The total cash float from the various mobile money platforms to the banks reached GHC703.64million in July this year, representing a 48.3 per cent jump from July last year.
Head of Payment Systems Department at the Bank Of Ghana (BOG),Dr Settor Amediku disclosed this at the launch of a mobile banking service by Pan-African Saving and Loans, the microfinance wing of Ecobank Ghana.
The mobile banking service, dubbed ‘QUICK” mobile phone banking, offers customers the convenience of banking on their mobile phones.
It is available on short code *777#, and allows customers to access their bank accounts on phone and do deposits and withdrawals, make payments, top-up airtime and access short-term loans among other things.
Dr. Amediku commended the management of the Pan-African Savings and Loans for their innovation, saying it is in line with the objectives of the BOG to improve financial services and also reduce the use of cash for financial transactions.
He said BOG set up the Payment System Department, and introduced the Dedicated Electronic Money Issuers (DEMI) Guidelines to boost financial inclusion through the use of digital technology in the form of mobile phones and other electronic platforms for cashless transactions.
Dr. Amediku noted that mobile money is a major driver driver of the financial inclusion and cashless society agenda, with agents rising from 56,922 to 113,728 between July 2015 and July this year.
Indeed, just this month, mobile money companies and their partner banks started paying interests to customers on their mobile money balances; a move designed to further deepen financial inclusion and cashless financial transaction.
Dr. Amediku therefore called on other financial institutions to seriously consider providing innovative financial services to help drive the cashless society agenda.
Managing Director of Pan-African Savings and Loans, Emelia Atta-Fynn told Adom News the new "QUICK" service is to make life easier for existing and prospective customers, and to boost financial inclusion.
Group Executive for Consumer Bank at Ecobank Ghana, Patrick Akinwuntun said the bank will spread agents across the country so customers can access them.
He said the bank has put in place enough security measures to ensure that fraudsters do not abuse the system.
"All the security features are ISO certified and have all been reviewed by the necessary regulators," he stated, adding "all accounts have identification numbers and PINs with personal registration details, which makes it difficult for any impersonation”.