Exploring Knowledge Gaps and Financial Exclusion in Ghanaian Monetary Transitions

Abstract

The successful evolution of money and payment platforms in today’s world requires consumer adoption, which in turn requires access to knowledge about developing financial products. This is particularly the case in developing country contexts where the participation in publicly accessible financial payment platforms has been lauded as a means through which low income people can access financial resources, save, and build wealth. Using a qualitative approach and the knowledge gap hypothesis as a conceptual framework, the current study explores knowledge patterns and knowledge gaps in the context of two financial transitions in Ghana, West Africa. While general patterns in acquired knowledge were observed, income levels appeared to shape observed levels of knowledge. Implications for financial inclusion are discussed.