Mobile money business requires more regulatory regime — FIC

The Chief Executive Officer of the Financial Intelligence Centre (FIC) Samuel Thompson Essel, has called for more stringent regulatory and compliance regime specifically to address the current and emerging issues pertaining to Ghana’s mobile money industry.

He said although the Bank of Ghana (BoG) has introduced new guidelines to regulate mobile money operations, it was not enough to address the challenges confronting the sector.

Mr. Essel said this yesterday at a stakeholder’s workshop on cash handling and security workshop organised by the Cyber Security and Investigation Bureau in Accra.

For instance, he said there should be clarity in the BoG guidelines as to what constitutes electronic identity of a mobile money patrons and how regulators and other stakeholders could authenticate this identity.

He added that the issue of identification of mobile money patrons, both physical and electronic identity would become a major challenge in combating money laundering if stakeholders do not marshal forces to adequately regulate the sector.

He said Ghana’s economy, like any other financial system is facing both real and latent cash handling challenges which includes existing traditional cash handling practice which were exposed to various security risk.

He mentioned currency counterfeiting, cheque clearing problems, cheque cloning and robbing attacks which in most cases also expose individuals working in the sector to health and safety risk stressing that it is important to highlight issues of money laundering arising from such security incidents involving traditional cash handling practices.

Mr. Essel called for an urgent need for measures to be put in place by stakeholders in the mobile money industry to prevent criminals from accessing mobile network to perpetrate fraud.

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