Pulse.com.gh logo
Go


Mobile money in Ghana : Possible haven for money laundering

Dr. Mark Osei Assibey said legislation has become necessary given the tremendous growth in mobile money transactions in Ghana over the past two years.

  • Published:
Mobile Money play

Mobile Money

Member of Parliament for New Juabeng South constituency, Dr. Mark Osei Assibey has emphasized the need for legislation to govern mobile money operations in Ghana.

Dr. Mark Osei Assibey said legislation has become necessary given the tremendous growth in mobile money transactions in Ghana over the past two years.

Figures from the Bank of Ghana reveal that 13.7 billion Ghana Cedis worth of mobile money transactions have been done in the first quarter of 2016 alone.

Again, total transaction for 2015 was 35 billion Ghana Cedis, representing  250% increase on 2014’s total of 12 billion Ghana Cedis.

READ MORE: Mobile Money in Ghana Telcos to begin interest payments to mobile money subscribers

Addressing the issue on the floor of parliament, Dr. Assibey maintained that the Bank of Ghana’s administrative guidelines on e-banking is not enough in preventing fraudsters from taking advantage of loopholes in the system.

He further added that operators have been flouting the  guidelines of the Bank of Ghana without repercussions.

“Currently, the guidelines of the Bank of Ghana have restricted total transaction per vendor to GHC2000 and GHC20,000 for the month. Yet vendors flout this.”

The Member of Parliament  then drew the attention  of the house to money laundering threats posed by an unregulated mobile money sector, urging for swift action on the matter.

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 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
3 Special Prosecutor Here’s why Martin Amidu can’t work effectively...bullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Kweku Adoboli Rogue banker denies saying Ghana is worse than prisonbullet
6 Finance Meet the 5 richest, most successful self-made women in...bullet
7 Accra Shops GAME store finally arrives at West Hills Mallbullet
8 How to create a verified PayPal account Learn how to...bullet
9 How to create an NGO in Ghana How to register and start...bullet
10 Job losses Akosombo Textiles Limited fires 600...bullet

Top Videos

1 Selorm Adadevoh MTN CEO dances Agbadzabullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 Former Capital Bank staff grills pork for survivalbullet
5 Forbes 2018 Africa's billionaires rich listbullet
6 Support Finance minister buys Kantanka carbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
9 Money Alert Meet Africa's richest womanbullet
10 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet

Business

X
Advertisement