategies to consider when appealing to this market segment. The study also shows that mobile banking adoption cannot ignore the use of marketing oriented factors in order to avoid the assumption of being myopic by considering only the product based variables to assess behavioural intention to adopt mobile banking services as identified in Technology Acceptance Model. However, the literature review also reveals that there are virtually no substantive theoretical researches which adequately extend the TAM using all the marketing mix elements. Therefore Technology Acceptance Model is extended using the marketing mix elements to better predict the behavioural intention to adopt mobile banking by the rural unbanked. This research, having studied the behaviour of the rural unbanked, argues that mobile banking service providers are likely to develop tailor-made integrated marketing mix strategies in order to financially include this market segment. The paper recommends for future research to use the additional marketing mix elements of physical evidence, processes and people in the adoption of mobile banking services by the rural unbanked.

Keywords: Adoption, Banking, Mobile Banking, Financial Exclusion, Rural Unbanked, Zimbabwe

How to cite this paper: Mbengo, P., Phiri, M.A. (2015). Mobile banking adoption: a rural Zimbabwean marketing perspective. Corporate Ownership & Control, 13(1-1), 195-204. https://doi.org/10.22495/cocv13i1c1p6