The first Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari made the revelation while speaking at MTN’s Stakeholders Meeting on Mobile Money.

He argued that the competitive pricing of mobile money services will deepen financial inclusion.

It’s been years since the roll out of the mobile money service and even though revenue margins have doubled, some concerns have been raised over the cost build up in the transfer of cash.

“The success of mobile money transactions in advancing financial inclusion cannot be overemphasized, but there is still scope for further expansion, and we need to focus on areas such as pricing of digital financial services to promote competitive practices to foster increased usage. Broadly, market players are seeking to lower costs and increase access channels to make digital financial services affordable to the general public,” he stated.

Adding that “there are enormous opportunities for banks to leverage on the over 30 million existing mobile money accounts to expand the scope and appeal of electronic payments, offer more innovative payment products that provide convenience, simplicity and speed at minimal transaction costs, as well as offer efficient means of delivering financial services even in the remote areas.”

This, he noted, will further enhance financial inclusiveness, promote the country’s cash-lite agenda, and most importantly, deepen financial intermediation.”

Mobile money technology has evolved and gained public acceptance, and in almost a decade, contributed significantly towards financial inclusion in the country. 

The number of mobile money accounts, for instance, has reached 32.6 million in December 2018 compared with 3.8 million in December 2012. Total float balances as at December 2012 was GH¢19.6 million compared with GH¢2.6 billion recorded in December 2018.