‘Mobile money changing financial landscape’

The General Manager for Mobile Financial Service at MTN Ghana, Eli Hini, has stated that mobile money services are gradually taking a centre stage in the financial banking sector and has urged the need for regulations to tackle barriers associated with the service.

At a recent mobile money stakeholders conference in Accra, he indicated that the introduction of mobile money in 2009 has made financial transactions simple, convenient, secure and affordable.

He said: “In addressing the barriers there is the need to put in place regulations, as well as government support and digital address systems, customer education, security, technology merchant acceptance, partnership as well as connectivity.

Mobile money would deliver value for all of us, but putting in the right processes in place would lead us to the point of addressing all the barriers associated with the payment adoption.”

The conference was part of activities for the month-long Mobile Money Month celebration on the need to address barriers in mobile transactions.

He added: “Today’s discussions are to look at other channels we can use to enhance mobile payment so that together we can build this ecosystem. So that tomorrow in the morning you don’t have to carry cash and if you don’t carry cash, it means that those funds are available in many forms.”

The conference held under the theme: “Addressing barriers to mobile money payment adoption in Ghana’’, was to find solutions to improving mobile payments and service in the country.

Mrs Georgina Asare- Fiagbenu, Senior Manager, Sustainability and Social Impact, MTN, said the forum was an integral part of the mobile money month activities which was aimed at enhancing insight into the mobile money industry from critical industry players.

She also explained that the mobile money economy in the country is growing at a rapid pace adding that the growth did come with its own challenges.

“MTN has convened this stakeholder conference to find solutions to improving mobile payments and services in the country.

Therefore, we at MTN hope to rope in a greater percent of Ghanaians on the mobile money platform at the end of the year in line with the Bank of Ghana’s national policy for a cash lite economy,” she noted.

Dr Settor Amediku, Head of Payments, Bank of Ghana, hinted of plans of the central bank to pass the Payment Systems and Services Bill 2017, would help address the barriers to mobile money payment adoption.

He said: “Looking at the development in the payment data, we are very happy that we are in the right direction, especially if we are able to get the payment system and services bill being passed to leverage on development and technology, to bring more people to the financial system.”

Dr Amediku said in addressing the barriers to mobile money, regulators can provide support by ensuring the enforcement of market conduct and customer protection regulation, developing agents’ registry assuring consumers of protection and monitoring of float accounts, and providing enabling regulatory environment.