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.

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.

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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.