NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, August 19, 2014

Companies in the mobile money business are in an anticipatory mood for the implementation of a new Bank of Ghana regulation on mobile payment systems, which they contend will help to boost payment transactions using the mobile phone.

The Bank of Ghana, which some time ago embarked on a campaign to drive the economy toward reducing the use of cash in transactions, is set to change its regulatory framework on branchless banking to promote financial inclusion of the unbanked population through retail agents and mobile phones, among other means.

Eric Nsarkoh, Sales & Distribution Executive of MTN Ghana, said attempts by the Bank of Ghana to replace its regulation on branchless banking with that of mobile financial services will help telecom companies fully participate in the financial services sector through subsidiaries that are regulated and supervised by the central bank.