A Senior Manager, MTN Ghana,
Mr Godwin Kwami Tamakloe has commended the Bank of Ghana for its role in the growth of the Mobile Money (MoMo) sector .
He was speaking at the 5th Today Annual Lecture in Accra on the topic: “The socio-economic impact of Mobile Money in Ghana”.
He said unlike the previous regulation; the branchless banking guidelines which
“From 2015, we have seen
“We understand from all this that the regulator has been a very big player in enhancing the use and growth of mobile money in this country,” he said
A new FinTech industry was also emerging as a result of the growth of MoMo which will also bring employment.
He said the float or money brought into the banking sector via MoMo, which amounted to some GH¢2.2 billion, could help some banks to meet the BoG’s new capital requirement of GH¢400 million.
“Without some of these monies, some of the banks will probably be facing the same problem that others are facing,” he said, adding that the use of MoMo was also building a new savings attitude, particularly among people in the informal sector such as ‘kayayos’ or head porters, who are now able to save on their phones.
Ghana’s economy has benefitted from MoMo through the payment of taxes on some service charges on agent transactions, as well as tax revenue from the corporate taxes paid by Electronic Money Issuers.
The E-Channels Support Manager at the National Investment Bank (NIB),
He said the rise of fraud in the MoMo was aided by anonymity due to the use of false identification for registration of SIM cards, inadequate education or awareness among users,