Making Mobile Wallet transactions popular, acceptable and trusted nationwide will require the support of
Mr. Eric Nsarkoh, Sales & Distribution Executive, MTN Ghana, who made the assertion, said policy change and support for existing cashless transaction providers to encourage active participation and innovation within the sector would help to enhance adoption and expand usage while tax holidays and other related subsidies and reliefs should be extended to mobile financial services in order to encourage usage and drive the cashless agenda forward.
Mr. Eric Nsarkoh, therefore, urged the Bank of
He was speaking at the opening of a
The conference, organised on the theme: 'Expanding Cashless Payments in
Mr Nsarko said with low numbers-- only 4.5milllion bank accounts-- in terms of the banked in
Overall, he said, MTN Mobile Money had seen a tremendous growth since it was launched, with services ranging from airtime top-up, money transfer, bill payment (DStv, GOtv, ECG, Online stores, School fees, etc.), bulk payment, insurance services, ATM withdrawals and international remittances.
Furthermore, he said, government payments, such as the Livelihood Empowerment against Poverty (LEAP)--an initiative to provide stipends to the very poor in our communities--was currently being enabled through the mobile wallet.
This, he said, had facilitated the process and brought much convenience, safety and reliability to the entire process for the benefit of the consumer and government.
Mr Nsarko noted that despite the successes and achievements so far made, the growth of the service was facing many challenges such lack of requisite infrastructure and fear of possible loss of funds by customers on their electronic wallets.
He said to effectively promote the services, enhance user experience and expand usage, there was the need for further investments by all stakeholders including the government into technological infrastructure, adding that in the long term, the objective should be towards universal access and convergence to all forms of cashless payments, i.e., all ATMs/ E-Zwitch/Mobile Money should cross-transact.
He gave the assurance that much investment had been made by service providers to enhance security on the electronic wallet platforms to improve user confidence and that encryptions had been made to secure user details and transactions, in addition to investments in risk monitoring instruments such as the AML software to provide assurance and protect the interest of all stakeholders and users.
In a presentation, Mr
He urged operators to comply with the new Regulations when they came into force.
For his part Mr Kess Atuyota Ejughemre, Head of Business Support Systems, Erricson, sub-Saharan Africa, noted that economic growth could only be captured by more economic activities powered by mobile money or cashless systems.
Mr Ejughemre, therefore, stressed the need for collaboration among stakeholders.
MTN Mobile Money is a cash management service targeting the unbanked to give them the opportunity to transfer money to friends and loved ones, using the mobile phone. The product was launched onto the Ghanaian market five years ago in furtherance of MTNs corporate values of leadership and innovation.
MTN Mobile Money began in
Within five years of MTN Mobile Money in
With less than 20% of the Ghanaian adult population banked, MTN Mobile Money provides an enormous opportunity to attract and mop funds from the remaining 80% who are un-banked into the formal financial sector.
However, current regulations limit the influence of the mobile telecommunication operators who have invested the most and are actively promoting the service.
Source: ISD (G.
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