Information from the Bank of Ghana indicates that the mobile money sector was gradually generating new employment opportunities and creating a platform on which other businesses are growing.
There are over 19,500 MTN Mobile Money agents as compared to 967 bank branches and 1,316 ATMs nationwide as of now according to the Bank of Ghana 2014 Annual Report.
So in terms of reach and access, Mobile Money was providing a huge opportunity to deliver financial services at affordable costs to all segments of the Ghanaian society, the Chief Executive of MTN Ghana, Mr Ebenezer Asante has said.
Addressing a stakeholder’s workshop on mobile money in Accra on Wednesday, Mr Asante said Mobile money presents an unparalleled opportunity to deliver a basic suite of modern financial services to the “unbanked” population across the country and beyond.
According to him there was macroeconomic evidence to suggest that economies with deeper financial intermediation tend to grow faster, reduce income inequality and promote economic empowerment.
Hence, when it comes to extending financial services to the poor, mobile money was expected to improve productivity by increasing efficiencies, lowering the cost of transactions, improving security, generating new employment opportunities and creating a platform on which other businesses can grow.
Mr Asante who was speaking on the theme “Maximizing the potential of mobile money to drive financial inclusion in Ghana” said the contribution of MTN Mobile Money to this increase cannot be overemphasized as the service now boasts of monthly transaction volumes in excess of 18.5 million.
He commended government for taking the initiative to provide stipends to the very poor in our communities in Ghana through the mobile wallet which he said has brought much convenience, safety and reliability to the entire process to the benefit of the consumer and the government.
Mrs. Elly Ohene Adu, Director of Banking Services at the Bank of Ghana said the mobile phone was a versatile tool that must be exploited to the full to achieve the goals of all stakeholders including banks, mobile network operators, insurance companies, investment companies, microfinance institutions and the ordinary Ghanaian
“Everyone stands to benefit from the use of mobile phone in financial service delivery, she added.”
She explained that Mobile money services holds the promise for economic development particularly in areas of employment generation, wealth creation, poverty reduction and overall improvement in welfare and the general standard of living of people in the country.
Mrs Ohene Adu said the Bank of Ghana was committed to the development of sound, transparent and responsible practices that are customer focused as well as seeing to the adoption of a responsible code of conduct and development of safe and secure products tailored to suit the needs of users.
She also suggested for the need for partnerships between mobile money services providers and financial institutions in order to promote a safe and efficient national payment system.
Source: Graphic