Mobile Money fraud and sustenance; Network companies must sit up All the Telcos in the country provide mobile money services The Mobile Money (Momo) service has undoubtedly come to help businesses and lives in the country. Hitherto, monies were sent through people and the Post Office, and this came with its own associated risk. Though … Read more
Mr Romeo Bugyei, Chief Executive Officer of IT Consortium has appealed to government to allow the Financial Technology (Fintech) industry in Ghana to grow and be fully established in order to foster the growth of financial inclusion. He said the Fintech sector was a fairly young sector and needed to be allowed to grow and … Read more
At a furniture store outside India’s capital, a salesman scans the manager’s ID and takes her fingerprint on a biometric device attached to his cellphone. Within minutes, Meenakshi Sharma becomes eligible for an account with Paytm, joining the hundreds of thousands who have signed up to a payments banking system that is revolutionising India’s retail … Read more
The Management of Ghana Interbank Payment and Settlement Systems (GhIPSS) said it would embark on aggressive public education to whip up interest in the Instant Pay Service as part of efforts to drive the cash-lite agenda. The Chief Executive of GhIPSS, Mr Archie Hesse, said efforts were being made to make payments hassle-free and that … Read more
The Chief Executive Officer of Dream Oval, Mr Derry Dean Dadzie, has said the mobile money operations pose as a threat to banking sector. He said if not checked, the growth of mobile money could outpace that of banks, resulting in challenges to the banks’ bottom-lines. He explained on the weekly motivational radio programme, the … Read more
Prudential Bank has introduced another innovative e-banking product known as ‘mobiWise’ which seeks to help customers experience a seamless integration of their bank account with the mobile money wallet platform of their selected telecommunication company. According to the bank, the customer centric electronic banking product allowed customers to be able to perform selected banking transactions, … Read more
Much has been said about the role of mobile money in an economy such as Ghana’s. Since its advent onto the scene some seven years ago, the overriding debate has been whether it poses an existential threat or is rather a symbiotic platform for the banking industry. Some prominent figures in the banking industry have … Read more
The Chief Executive Officer of BEIGE Capital, Mike Nyinaku, says the explosion of mobile money services pose no threat to the future of the banking sector in the country. “Mobile money service is a transaction enabler, it is not banking so the traditional importance of banking will not be replaced by the upsurge of the … Read more