- 5 Marks
FM – Nov 2024 – L2 – Q3b – Mobile Money vs Traditional Banking
Discuss the disadvantages of mobile money compared to traditional banking services.
Question
The development of mobile money in Ghana has provided a section of the population with banking services that were previously not accessed. This expansion in financial inclusion is seen as a positive step towards boosting economic activity and alleviating poverty. However, there are some disadvantages to mobile money compared to a traditional bank account.
Required:
Explain FOUR disadvantages of mobile money compared to a traditional bank account.
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