Most Ghanaians have in excess of the years been excluded from fundamental banking companies because of absence of identity, inability to deliver a utility invoice or an tackle.
On the other hand, the introduction and adoption of thorough Cellular Income Interoperability (MMI) in Ghana has solved the difficulty of guaranteeing standard fiscal inclusion, Vice President Bawumia has indicated.
Speaking in Accra on Monday, 20th May perhaps 2019, Vice President Bawumia said the cellular cash payments interoperability system that permits the transfer of cash from mobile dollars accounts to lender accounts (back-to-back) and from mobile or financial institution accounts to biometric payment card accounts (ezwich) signifies that basically, each and every Ghanaian can enjoy banking services, in fulfilment of the pledge to give every single Ghanaian obtain to a financial institution account.
“Mobile Cash Interoperability has furnished most of the unbanked and underbanked with accessibility to a transaction account that serves as a gateway to other money solutions.
“If you have a Cell Income (MoMo) account in Ghana you are no for a longer period excluded from the monetary process. Just about every person of a MoMo account can now use that account like a traditional lender account.
“Since a mobile dollars account now capabilities like a lender account we can confidently say that Ghana has solved the difficulty of basic monetary inclusion. It is in this context that we claimed formerly that Cell Income Interoperability will give each individual Ghanaian obtain to a lender account.”
Authorities have explained Ghana’s payment method architecture as a person of the most innovative in Africa, and with 34.5 million registered cellular income accounts in Ghana for a state with a population of about 30 million, the use of Mobile dollars is getting to be a way of everyday living.
“Within the following yr, we intend to integrate all payment channels to offer a system for receipt of all govt payments electronically. The kind of digital payments architecture that we are constructing has enabled the filing of tax returns and having to pay taxes electronically”, Dr Bawumia disclosed.
Vice President Bawumia was talking at the 3rd Africa Management Conference organised by the Global Advertising and marketing Affiliation (IAA) in Accra.
The Convention, beneath the theme “Africa Rising: engineering Trends verus Consumer Decision – Who’s determining the upcoming?” and is being attended by advertising and marketing titans from throughout the planet, which include Srinivasan K. Swamy, Chairman and Planet President of the IAA.