The increase in the usage of mobile financial services across the country is fast erasing the percentage of cash transactions and creating a paradigm shift like never before.
This is according to the Director of Vodafone’s Enterprise Business Unit, Angela Mensah-Poku.
The mobile money concept has gradually become a major medium for financial transactions in Ghana’s retail sector; a factor that is also responsible for bridging the gap between the banked and unbanked population in the country.
Not too long ago, the percentage of the unbanked population in the country was close to 70 percent as against 30 percent that were bankable.
With the emergence of mobile money, the numbers are beginning to reflect a higher degree of financial inclusion.
Speaking in an interview with Christopher Garnett at the just-ended EuroMoney Conference held in Accra, Angela Mensah-Poku said: “It is changing lives in a democratic way and creating entrepreneurs out of most Ghanaians. All over the country, people from all walks of life are simply handling transactions from their bedrooms and that is revolutionary. I have also noticed that mobile money is enforcing trust and peace in the financial services sector. The proof here is that within the first few weeks of on-boarding Vodafone Cash subscribers, the check-balance feature becomes the most frequently used; this regularity drops as the subscribers realise that their monies are safely secured.”
The EuroMoney Conference, held on September 25th, examined how financial technology and innovation are driving a fundamental reshaping of the financial services industry in Ghana.
The Conference, which was sponsored by Vodafone Ghana, brought people together to discuss ways of “Building a digital business and financial ecosystem”.