Monday , November 20 2017 3:27 pm
Home / Business / Registry of mobile money agents in the offing

Registry of mobile money agents in the offing

The Bank of Ghana is compiling the names of all mobile money agents to create a registry that the bank would use to help monitor their activities.  The bank says the register will also be used to blacklist agents whose activities run contrary to the laws of the country.

The seminar was organised to update stakeholders on developments in the sector and also for them to share their experiences.

It was organised by the BoG in collaboration with the Association of Bank Managers in Kumasi.

Mr Blay said the registry would have all the details of agents and could be accessed by all operators to enable them to know those working according to the dictates of business.

Risks

He said due to the low level of Know-Your-Customer (KYC) requirements used in the Mobile Money sector, there were lots of risks involved.

He explained that the low level of KYC was to encourage a lot more people, particularly the unbanked, to opt for that payment system and cut down on paperwork.

He cited agent, customer and operator-related frauds, as well as electronic fraud, as some of the risks involved in the sector.

Prospects

Mr Blay noted that the mobile money sub-sector held prospects for the banking sector to mobilise funds.

Aside from the mode being cost effective, he said it required less paperwork and was easy for everybody to use.

According to the records of the central bank, Mr Blay said the banks had been able to mobilise a total of GH¢1,087.35 million as of the end of November this year.

Around the same period last year, he said the records showed that the amount the banks mobilised was GH¢500.45 million.

He said it was projected that the figure could hit GH¢1.2 billion by the close of the year.

 

Source: Graphic.com.gh

Check Also

Government should be truthful about the energy sector -Richmond Rockson

Richmond Rockson, a Principal researcher at Institute of Energy Security has stated that the 2018 …

2018 Budget: Seth Terkper mocks government for borrowing

Former Finance minister Seth Terkper is mocking the Akufo-Addo government for still borrowing despite assurances, …

Government to promote economic opportunities for women

Mr Ken Ofori-Atta, the Minister of Finance, has stated that in order to promote economic …

Leave Your Comment

%d bloggers like this: