MobileMoney will transform Microfinance and improve Cashless Africa initiatives - Derrick Dankyi
Derrick Kwaku Dankyi, Executive Director of Logiciel Ltd.
Derrick will be presenting 'Mobile Banking in Ghana (Personal Experience)' at the MobileMoneyExpo in Lagos on Feb 6th - 7th.
The regulatory environment for micro finance and mobile financial services in Ghana?
Prior to January 2012, when the Bank of Ghana announced its intention to regulate the operations of microfinance institutions in Ghana, MFI’s were mainly self- regulating themselves via smaller associations like the Ghana Microfinance Network (GHAMFIN), the Ghana Susu Collectors Association (GSCA) and the Ghana Association of Microfinance Companies (GAMC). Obviously, membership in these Associations were voluntary, hence majority of the MFI’s in Ghana failed to join any of these quasi regulatory bodies.With the related fraud and other illegal activities of some operators, coupled with an increase in the number of Microfinance Companies, the Bank of Ghana finally, decided to implement its regulatory framework for MFI’s by formally calling for applications for operating licenses. Currently, the BOG has fully licensed one hundred and seventy seven(177) MFI’s with over Two Hundred of them listed on the provisional License Register. The BOG is working very hard to protect the interest of the majority of our people and we believe that it’s a step in the right direction. With regards to the Mobile Financial Services, as far as I know, the Bank of Ghana has empowered the Mobile Telecom Companies in Ghana to partner with the Banks to promote Mobile Money which is gradually gaining grounds, though not as the telcos expect it. Currently, the Bank of Ghana considers the inclusion of mobile technology in the delivery of financial services by Banks and other financial institutions like the Savings and Loans and Microfinance Companies as the microfinance institutions.
Intersection of mobile money and microfinance?
Many people in the informal sector are attracted to the microfinance as a medium of saving while they perceive the ‘mobile money technology as a money transfer solution. It is uncommon to find someone using mobile money as a means of storing their money. The charges on mobile money are also a disincentive as well as the means of loading cash into one’s mobile money wallet. However a bridge can be created where a financial institution provides mobile money capability to their clients.
Role of technology to reach the bottom of the pyramid
Evidenced by the spread of mobile telecommunication technology and related product, there is eagerness to embrace technology granted it is convenient and accessible to the indigenous business folks. Technology particularly mobile is essential for bringing previously inaccessible services such as banking, money transfer, information sharing, health and education services to the grass-root. The age of mobile driven technology in Africa is only beginning; expect to see more advanced products and services as the technology become more accessible and affordable.
The future of microfinance in Africa in the context of the role of mobile phone and other technologies.
Never in the history of Africa have people been connected together as we see today. This is mainly due to the use of our Mobile phones and other communication technologies. I strongly believe that a time is coming when every productive African will own a mobile phone, thereby pushing the agenda for a cashless Africa where financial service, especially microfinance which is for the masses, will thrive. An Africa, where cash deposits, cash transfers and loans will be done by microfinance companies via mobile phones and other technologies.
Agency Banking is about to commence in Nigeria. What advice do you have for Nigeria?
Ensure that Agents get a good reward and motivation for their efforts. Not forgetting a 99.9% Security, both physical and online.
More insights about your new venture, Logiciel and management?
Logiciel is a turnkey Technological Solutions Company, delivering cutting-edge software technology in areas including Banking & Finance, Mobile Monitoring & Tracking and Electronic Data Processing.
It has been set up as an information Technology firm focused on delivering cost-effective solutions to companies in the banking and insurance sector.
Its main product (Gkudi) is currently been used by G-life microfinance and 3 other microfinance institutions
Our Management is currently composed of myself, the C.O.O ,Derek Appiah a former Executive Director of Vadafone Ghana as C.E.O and Ms. Farida Bedwei a renowned software Architect as C.T.O .
Share more on GKudi and Espyon?
Gkudi : This is an easy to use flexible application that provides MFIs with front and back office operations support as well as reporting capabilities. It is integrated with gKudi mobile and gkudi SMS technology enabling the user enjoy un-rivaled mobility and all associated benefits. It also provides CRM support comprising of account maintenance, loan information from application through to disbursement, day-to-day transactions. It comes bundled with easy to use drill down report for the easy report generation
Espyon : This is a web base application that enables institutions to monitor their field agents real time on the field. It is integrated with Espyon mobile application and a handheld mobile phone.
What should delegates expect at the Mobile Money Expo 2013?
Delegates should expect a very insightful and practical approach to the use of mobile telephony in transforming the financial industry.
- Global mobile financial services technology provider.
- Innovative Mobile Wallet service in Ghana.
- Serves both mobile and e-payment needs in the Nigerian market place.
- splash is Sierra Leoneís first mobile payment system.
- Teasy is an innovative Nigerian based mobile payment company
- EASY, INSTANT and CONVENIENT way of sending cash at ANYTIME, ANYWHERE, to ANYONE on ANY NETWORK
- Stanbic MobileMoney Agent at Shoprite
- Stanbic MobileMoney Stand at Shoprite
- Visit to Management of Comviva,India
- Agency field work with FortisMM, Ibadan
- Agency activities with FortisMobile,Ibadan
- EazyMoney Agent training, Lagos state
- EazyMoney Agent training, Oyo State.
- EazyMoney Agency Training, Edo State
- EazyMoney Agent Training
- Group visit to Tigocash,Ghana
- TigoCash Agent branding stand, Accra
- TigoCash Agent outlet, Accra
- Tariff Table, TigoCash Ghana.
- Field work in Enugu State.
- Agent in Enugu State.
- Agency Field work in East of Nigeria.
- Merchant ID
- Splash MobileMoney Call Center Team
- Agent group Training, Lagos
- Agent group training, Lagos
- Splash MobileMoney, Sierra Leone
- Visit to Splash MobileMoney, Sierra Leone.