Embracing AI and IoT in Building Robust Financial Systems in Ghana: Empirical Tests Using Road Tollbooths and Tertiary Students Fee Payments

This study examines how the Internet of Things (IoT) and artificial intelligence (AI) stimulates economic growth while guaranteeing convenience and accountability in shaping the financial industry. In a mixed methods approach, we concentrate on driver’s road tolls and student’s college/university fees payments amid exponential growth in mobile money with a sample of 786 and 688 respectively. This study found that majority of Ghana’s public universities/colleges collect fees through the manual bank payment method where students queue in banking halls to pay their fees. Moreover, this study reveals that the government of Ghana canceled the manual tollbooths to reduce road traffic. However, our analysis shows drivers’ readiness to support government in revenue generation for good roads infrastructure through efficient and digitized payment systems. This study therefore proposes efficient payments processing through AI with effective connectivity through IoT to ensure robust financial systems in Ghana to fuel economic growth.