Mobile money value tops GHȼ679.2million in June

Accra, Aug. 26, GNA – Total mobile money float
balance at end of June 2016 stood at GH₵ 679.2million compared to GH₵ 341.3
million in 2015, according to Bank of Ghana data.

During the same period total number of
registered mobile money agents increased to 108,531 compared with about 38,400
in June 2015.

Speaking at the launch of the 2016 Ghana
Banking Survey Results, Dr Johnson Asiama, Deputy Governor of the Bank of Ghana
(BoG), said the trend confirmed the wide and growing acceptance of mobile money
services as an alternative to other modes of transactions.

“These are funds mobilised for the banks at no
cost to the banks; funds, which could have been outside the formal banking
system without such an ecosystem,” he said.

The PwC 2016 Ghana Banking Survey Results ‘How
to win in an era of mobile money’ launched in Accra sought the perspective of
Banks Chief Executive Officers as to the extent to which mobile money is
expected to affect their business and the importance bankers attach to critical
success factors in the delivery of mobile money service.

While bankers surveyed perceived mobile money
as an opportunity to be explored, they also viewed as a potential threat if
non-banks are allowed to provide the service in competition with traditional
banking services.

The survey also identified regulations,
technology and partnerships as critical success factors.

Dr Asiama said with advancement in technology,
the use of non-cash payment products, has become more pronounced, thus moving
the country gradually towards a cashless society.

He said BoG is committed to facilitating an
enabling regulatory environment for mobile money that would promote financial
inclusion without risking the general safety and soundness of the financial
system.

In this direction, the Bank is currently
working through stakeholder engagement to design a new regulation to replace
the Electronic Money Issuers Guidelines.

The new Regulation would bring together all
the issues that have been raised with the existing guidelines and also take into
consideration technological changes that have occurred since the passage of the
guidelines.

He said the Bank through collaboration with
industry stakeholders had also developed a web based portal meant to allow
seamless submission and analysis of payment systems data.

Also, the Bank has engaged with National
Communication Authority to evolve a memorandum of understanding to assist in
addressing consumer complaints, recourse mechanism issues and supervision of
mobile money operators

Last year, the Bank approved an innovative
micro investment scheme that would enable mobile money holders to invest in
Treasury bills with values as low as GH₵ 5.00 ($1.31).

This product is not limited to bank account
holders; it is for holders of electronic money on the mobile money platform who
could initiate the transaction on a phone.

He encouraged the banking industry not to see
the mobile money operators as competitors but rather complementary and a vital
channel in achieving the financial inclusion agenda and reducing cost of
mobilisation of investible funds.

“The mobile network operators have the
technology and infrastructure to drive financial inclusion as envisaged and so
let us leverage on the technology and agent network to promote financial
inclusion without risking the general safety and soundness of the financial
system,” he said.

He said the BoG would continue to dialogue and
to fine tune the regulatory and supervisory framework to ensure minimized risks
and vulnerabilities in the system so as to achieve the financial inclusion
objectives whilst we build a robust payments system infrastructure for the
country.

Mr Vish Ashiagbor, the Country Senior Partner,
PwC Ghana said banks cannot longer operate in isolation but need to build
partnerships with other banks and with other service providers to expand their
reach and deliver services to the customer in a timely manner.

GNA

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