By: Fred Yaw Sarpong
The Ghana Bankers Association has downplayed the assertion that the rise in mobile money operations in the country is a threat to the banking industry.
Mr. Alhassan Andani
The president of the association, Mr. Alhassan Andani in an interview with the Daily Express alluded that banking operations go beyond just payments, so banks cannot be scared by mobile money operators.
“Mobile money is just part of the things that we do and we collaborate on as well. ere are several things that have come and have not threatened banking operations,” the Managing Director (MD) of Stanbic Bank Ghana said.
A 2016 Ghana Banking Survey conducted by Price Water House Cooper (Pwc) indicated that the mobile money business has made significant strides in recent years. e report said registered subscribers increased from 3.8 million to 13.1 million, and registered agents also increased over tenfold from 8,660 to 93,376.
“The number of transactions also increased substantially from 18 million to 266 million, while the value of transactions soared from GH¢594 million to GH¢35 billion. By the end of 2015, the mobile money balance on float stood at GH¢548 million,” the Pwc report stated.
Mr. Andani however believes that mobile money business is rather enhancing the activities of banks