Mobile Money In Ghana Mobile money transactions see 20% growth in mid 2016

This figure represent a 20% growth for the mid-year figure, compared to the 547.96 million Ghana Cedis recorded for the end of 2015.

  • Published:
Mobile Money play

Mobile Money

24/7 Live - Subscribe to the Pulse Newsletter!

Mobile money transactions in Ghana have reached a total of 679.17 million Ghana Cedis.

This figure represent a 20% growth for the mid-year figure, compared to the 547.96 million Ghana Cedis recorded for the end of 2015.

The impressive growth notwithstanding, the 20% penetration rate of mobile money in Ghana has still been described as inadequate by players in the telecom and financial sectors of the economy.

Apart from the penetration challenge, there seems to be lingering friction between the banks and the telcos as to the proper channels through which mobile money receipts lodged with the banks must be disbursed.

READ MORE:Possible haven for money laundering

While the telcos insist that the monies must be disbursed through them, given them the opportunity to conveniently take their service charges and pay vendors their facilitation fees as the BOG stipulates, the banks prefer to release monies to the customers directly.

This notwithstanding,  some stakeholders from the telecom industry have lauded the contributions of the Bank of Ghana in developing strategies to effectively regulate the country’s mobile money market.

 According to the General Manager for mobile financial services at MTN, Eli Hini,  not only has the central bank worked to enforce the implementation of the regulations introduced in 2015 to guide the financial industry, but the regulator’s commitment to the changing phases of the mobile money market has contributed to increased patronage.

“The Central Bank has so far been supportive since the introduction of the new guidelines; they have introduced a new portal and provided training just so that we all can keep track of what is happening because reporting is important,” Eli Hini said.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos





Top Articles

1 Job Application How to write a CV that gets interview callsbullet
2 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
3 Akufo-Addo Gov't Take your time; you are choking the economy with...bullet
4 Akufo-Addo Administration We are determined to move Ghana beyond...bullet
5 Only 4%? GRA not happy with Ashanti Region’s national revenue...bullet
6 Akufo-Addo Gov't 2018 budget is a shopping list - IFSbullet
7 Dirty Fuel Agyarko bans private firms from lifting BOST’s...bullet
8 Import and Export Port tariffs to increase in 2018bullet
9 More Jobs Forestry Commission to employ 15,000 youth by...bullet
10 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet

Top Videos

1 Entrepreneurship How to be resourceful as an entrepreneurbullet
2 Video We are determined to move Ghana beyond aid - Bawumiabullet
3 MTN Mobile Money Adbullet
4 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
5 Vodafone adbullet
6 Entrepreneurship Creating Success Systems | StartUpSchoolbullet

Business