GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
No Result
View All Result
Home Business

Mobile Money Value Tops GHC679.2million In June

August 27, 2016
in Business
Share on FacebookShare on Twitter

Total mobile money float balance at end of June 2016 stood at GHC679.2million compared to GHC341.3 million in 2015, according to Bank of Ghana data.

You Might Also Like

Nana Akufo-Addo Has Won 2020 Ghana Elections with 51.7% of the Vote

Online Casino Best-Themed Games

Utilize Reliable Exam Dumps to Attain Cisco 300-320 R&S Certification Easily

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.

Sign up to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

Tags: financialmobile money servicessystemstechnology

Related News

Covid-19: President Akufo-Addo To Address Ghanaians Tonight

Nana Akufo-Addo Has Won 2020 Ghana Elections with 51.7% of the Vote

by ghanastar
December 9, 2020
0

Nana Akufo-Addo won Ghana’s national election, becoming president-elect at the third attempt and cementing the country’s reputation as a standard-bearer...

Online Casino Best-Themed Games

Online Casino Best-Themed Games

by ghanastar
July 9, 2020
0

Whether you like casino games or not, we can all agree that people like themes, and they express their lover...

Utilize Reliable Exam Dumps to Attain Cisco 300-320 R&S Certification Easily

by ghanastar
July 14, 2020
0

Cisco’s certifications are among the most popular credentials for IT professionals. The company is considered to be one of the...

Burkina Faso: Attack on Church Kills at Least 14

by
December 1, 2019
0

At least 14 people have been killed after gunmen opened fire inside a church in Burkina Faso. The victims were...

Next Post

Mahama’s Montie Mode

I Am Confident of Winning 70 Per Cent Votes

Trending News

Emma M’eni Nwu, Emma M’atamfo Nsere Me(Kyere Me W’akwan)

August 20, 2016

Kept By The Power Of God

August 20, 2016

My Hands Are Blessed

August 20, 2016

About

Read today's latest news headlines from Ghana and Africa. Stay up to date on local business, sports, crime, politics, arts, culture, and more.

Categories

  • Africa & World
  • African Music Lyrics Directory
  • Business
  • Business Directory
  • celebrities
  • Computing
  • Diaspora
  • Entertainment
  • Events
  • Feature
  • Featured
  • Ghana Elections 2016
  • Headlines
  • Health
  • International
  • Internet
  • Jobs
  • lifestyle
  • Music
  • News
  • Offbeat
  • Opinion
  • Politics
  • Profiles
  • Religion
  • Security
  • Seth Terkper
  • Smart Home
  • Social Networks
  • Sports
  • Technology
  • Top Stories
  • World News

Tags

accra addo africa Association football Banks - NEC business Business_Finance chairman Donald Trump economy education Entertainment_Culture environment Geography of Africa ghana Ghanaian people government Government of Ghana Human Interest John Dramani Mahama john mahama Law_Crime mahama minister MPs elected in the Ghanaian parliamentary election Nana Addo Nana Addo Dankwa Nana Akufo-Addo National Democratic Congress National Democratic Congress (NDC) New Patriotic Party New Patriotic Party (NPP) nigeria politics Politics of Ghana president Social Issues Social Media Social Media & Networking sports United Kingdom United Nations United States Vice President War_Conflict

Recent Posts

  • Suicide at Aburi Botanical Gardens: Man Found Dead
  • Ghanaian-American Family Suspects Cover-up in Son’s Death at Fort Rucker Military Base in Alabama US
List of Ghana Holidays for 2020
Ghana Geocoding
Ghana Cedis Exchange API
Ghana Maps Service
Toyota Cars Auto Auction History
  • African Music Lyrics Directory
  • Business Directory
  • Diaspora
  • Top Stories

All rights reserved © 2021 GhanaStar.com

No Result
View All Result
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music

All rights reserved © 2021 GhanaStar.com