Telecom operators in the country have welcomed moves by the Bank of Ghana to revise the current mobile money regulations in the country.
They however want the revisions to include provisions that will protect operators and consumers from fraud.
According to them, a clear policy on addressing fraudulent cases in mobile money transactions will build confidence and increase patronage of the service.
“Specifically I want to see laws that protect our customers and industry players from fraud among others. Fraud is a key thing when it comes to money transactions as people will want to have the confidence that when they send money, the transactions go through without any hitches,” the Data and Devices Manager of MTN, Abdul Latif Issahaku told Citi Business News.
The comment comes days after the central bank hinted of plans to revise the 2015 regulations on mobile money transactions in the country.
Bank of Ghana positions itself for changing phase of digital world
The Head of Payment Systems at the Bank of Ghana, Dr. Settor Amediku also explained that the move will enable the central bank address concerns raised by the various stakeholders over some unclear provisions in the current legislations.
Mr. Issahaku also implored on the Central bank to be measured in its attempt to regulate the mobile money industry.
“Regulation in itself is good whenever you review regulation in order to protect customers or industry players is a good thing in itself but heavy regulation is not good; technology adoption is not necessarily enhanced by over-regulation as over regulation rather kill the whole business of financial inclusion and driving cashless payment,” he stated.
Some stakeholders have raised concern over what they refer to as the lack of clear provisions of the 2015 regulation on the respective roles to be played by the telecommunication companies and banks.
Banking Consultant, Nana Otuo Acheampong has urged the Bank of Ghana to re-structure its regulations to meet up with the dynamic phase of technology and its interface with finance.
Mobile money records 100% increase in 2016 first quarter
The total value of transactions for mobile money increased by over 100 percent for the first quarter of this year compared to the same period of last year.
13.7 billion cedis worth of transactions were recorded in the first quarter of this year alone.
For the 1st quarter of 2016, active mobile money customers have increased by 70 percent compared to the same period in 2015.
According to figures from the Bank of Ghana, the total value of transaction for 2015 was 35 billion cedis up from the 12 billion cedis recorded in 2014.
Meanwhile the hikes in the value of the transactions also resonated in the number of people employed in the industry.
The total number of Registered Agents for example more than tripled between 2014 and 2015.
Bank of Ghana positioned for digital financing
Following comments on the possible turn around in the finance industry to give way to financial technology or digital financing, Dr. Amediku has also given indication that the Central Bank will work to position itself to meet the dynamic needs of the industry.
Dr. Amediku in his admission maintained, “We at the Central Bank expect that in the next five years, digital financing is going to revolutionarize the whole payment system of the country and this is explained by the current interest that the banks have in digital financing.”