Mr. Eli Hini the CEO of MTN MobileMoney Limited charges digital finance operators to collaborate rather than compete among themselves to achieve digital payment success in Ghana.
Mr. Hini speaking at the MTN Mobile Money Stakeholder Forum which was held under the theme “Digitizing payments in Ghana: A collaborative effort need for success”, stated that collaboration among stakeholders has been identified as a strategic approach towards a successful digital finance in Ghana.
“No individual can do it all alone. The keyword for us should be collaboration, and we should have the customer at the centre of it all”.
Mr. Eli Hini, CEO, MobileMoney Ltd.
Additionally, Dr. Setor Amediku, Head of Payments Systems at the Bank of Ghana encouraged stakeholders to “take advantage of the existing opportunities. BOG’s long-term strategy for the payment systems is to push for more collaboration among providers of financial digital products and electronic financial services,”
Furthermore, Mr. Hini shed more light on the participatory role the telecommunication network providers can play to support the growth of the industry.
“The telecoms industry players must also work together to make access to reliable internet and smartphones easier and affordable to drive adoption of digital payment services, and there is also the need to build solid anti-fraud systems to boost public confidence in using digital payment platforms,”
Mr. Eli Hini, CEO, MobileMoney Ltd.
Cashless payments
Mr. Kwame Oppong, the Head of Fintech at the Bank of Ghana stated that mobile money has recorded huge volumes of transactions. He further noted that, despite the Central Bank’s effort to reduce the activities of cash transaction, cash payments are still prevalent in our transactional activities.
Also, Dr. Setor Amediku stated that the financial companies are doing their best to promote the cashless agenda of the Bank of Ghana, through the provision of cashless payment platforms for consumers.
“Indeed, financial digitization has expanded to include products that support government revenue collections, utility payments, and disbursement of financial aid to vulnerable groups in society. Banks and other financial institutions have all intensified efforts to move operations to digital platforms to better serve customers,
Dr. Setor Amediku, Head of Payments Systems, Bank of Ghana
“Over the past decade, mobile money accounts have increased thirty-fold, to 44 million in June 2021. The volume of mobile money interoperability transactions has also increased twenty-four-fold since its launch in 2018 to 10.3 million in June 2021, while GHIPSS Instant Pay volume of transactions has also increased significantly since 2016.”
Dr. Setor Amediku, Head of Payments Systems, Bank of Ghana
Meanwhile, Mr. Eli Hini revealed that, there are numerous business opportunities within the informal sector. He further indicated that seventy percent (70%) of SME payments are within the informal sector. Also, he stated that the informal sector has a promising potential that can be harnessed through promoting regional trade among SMEs.
“Some of the other conversations we’ve been having is how we can drive regional trade. Today we can do international remittances only inward. What can we put in place to foster the other side, which is outward, where can we start from, what opportunities do we have?”
Mr. Eli Hini, CEO, MobileMoney Ltd.
Mr. Eli Hini also stated that, by educating the public on the digital payments, deliberate investments into infrastructural development, building the needed trust with customers, digitizing the various value chain, and fostering the needed collaboration among stakeholders, digital payments can be successful.
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