Bank of Ghana now has published new guidelines on his website to provide telecom operators a freedom from their banking partners while providing mobile money services.
These guidelines, which are published on the website are basically for E-Money Issuer and for the Agents who will work with these Issuers, and these guidelines are providing a road map for making Cashless society.
In the new guidelines, it is necessary for the telecom companies buying a new license for providing this service and this license will make them an independent Financial institution instead of working under the banks.
It means that, now the license will directly issue to the telecom companies which wants to get the opportunity for Mobile Money instead of providing to the private banks to partnering the companies.
After getting the license from the government the Mobile Money will be considered as different brand for different companies like MTN Mobile Money, TiGo Cash and Airtel Money, etc. and so these will be considered as separate financial institutions to provide financial services.
Head of one of the Telecom Company told to media that by using Mobile Money, Operators are using those ways and techniques which cannot be extended by the banks and so it is a great threatened for the banking sector.
He said that the Mobile Money provide too much easy ways for transferring the money to the customers that’s why banks feel threatened that their low income and potential customer will shift to telecom companies for making their financial transaction easy.
For example Mobile Money allows the customers, who don’t have any bank account, all the facilities of banking without having any bank account.
According to MoMo
Executives, many banks like Commercial banks and ECO bank etc, who are doing partnerships with different telecom companies, are supporting Mobile Money as they are looking the benefits that they can get from Mobile Money product, but on other hand MDs of two banks, whose name are not declared, are against the launching of this product and they are raising objections.
He further added that those banks against to the Mobile Money may thinks that they will be impacted by the launch of this system but in fact the new guidelines are facilitating banking businesses.
There is a great worry for banks, on other hand Mobile Money is ready to launch and make the society of Ghana a cashless society.
Now it’s a time for telecom companies to apply for the license for launching their new Mobile Money brands and start work as independent financial institutions, these companies will still use traditional banks for the purpose of depositing money but they will manage funds by themselves and responsible for providing funds to the right person on demand.
After the full establishment of the new product in the market, the people who do not have personal account in the banks can use all the benefits of banking, like they can transfer their money and get loans etc from the Mobile Money Service.
Further discussions are in process about what percentage of revenue will be for whom, for bank and for telecom companies.
The CEO of Vodafone Ghana said that now they are also launching Mobile Money Brand and they will provide the best services for their all customers according to their needs and demands.
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