The impact of fintech (financial technology) on smallholder farmers in Ghana

Abstract

Ghana's financial industry has changed over the years and the country's cashless system has taken over financial transactions. Most of FinTech's past studies had their impact on the financial sector. However, given that these smallholder farmers rarely have access to credit facilities and increased use of financial technology, the study intended to find out how well farmers know about financial technology, the primary factors affecting their use of technology, and the influence FinTech has on them.  In understanding the phenomenon, the research sampled 50 small holder famers however only 47 respondents took part in the survey. Results showed that most smallholder farmers had strong mobile money knowledge compared to other financial technologies. Also it was determined that the adoption of financial technology such as mobile money did not directly affect smallholder productivity for the studied region. It was recommended by the researcher that, investors should consider investing in farmers' digital financial technology to improve food security and economic development.