Factors impeding the use of banking services in rural Southern African states

Mobile money agents (MMAs) are the pedestal of inclusive finance by bringing financial services closer to unbanked people by offering them capabilities to move from cash to electronic money and vice versa. This function is effective in an environment where hard cash is in uninterrupted circulation. The aim of this paper is to investigate implications of cash liquidity challenges in Zimbabwe to the development of financial inclusion through MMAs in a rural set-up. Phenomenological in-depth interviews were conducted with MMAs. Due to national liquidity challenges, MMAs ceased to receive cash float support, limiting their cash-in and cash-out services. Pure agents were adversely affected, while those who operate retail goods services reported increased goods sales through mobile money point-of-sale payments. Consumers are restricted to deal in electronic funds in the cashless economy making the cash-in and cash-out function of MMAs redundant. MMAs need support to sustain their operations and recoup invested capital in infrastructure. Risk management strategies, including the principal-agent contracts that minimize the exposure of MMAs to disruption of the service are important. MMAs could form an association to lobby financial regulators for support, negotiation with principals, market research, political power and active participation of agents in deepening financial inclusion. Perhaps pure MMAs could improve their economic sustainability by diversifying their businesses.

Digital banks must promote on social media to attract tech-savvy young consumers who use social media extensively. Creating brand loyalty among digital banking customers is necessary to increase retention and motivate them to spend more with the preferred financial brand. This study investigates the impact of social media marketing on brand loyalty and continued usage intentions among young Vietnamese digital banking service consumers. This study employed a quantitative methodology, with a five-point Likert scale questionnaire administered online via non-probability sampling. The sample comprised 244 Vietnamese consumers aged 18 to 35, representing the young consumer segment. The data were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that exposure to social media marketing substantially positively impacts brand loyalty. It was discovered that brand loyalty positively influences the intention to continue using the same digital banking provider. However, social media marketing did not influence continued usage intentions directly. Instead, brand loyalty mediated the positive relationship between social media marketing and future digital banking service usage intentions. The findings have important implications for digital banks’ customer engagement and branding strategies to establish long-lasting relationships with the crucial youth demographic via social media platforms.

Acknowledgment
The author wishes to express sincere appreciation to all respondents who completed the survey. In addition, profound appreciation is extended to all involved parties, as well as the Ho Chi Minh University of Banking, for their tremendous support and assistance, which contributed significantly to the completion of this research.