MTN to use Mobile Money to boost financial inclusion in Ghana

mtn mobile money @10 stakeholders forum
(CREDITS: NewsGhana)

MTN Ghana organised the MoMo @10 Stakeholders Forum in Accra as part of celebrating the ten years of mobile money service provision in the country. The forum discussed how MTN wants to leverage the Mobile Money service to increase financial inclusion in Ghana.

This is a conscious effort by the company to institute Mobile Money as the primary channel for financial transactions in the country. The MoMo @10 Stakeholders Forum engaged stakeholders from the financial sector to deliberate on plausible ways to use Mobile Money services to boost financial inclusion and socio-economic development.

Mr Eli Hini (General Manager of Mobile Money Limited, MTN Ghana), emphasised the importance of financial inclusion in making a better economy. He noted that the introduction of MoMo has already created an additional source of revenue and job opportunities for a lot of people in the country.

According to Hini, policies on branchless banking guidelines, E-Money Issuer, Payment Systems and Services are major ingredients to strengthen financial inclusion. Thus, these guidelines should be promoted to achieve the set goals.

Hini gave an instance in the agricultural sector, where cocoa farmers, especially, sell their produce and receive payments via their MTN mobile money wallets. According to the Manager, this has reduced the problem of farmer underpayment and purchasing clerks fraudulence.

Thus, he urged the government to push the National Identification process so that the nation could have a centralised ID system. This will make it easy for companies to track and reach out to customers.

“The Government-to-People and People-to Government payment system should be made with MoMo to enable one pay for service rendered by the other with MoMo.”

Mr Maxwell Opoku Afari, the first Deputy Governor of the Bank of Ghana (BoG) was also present at the MoMo @10 Stakeholders Forum. Mr Afari said, “The number of mobile money accounts used in the country had reached 32.6 million as at December 2018 compared to 3.8 million in December 2012.”

He also said the Bank of Ghana has reviewed Electronic Money Issuers Guidelines (2015) and the Payment Systems (Act 662) to enhance the regulatory environment for MoMo and other similar innovations within the financial ecosystem.

This forum held by MTN Ghana was dubbed: “A Decade of Driving Financial Inclusion and Socio-economic Development-The Impact of MoMo”. It was part of celebrating ten years of providing mobile money services in Ghana.

 

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