EMIs Chamber set to break advocacy gap of electronic money issuers - Deputy BoG Governor

Dr. Maxwell Opoku-Afari, Deputy Governor of the Bank of Ghana, says the Electronic Money Issuers (EMI) Chamber would break the advocacy gap of money issuers in Ghana.

He said the challenges, opportunities, and risks faced by electronic money issuers required specific specialised advocacy and coordination, which EMIs Chamber had the requisite expertise to perform.

The Deputy Governor spoke at the launch of the EMIs Chamber of Ghana, a newly established industry association created to promote the growth and development of Ghana’s electronic money services.

The Chamber will create a collaborative platform for industry stakeholders, regulators, and policymakers to work together towards a vibrant and inclusive digital payments ecosystem.

The key members of the Chamber included the five electronic money issuers, Telecash, Mobile Money Limited, Zeepay, G-money, and ATMoney.

The Deputy Governor said the EMIs Chamber would represent the interests of electronic money issuers, noting that the Central Bank was ready to partner with the Chamber to advance digital payments in Ghana.

“It is important to recognise the need for a dedicated body to represent the interests of electronic money issuers.

The timing of the launch is important because, given the rising expansion of digital financial services and the increasing role of public money in the financial inclusion efforts of Ghana.

We look forward to working with the Chamber to fashion out the needed policies to improve electronic payments in the country, and I hope the coordination and collaboration with the Chamber will be successful,” he said.

Dr. Afari informed that the Central Bank would work with the Chamber to achieve an interconnected Africa through a seamless money transfer on the African continent and ensuring borderless trade.

He said the Central Bank would engage the Chamber to enhance financial inclusion, saying, “the central bank will ensure that every Ghanaian regardless of his or her location and status has access to affordable mobile financial services.”

Mr. Philip Amoateng, Inaugural Chairperson, EMI Chamber, Head of Telecash, said the Chamber would collaborate with policymakers to address the evolutionary needs of digital payments in Ghana.

He said the Chamber was a platform of collaboration and would ensure that electronic money issuers operated within a framework that would promote trust, transparency, and efficiency.

Dr. Kenneth Ashigbey, Chief Executive Officer, EMIs Chamber, said his outfit was committed to helping Ghana bridge the developmental gap through digital payments.

He said EMIs Chamber of Ghana was created out of the Ghana Chamber of Telecommunications, “which held the fort for several years and continued to support the sector.”