Ghana: MTN and Financial Stakeholders Advocate Mobile Money
Financial transactions involving the movement of physical cash is declining in Ghana as 16.4 million mobile money accounts are registered.MTN and stakeholders from various financial institutions in Ghana have made case for the development of cashless agenda in Ghana to reduce cost of banking services, curb banking related corruptions, reduce risk of carrying cash and ease financial transactions for local and foreign businesses. In a historic Mobile Money month stakeholders' conference held August 10, 2016, MTN Ghana and financial stakeholders agreed on the need to enhance cashless policy agenda through mobile money, assisted by enabling regulatory framework. Among other stakeholders at the event, the Group Head, Personal Banking at Access Bank, Stephen Abban said financial institutions in Ghana should introduce more brilliant inventions that will increase accessibility to E-money and mobile money scratch cards. He urged financial stakeholders to develop a comprehensive national cashless strategy to expound the cashless society and develop auspicious framework to attaining it. With more than 5 million active users and 46 thousand merchants in Ghana, Mr Eli Hini, the General Manager, MTN Mobile Financial Service said MTN is set to drive Ghana's cashless policy within the framework of the law by intensifying commitment to mobile money. He charged financial regulatory bodies on creating policies that will promote the use of mobile money, thereby ensuring the realization of cashless economy agenda. In the last three years, electronic banking, online transactions and mobile banking in Ghana have paved way for a new era of development in Ghana's financial system.