As Bank of Ghana announced two new guidelines related to online banking, Money Transfer in Ghana, so now Bank of Ghana is going to start Money transactions through mobile for the development of the country.
The Central Bank issued guidelines for Issuers and agents, about their roles and responsibilities and that’s how they can transfer money through mobile services which is a safe and convenient way for funds transferring.
These guidelines were published on the website of BoG on 6 July, 2015 and will replace the guidelines for Branchless Banking which they issued earlier
New guidelines, issued on the website, are developed with the consent of Key Stakeholders which are a Chamber of Telecommunication Ghana, Payment provides, Prospective Mobile networks and Bank authorities.
The fund transferring through mobile services was 30 million in 2012 and increased to 106 million at the end of December 2014, and now it is assumed by analyst that after setting up mobile money service the number of transactions will be multiplied with previous numbers.
This step taken by the BoG is best for all people, especially for those who still don’t have any bank account for the funds transferring purpose, it will be good for informal sector as well.
Now a day’s MTN, Airtel and TiGo are offering mobile money services, analyst within the industry also expecting Vodafone to join this journey with other networks. The Fact is that Vodafone is fully prepared to launch its money transferring service for the customers.
Now for the mobile operators, it is necessary to get a Dedicate Money Issuer (DMIs) license if they want to work with this service, after getting this license they will be able to provide money transfer service through retail outlets and agents, they will be directly supervised with the BoG on extension of financial services.
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