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Effect of Mobile Banking on Cost Efficiency Of EFFECT OF MOBILE BANKING ON COST EFFICIENCY OF COMMERCIAL BANKS IN KENYA WILLY WACHIRA MUTHII A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF SCIENCE IN FINANCE, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI OCTOBER, 2019 DECLARATION I, the undersigned, declare that this is my original work and has not been presented to any institution or university other than the University of Nairobi for examination. Signed: _____________________Date: __________________________ WILLY WACHIRA MUTHII D63/64566/2013 This research project has been submitted for examination with my approval as the University Supervisor. Signed: _____________________Date: __________________________ DR. CYRUS IRAYA Department of Finance and Accounting School of Business, University of Nairobi ii ACKNOWLEDGEMENTS Quoting the words of Shannon L Adler, "When you invite people to share in your miracle, you create future allies during rough weather". This quote is a true reflection of my journey writing this research project because without the individuals involved, this journey would have been impossible. A sincere thank you goes to my supervisor Dr. Cyrus Iraya for his patience, support and guidance. For believing in my project and offering his insight and expertise in this field. For not hesitating to share his thoughts and views enabling me to be where I am today. A special thank you to Mr. Murage for his guidance and support throughout this process. Finally I would like to thank my colleagues and friends who were there to offer me support and listen to me and my views while writing this research project. They encouraged me to never give up and for that I will forever be grateful. iii DEDICATION I dedicate this project to my Dad James Muthii, Mum Nancy Muthii and Wife Nimo Wachira. They have been my inspiration to achieve my dreams. Through their motivation and prayers for my success I have been able to complete this project and for that I am grateful. iv TABLE OF CONTENTS DECLARATION .......................................................................................................... ii ACKNOWLEDGEMENTS ...................................................................................... iii DEDICATION............................................................................................................. iv LIST OF TABLES ................................................................................................... viii LIST OF ABBREVIATIONS .................................................................................... ix ABSTRACT .................................................................................................................. x CHAPTER ONE: INTRODUCTION ........................................................................ 1 1.1 Background of the Study ...................................................................................... 1 1.1.1 Mobile Banking ............................................................................................. 2 1.1.2 Cost Efficiency .............................................................................................. 3 1.1.3 Mobile Banking and Cost Efficiency ............................................................ 5 1.1.4 Commercial Banks in Kenya ......................................................................... 6 1.2 Research Problem ................................................................................................ 7 1.3 Objective of the Study .......................................................................................... 9 1.4 Value of the Study .............................................................................................. 10 CHAPTER TWO: LITERATURE REVIEW ......................................................... 11 2.1 Introduction ........................................................................................................ 11 2.2 Theoretical Framework ...................................................................................... 11 2.2.1 Financial Intermediation Theory ................................................................. 12 2.2.2 Diffusion of Innovation Theory ................................................................... 12 2.2.3 Technology Acceptance Model .................................................................... 13 2.3 Determinants of Cost Efficiency ........................................................................ 15 2.3.1 Mobile Banking ........................................................................................... 15 2.3.2 Asset Quality................................................................................................ 15 2.3.3 Bank Liquidity ............................................................................................. 16 2.3.4 Bank Size ..................................................................................................... 17 v 2.4 Empirical Review ............................................................................................... 18 2.4.1 Global Studies.............................................................................................. 18 2.4.2 Local Studies ............................................................................................... 20 2.5 Conceptual Framework ...................................................................................... 22 2.6 Summary of the Literature Review .................................................................... 23 CHAPTER THREE: RESEARCH METHODOLOGY ........................................ 25 3.1 Introduction ........................................................................................................ 25 3.2 Research Design ................................................................................................. 25 3.3 Population .......................................................................................................... 25 3.4 Data Collection .................................................................................................. 26 3.5 Diagnostic Tests ................................................................................................. 26 3.5.1 Normality Test ............................................................................................. 26 3.5.2 Multicollinearity Test ................................................................................... 26 3.5.3 Heteroskedasticity ....................................................................................... 27 3.5.4 Autocorrelation ............................................................................................ 27 3.6 Data Analysis ..................................................................................................... 28 3.6.1 Analytical Model ......................................................................................... 28 3.6.2 Tests of Significance .................................................................................... 29 CHAPTER FOUR: DATA ANALYSIS, RESULTS AND DISCUSSION .......... 30 4.1 Introduction ........................................................................................................ 30 4.2 Descriptive Analysis .......................................................................................... 30 4.3 Diagnostic Tests ................................................................................................. 31 4.3.1 Normality Test ............................................................................................. 31 4.3.2 Multicollinearity Test ................................................................................... 32 4.3.3 Heteroskedasticity Test ................................................................................ 32 4.3.4 Autocorrelation Test ..................................................................................... 33 4.4 Correlation Analysis .......................................................................................... 34 vi 4.5 Regression Analysis ........................................................................................... 35 4.6 Discussion of Research Findings ....................................................................... 38 CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS ...................................................................................................................................... 41 5.1 Introduction ........................................................................................................ 41 5.2 Summary of Findings ......................................................................................... 41 5.3 Conclusion ......................................................................................................... 43 5.4 Recommendations of the Study ......................................................................... 45 5.5 Limitations of the Study ..................................................................................... 46 5.6 Suggestions for Further Research ...................................................................... 47 REFERENCES ........................................................................................................... 48 APPENDICES ............................................................................................................ 58 Appendix I: List of Commercial Banks in Kenya as at 31st December 2018 .......... 58 Appendix II: Research
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