Introduction Of Mobile Money In Ghana.

Aside banks, the Mobile Money services are the best money savings and receiving platform across Ghana.

As from time to time that Ghanaians have lost their faith in banks and would rather keep their monies in their mobile wallets to have access and control over it anytime and anywhere, that made the Mobile Money service became the commonly used for financial transactions in Ghana.

When Was Mobile Money Service Launched In Ghana?

The Mobile Money service deployments was launched in 2009 in Ghana — making Ghana to become one of Africa’s Top Mobile Money Markets.

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According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa. Mobile operators MTN, AirtelTigo and Vodafone currently lead the industry. Banks are pushing digital banking in Ghana, but with less success, according to a report from Tellimer in September.

Banks such as Ecobank, Fidelity, Zenith and Standard Chartered can use Ghana’s improving digital infrastructure to widen inclusion, Tellimer says. But the firms points to downside for banks through possible loss of deposits and lower margins on digital products due to the competition.

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Mobile money may lead to the “cannibalisation” of some banking products, Tellimer says. “Banks will have to fight for transactions and deposits.

Over 45% of Ghana’s population now has a mobile money account according to report by Tellimer on theafricareport.

In summary, since the introduction of Mobile Money services in Ghana, it’s now difficult for a lot of Ghanains to open a bank account and make deposits to their bank account since you can operate the mobile money platform remotely. Though more banks have taken the actions to making Android Apps and iOS Apps for customers to use for their financial transactions, a lot of Ghanaians find it simpler in using Mobile Money for their financial transactions rather than the banking apps.

Note: A lot of scams and attempts have been made to hack the mobile money systems but with strong technologies behind and much cyber experts.

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