A new financial inclusion survey has asked regulators in the
mobile financial services (MFS) to be abreast of rapid developments in the
sector to enable them to regulate it effectively.It said banks should explore the many new opportunities that the mobile channel brings, to deliver a broader array of MFS in partnership with mobile money providers.
The survey, conducted by the Consultative Group to Assist the Poor (CGAP),
said: “this development is complementary to banking and should not be seen as a
threat to banks as examples from East Africa show.”
Delivering the findings of the study dubbed “The State of Financial Inclusion and Mobile Money in Ghana,” via video conference, the Financial Sector Specialist, CGAP, Mr Peter Zetterli, said it was important for mobile money (MM) providers to continue to improve reliability, build trust and deliver real value to customers.
“From a policy perspective, government should formulate a vision for MFS and the digital ecosystem,” he said.
Housed at the World Bank, GCAP is a global partnership of 34 leading organisations that seek to advance financial inclusion.
It develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders, and combines pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.
The survey indicated that financial inclusion had expanded substantially in the last five years, driven by non-bank services and notably, mobile money.
Mobile money customers find service points (agents) more accessible than customers of other financial institutions, particularly in the rural areas.
It said 99 per cent of Ghanaians are aware of at least one provider and 29 per cent have used MM, 25 per cent are actively using MM and there are over 40,000 active MM agents in Ghana currently.
In July 2015, when the Bank of Ghana (BoG) issued guidelines to regulate MFS, there were only four million mobile money accounts in the country, 2.5 times as many in 2014.
Now, there are 10 million registered MM accounts out of which 4.4 million are active accounts. There are a total of 44,000 active MM agents and 24 million transactions each month that transacted each month into US$900 million and US$100 million MM wallet balances.
The CGAP study deduced that with current developments, Ghana is soon expected to catch up with the leading mobile money markets in East Africa.
Delivering the findings of the study dubbed “The State of Financial Inclusion and Mobile Money in Ghana,” via video conference, the Financial Sector Specialist, CGAP, Mr Peter Zetterli, said it was important for mobile money (MM) providers to continue to improve reliability, build trust and deliver real value to customers.
“From a policy perspective, government should formulate a vision for MFS and the digital ecosystem,” he said.
Housed at the World Bank, GCAP is a global partnership of 34 leading organisations that seek to advance financial inclusion.
It develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders, and combines pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.
The survey indicated that financial inclusion had expanded substantially in the last five years, driven by non-bank services and notably, mobile money.
Mobile money customers find service points (agents) more accessible than customers of other financial institutions, particularly in the rural areas.
It said 99 per cent of Ghanaians are aware of at least one provider and 29 per cent have used MM, 25 per cent are actively using MM and there are over 40,000 active MM agents in Ghana currently.
In July 2015, when the Bank of Ghana (BoG) issued guidelines to regulate MFS, there were only four million mobile money accounts in the country, 2.5 times as many in 2014.
Now, there are 10 million registered MM accounts out of which 4.4 million are active accounts. There are a total of 44,000 active MM agents and 24 million transactions each month that transacted each month into US$900 million and US$100 million MM wallet balances.
The CGAP study deduced that with current developments, Ghana is soon expected to catch up with the leading mobile money markets in East Africa.
Source - Ghanaweb
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