Mobile Money and Payment Systems: Follow me to EOBS2017
On 22 March 2017, the players in digital money in Ghana met and deliberated. Here is my report.
Only a third of Ghanaians have bank accounts and the trend is banks are closing branches and focusing on corporate banking. In 2009, however, mobile money was launched in Ghana and this system also reach the unbanked. In 6 months last year the total transactional value of digital transfers was GHS 30.6 billion.
What is the future of mobile money & digital payments in ??Ghana? I’m at #EOBS2017 to find out. http://www.ghanaeconomicoutlook.com/program/ pic.twitter.com/ub4Drk19Sf
The challenge to modernize the banking sector Ghana about 10 years ago, says Archie Hesse of GhIPSS. #EOBS2017 pic.twitter.com/kAhKbmf7la
There are 2 major problems: 1. Majority of Ghanaians are unbanked, 2. Most of our transactions are carried out in cash – Hesse. #EOBS2017
Until GhIPSS created a check clearing system, transfers with check in Accra took 3 days, between Accra – other parts of Ghana 7! #EOBS2017
Hesse says Ghana is doing well. Gh-link has made it possible to draw money from any ATM, “Perhaps for a fee, but it is possible” #EOBS2017
“We are now moving to instant, instant, instant, instant.” – Hesse Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) #EOBS2017
We were challenged by the VP to Full financial inclusion & enable transfer mobile wallet->eSwich->bank account. – Hesse. #EOBS2017
What Infrastructure is Needed for the Sector to Blossom?
Next an interesting convo on what tech backbone is needed for development. Do we need 4G? Or do we leverage on current system? #EOBS2017
First reference of the day to Silicone Valley. Just before we heard there’s no network in Oboase to enable a mobile money merchant.#EOBS2017
I thought the same – maybe for some in the #EOBS2017 room 2G is the lower limit of their world? 🙂 https://twitter.com/retornam/status/844578314920456192 …
Comment from the audience: for expanding the market for data products, access to fast Internet matters. #EOBS2017
People watching at @Ghana_Business Economic Outlook & Business Strategy Conference 2017 #EOBS2017 pic.twitter.com/ZShE3IctG5
What’s next?
Merchant payments
Next wave of payment modernisation we think will be merchant payments, many-to-one, says Saqib Nazir @InterpayAfrica#EOBS2017
The opposite, nano-payments, allow day labourers and currently unbanked to access services such as insurance, paying daily. -Nazir #EOBS2017
Rural network expansion
There is Ghana Investment Fund for Electronic Communication working on rural network expansion. More info: http://gifec.gov.gh #EOBS2017
Using mobile money agents for many more services
Account from Zimbabwe: Mobile money agents have trust in the community so can be used to educate consumers! #EOBS2017
Next is integrating mobile money (transfer between telcos& banks) and expanding access to banking. #EOBS2017 https://twitter.com/fkoku/status/844591032268455938 …
Comments from the floor on that much of Ghana is still unbanked. What can we do with local languages? Education on mobile money? #EOBS2017
Eli Hini of @MTNGhana Mobile Money says he is looking for content to provide to his customers. Cc @BloggingGhana #EOBS2017
Disruption!
Dr. Sharron McPherson, Centre for Disruptive Technologies, talks about how @Uber @mysocietyone @Airbnb disrupted their fields. #EOBS2017pic.twitter.com/t1Uu7zuoNu
We are talking not just of future of banking & payment systems, but how this will transform every sector in Ghana, says McPherson #EOBS2017
Fascinating payment innovation timeline. #EOBS2017pic.twitter.com/R8WMtFkITj
Mobile money is already changing lives – and businesses
My q: Two years ago, my niece became mobile money merchant. Today, she employs 3. Where will my niece be in 2, 5, 10 years? ??#EOBS2017
MMoney wil raise savings 4 investmnt jobs, growth, lower poverty~@MBawumia @TelecomsChamber @MTNGhana@VodafoneGhana @airtelghana #EOBS2017
I ended my reporting with an online survey – among those who answered less than 2/10 use mobile money or digital banking.
Thanks for reading my #EOBS2017 tweets. Now before you go: How did you pay for things today? ???
I also took a selfie with Kwaku Sakyi-Addo of the TelecomsChamber (former well-known journalist). But to see it you have to head over to Instagram, I’m @KajsaHA there too. Kwaku was also happy with the conference!
Excellent #EOBS2017 conference on Mobile money today. @TigoGhana @TelecomsChamber @MTNGhana @VodafoneGhana@airtelghana