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Article Number: EC2/2015/003

Authors: Isaac Tandoh,

Topic: Management


The unbanked populations who are also typically micro entrepreneurs and individuals have little access to financial products/services. Majority of the existing financial products are tailored to suit the middle and upper income group. Many poor households lack access to financial services of all kinds especially credit facilities while a number of financial institutions do not see the unbanked population as credit worthy. This contradiction has necessitated the pursuit of this study which seeks to evaluate and contribute to the possibilities of rendering financial services to the low income earners, referred to as the “unbanked” in this study, with specific reference to Atwima Kwanwoma Rural Bank a leading rural Banking Institution in Ghana. The main objectives of the study are to identify the financial needs of the unbanked population in Ghana; explore innovative approaches in giving the unbanked people access to financial products. Structured questionnaires were used to collect data from respondents while SPSS and Microsoft Excel software were used to analyze the data. The study revealed that people do not bank because they lack trust or confidence in financial institutions. Many people would readily patronize financial products if service providers would reach out to them by means of well packaged (branding) personal selling and positive word of mouth. Furthermore, banking services were not made accessible to the unbanked populace, which is a contributing factor to their difficulty in accessing financial services.

Keywords: Marketing, Strategies, Financial products, Unbanked Population, Ghana 


    COMMENT - 1

  • THEOPHINE UGOCHUKWU ACHUGBU (Viewer) 19th Nov 2015 - 2:03 AM
    Very interesting paper ! well done
    I have couple of comments:
    1. Do you think there is a theoretical proposition and subsequently statement of hypotheses in the research paper, since hypotheses are derived from these propositions and finally tested ?
    2. The researcher mentioned on page 24 that both qualitative and quantitative tools were used. Do you think that there is a clear distinction between the analysis of both in relevant chapters ?
    Do you think that the common qualitative methods (eg participant observation, in-depth interviews and focus groups) should have been mentioned ?
    3. Do you think that the table of contents, list of tables should have been included ?
    4. Do you think that it would have been worthwhile to mention types of financial services and the benefits derived from those ?
    5. Do you think that it's ideal to start a chapter on a new page - see page 25 ?
    6. In conclusion (page 33) "The study found that the unbanked group feels intimidated in approaching financial institutions or commercial banks to access financial products/services". Do you think that this is a 'sweeping generalization' or hypotheses testing ?
    Well done and best of luck !
    Theo Achugbu
    • Neeraj Sharma (Viewer) 24th Nov 2015 - 4:43 PM
      I think, well done! only asking about Table of content, rest is Ok.


  • COMMENT - 2

  • ISAAC TANDOH (Author) 19th Nov 2015 - 6:42 PM
    Thank you very much for taking time to read my article. I must say I appreciate your comments it the many of them proved that you really did read the article. thank You.
    To begin with, I must say that normally journal articles and conference papers are normally briefs and show major highlights of the study. However a sound methodology is presented to show readers how the conclusions were arrived which I did very well. This explains why you are not seeing table of contents and list of tables pages etc. This also explains why the literature was summarized to focus on key relevant themes for the study.
    Thoe, I did state clearly the type of Financial products and what that are in my study. I mentioned for example , bonds, shares, treasury Bills etc. See page 14 & 15.
    A study of this nature will require a hypothesis testing to arrive at conclusion which I did clearly. the research questions were as follows:
    Research Questions
    The research questions to be addressed are:
    • What are the financial needs of the low income earners in Ghana?
    • What innovative approaches can be employed in giving the unbanked population access to financial products?
    • What is AKRB's role in serving the low income earners in Ghana?
    On the issue of page layout, my dear, most of the journal I write for including our own eijasr and iiste do have specific number of pages a writer is suppose to cover hence the maximization of the number of pages. Additionally, the page layout editors, will decide who to arrange and split the pages for publication.My article was submitted in a word document so I believe the conversion to Pdf might have also contributed to what you are seeing but what I have seen and read in journals do not follow that same format as in books and academic thesis where every chapter must start form a fresh page. However, your point is noted dear.
    From the abstract through the methodology pages, it was stated clearly that qualitative tool like questionnaire was a major feature in this study and the quantitative bit was achieved through the Use of statistical tools like SPSS. The presents of mean and standard deviations showed clearly where quantitative method was used in the study. See pages 23, 24, 25 & 26. A critical look at the tables and figure presented and the explanations thereof will answer the comment you raised.
    Again, on the issue of a "sweeping generalized statement", I say that the finding was carefully deduced form the responses derived form the data collated for the respondents through the use of questionnaires and observations.
    For example, a statement was asked using linker t scale that" I am willing to patronize a banks product and service when they reach me face to rather than through radio and television( see page 27). Perceptions of the unbank population was solicited and the finding was derived. See table 4.2 " Reaching the Unbank population via the appropriate communication medium".
    Once again I will like to thank you for your comments.
    • THEOPHINE UGOCHUKWU ACHUGBU (Viewer) 20th Nov 2015 - 8:44 PM
      Many thanks Isaac for clarifying these issues. You are indeed a scholar. Well done and God bless

  • COMMENT - 3

  • ISAAC TANDOH (Author) 23rd Nov 2015 - 5:15 PM
    Thank you very much dear Scholar. I really appreciate. God bless you

  • COMMENT - 4

  • FREDA OCANSEY (Viewer) 23rd Nov 2015 - 8:57 PM
    I liked how you presented your literature review, it was structured. You ensured this by breaking it into sub-headings which gave an adequate and appropriate background to the study. Academic publications you used as references were varied, some as current as 2015. That was good.
    You choice of subject is very much relevant in Ghana today, in these times when there is so much competition and the survival of most banks is threatened. It is no surprise that the mobile telecommunication networks have taken over.

