BoG urges banks, mobile money operators to develop attractive mobile-based services
Governor of Bank of Ghana (BoG), Dr Ernest Addison, has called on commercial banks and mobile money operators in Ghana to ride on the excellent growth of mobile money in the country to raise their bar in developing more eye-catching mobile-based products and services.
His calls during the recent launch of the Mobile Money Interoperability Project, in Accra stemmed from the 177 per cent growth in mobile money transactions between 2013 and March 2018, reaching GH¢312. 93 million and valued at GH¢52.35 billion transactions in March this year alone.
He said the launch further attested to the Bank of Ghana broad objective of promoting an all-inclusive, safe and sound financial sector, noting that collaboration between the financial institutions and the telecommunications sector would accelerate national economic growth and alleviate poverty.
Business Hilights recalls that Mobile Money Payment Interoperability (MMPI) is the service which allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks, which was developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS).
It creates convenience for mobile money users to transact business and drives financial inclusion, lowers cost of transaction, increase service reach and reduces reliance on cash for payments.
It also provides a financial transaction engine that is versatile, efficient and robust and enhances patronage by both banked and unbanked segment of the population. He said companies with GH¢48.24 million transactions were valued at GH¢5.91 billion in March 2015, whilst mobile money accounts had increased from 8.20 to 25.3 million.
The governor averred that “the increase in mobile money transactions presents a huge opportunity to mobile money operators to bring on-board all economically-active people into the formal economy and good prospect for domestic revenue mobilisation drive in achieving the ‘Ghana beyond aid’ agenda, and that of Africa’s economic emancipation in general.
Dr Addison argued that the rolling out of the initiative marked a significant milestone in the collaborative efforts between stakeholders in the financial services sector to push the boundaries of Ghana’s payment systems.
While commending the Vice President for his encouragement and supporting the realisation of the system into the financial landscape and pledging the support of other market participants in ensuring the success of the programme, BoG boss stressed that “With the implementation of the system, banks could leverage on the existing 143,418 mobile money agents and 25 million mobile money accounts to expand the scope and appeal of electronic payments”.
In his further submission, Dr. Addison challenged financial institutions to offer more innovative payment products that provide convenient, simplicity and speed at minimal transaction costs as well as ensuring efficient means of delivering financial services in deprived communities.
