The Consultation Group to Assist the Poor (CGAP), a telecommunication company has called on government and corporate bodies to support the mobile money (MM) banking system in Ghana to enhance its efficiency in comparison to other African countries.
This they said would help build confidence in the sector, provide regulation as well as enhance equal financial access.
The CGAP made the call when it held discussions on a report conducted by Mr. Peter Zetterli, a stakeholder of the organisation in Nairobi on the state of financial inclusion and mobile money system in Ghana.
The report was aimed at enhancing public understanding of the mobile money system as well as disseminate significant innovations in the inclusion field to practitioners, policy makers, regulators and donors active in the space.
It revealed that the financial landscape in Ghana had developed for the past five years with the introduction of mobile money service into the banking system.
“About 34 per cent of Ghanaians operate formal bank accounts, while 20 and 8 per cent operate mobile money and informal banking respectively. An indication that Ghanaians are highly banked in comparison to other African countries,” it stated.
It noted that across the ten regions in the country, Greater Accra had the highest number of people operating MM accounts with 57per cent, while the Upper West Region had about 18 per cent of residents patronising mobile money.
According to the report, MM was mostly patronised in the rural areas due to few formal financial services that operated in these regions.
“Number of women who patronise the service has increased due to accessibility of phones which hitherto was only at the advantage of men.” This was due to easy access of mobile money agents in the area than financial institutions.
Mr. Kweku Sekyi Addo, the Chief Executive Officer, Telecoms Chamber said, there should be easy access to merchants who provide friendly channels for people in the rural areas to build stronger customer relations.
“MM providers must continue to improve reliability, build trust and deliver real value to customers,” he said.
He urged the banks to explore many new opportunities that the mobile channel opens up to deliver a broader array of mobile financial services in partnership with MM providers.
He charged government to formulate a vision for mobile financial services into the digital ecosystem and leverage the MM system.
“Opportunities should be created through strategic banking system to give support to mobile money agents in the country,” he stated.
By Joseph Edu Archison & Elizabeth Baah Arkoful