  • COMMENT - 5

  • ISAAC TANDOH (Author) 24th Nov 2015 - 12:12 AM
    Thank you very much for your warm remarks. I really appreciate your encouragements and love for my work.
    God really bless you. We need to do our part to save many operators in the banking Industries form collapsing. We need to survive to contribute to our national economic development but not to lose to competition to the telecom's as you rightly put it.
    Thank you very much, I appreciate.

  • COMMENT - 6

  • ISAAC TANDOH (Author) 24th Nov 2015 - 1:08 AM
    The clarion call is for the banks to take the initiatives and adopt creative and pragmatic ways of marketing their services in a way that will be attractive to the unbanked population.
    Thank you very much Freda.

  • COMMENT - 7

  • RODRICK SAKAMBA (Viewer) 24th Nov 2015 - 10:44 PM
    Hi Isaac Tandoh,
    Your research paper was well structure and ease to follow. Well done!!!!!
    l just observed that you did not mention the research methodology (Qualitative and Quantitative) and sampling technique used in the abstract. Why? I thought this was important.
    Significance of the study is not mentioned in you summary, after objectives. Why?
    You have not exhausted the tools for both qualitative and quantitative. Why did you select questionnaire and interview as your tools for mixed research? Do you think this is enough in this research design? Why did you select mixed research? You did not give justification for the sampling strategy. Why? Why cluster sampling and not other techniques? Justification of the research methodology was not fully exhausted. Why? I thought PhD level is quiet involving on chapter three.
    Good Luck!!!!!!!!!!1

  • COMMENT - 8

  • ISAAC TANDOH (Author) 25th Nov 2015 - 1:18 PM
    Dear Doctor,
    Thank you very much for reading my paper and what makes me happy is that you enjoyed my paper.
    Thank you. Dear DR. the reason for not adding table of contents is that I presented this work as a conference paper or journal article for publication and normally Journal article that are meant for publications the world over do not come with table of contents like what is normally done in academic thesis work or when you are publishing a book. that is the reason why I left it out.
    thank you very much.

  • COMMENT - 9

  • ISAAC TANDOH (Author) 25th Nov 2015 - 1:56 PM
    Dear Mr.Sakamba,
    I thank you very much for reading my work. thank you for your wonderfull comments as well. I

  • COMMENT - 10

  • ISAAC TANDOH (Author) 25th Nov 2015 - 2:25 PM
    Your comments makes me a better researcher. thank you.
    Dear, Sakamba, my paper is a journal article for a conference but not a Phd academic thesis work. Normally an academic thesis work will go further to reveal more and present more details of a study than in a journal article. Journal articles are usually briefs and major highlights of a study.
    I chose mixed research because I wanted to take advantage of the straighten of both methods to present to Industry players, readers and all stakeholders to view the problem form a multiple perspective of the study rather just a single prospective.
    Dear, talked about the justification of my sample size and procedure in my work. I said that lack of funding and time constraints restricted me to select the sample. See page 23.
    Again, I chose Cluster instead of the others because I was doing a marketing research and cluster is always the best option in marketing research. Using cluster, the total of the population was clustered and a simple random sample of the group was selected.
    I used questionnaire and Interview for the research because of the nature and availability of the sample and again because of time and funding. All other tools could not be used in a single research. In my future works other tools will also be employed.
    The methodology was adequate for a journal article and I had to be brief since yet again this is an article and not a thesis work or a full book publication.
    Significance of the study was stated that the study was important because it will contribute to the marketing strategy of banks in Ghana and it will also add to existing literature in marketing research. The major highlights of the the methodology was presented in a simple and structured format for every reader to easily follow.

    Thank you very much for your comments. God bless you

  • COMMENT - 11

  • RODRICK SAKAMBA (Viewer) 25th Nov 2015 - 10:40 PM
    Good Luck Isaac Tandoh, indeed l enjoyed your article. God bless you

  • COMMENT - 12

  • JONES STEVELIO STAMALEVI (Viewer) 26th Nov 2015 - 2:27 PM
    Dear Isaac

    Your article included adequate discussion, analysis and conclusions with enough background information for the intended audience to understand the article. You chose the correct approach and discussed everything he promised in the article’s introduction and justified it through the analyzed data.
    Inclusion of table of contents and graphical presentation I thought could make a different to your article.

    Good luck

    Jones Stamalevi

  • COMMENT - 13

  • ISAAC TANDOH (Author) 26th Nov 2015 - 6:21 PM
    Dear Scholar,
    thank you very much for your wonderful comments. Your appreciation will go a long way to help me do more good papers to influence society and help our world to change for all of our good.
    Thank you Mr. Jones. I will include that since I have already done that. I have the table of contents but left it out for the purpose of the conference because my focus was to publish it as a journal article.
    many thanks.

  • COMMENT - 14

  • ISAAC TANDOH (Author) 26th Nov 2015 - 6:23 PM
    Thanks every one for enjoying my paper so much. I love your comments as well. Let us work hard and contribute our quota to the environments we find ourselves and in academia as well.
    You are wonderful people.
    Isaac Tanodh