The Transition From A Cash Economy To A Cashless One Using A Case Study Of Mcash Uganda Limited

The advent of technology has revolutionized various aspects of our lives,including the way we conduct financial transactions.One significant change is the shift from physical cash to digital or cashless transactions.Cashless payment systems,facilitated by mobile payment platforms,have gained immense popularity worldwide.The transition to a cashless economy offers numerous benefits such as convenience,efficiency,and enhanced financial inclusion.This study uses MCash Uganda Limited as a case study to investigate the challenges and corresponding solutions for financial technology companies in the transformation from a physical cash-based economy to a cashless economy.The research employed both qualitative and quantitative analytical methods.Through surveys,interviews,and data analysis,the study explores the roles played by laws regulating electronic money towards achieving the replacement of physical cash,assess the challenges faced by MCash Uganda Limited in the process of promoting digital payments,and presents possible solutions to the challenges faced.The study found that in the transformation of physical cash to a cashless economy,MCash Uganda has met challenges,including weak laws,cyber fraud,corruption,lack of consumer interests and illiteracy,low financial literacy,and third-party involvement.These challenges affect service providers and consumers,leading to the slow adoption of cashless systems.To address these challenges,the study recommends the following possible solutions:strict laws on transactions,cyber security investment,stringent anti-corruption policies,financial literacy programs,increasing sector-wide collaboration,regular system assessment to determine the safety of the system,and implementation of employee motivation policies.MCash,as the chosen case study for this research,is a prominent mobile payment platform that has successfully transformed the financial landscape in its operating region.Understanding the drivers and challenges of this transformation can help policymakers,businesses,and individuals in Uganda make informed decisions regarding adopting and implementing cashless payment systems.Ultimately,the research aims to foster financial inclusion,drive economic growth,and create a conducive environment for the fintech sector in Uganda.