Telecom operators have been asked to reconsider the service cost involved in transacting business on mobile money platforms.
The directive issued by the Bank of Ghana, is to foster increased usage and promote competitive practices.
Speaking at MTN’s Stakeholders Meeting on Mobile Money, First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, argued that competitive pricing of mobile money services will deepen financial inclusion.
“The success of mobile money transactions in advancing financial inclusion cannot be overemphasized, but there is still scope for further expansion and we need to focus on areas such as pricing of digital financial services to promote competitive practices to foster increased usage.
“Broadly, market players are seeking to lower costs and increase access channels to make digital financial services affordable to the general public,” he said.
He indicated that, “ there are enormous opportunities for banks to leverage on the over 30 million existing mobile money accounts to expand the scope and appeal of electronic payments, offer more innovative payment products that provide convenience, simplicity and speed at minimal transaction costs, as well as offer efficient means of delivering financial services even in the remote areas.”
This will further enhance financial inclusiveness, promote the country’s cash-lite agenda, and most importantly, deepen financial intermediation.