I had the privilege of attending a presentation by Ebenezer Twum Asante, the CEO of MTN some weeks back on mobile money. Here are some of the highlights of the presentation that I want to bring to your attention:
- 35% of airtime is bought through physical means. 65% through digital means.
- MTN currently piloting near field technology .
- Debit card/credit card will probably be needless in the future.
- Money may be retained in the space as opposed to cashing in and cashing out.
- Mobile money alone is responsible for over 10% of deposits in the banking system.
- Current research shows that the central bank should raise the limit allowed.
- Transaction size growing including amount transacted.
- Security is as safe as the banks.
- Scams still major concern but mainly because of literacy level
- Mobile money is better placed to handle money laundering since they are able to deal with it in real time. Alerts are sent once a transaction occurs that triggers suspicious activity. Central banks and security agencies are contacted in realtime.
Makes me wonder why we are still using cheques.
(I just want to highlight that though this article is about mobile money, it’s not referring entirely to MTN. It involves the other networks as well. It’s just that MTN is privileged to have mobile money associated with its name.)
I started using mobile money actively in 2016. I had been registered but never saw the need to use it till I needed to pay someone and found it more convenient to use digital means.
Since then I have found it to be an excellent medium of moving money in Ghana and find it irritating that my bank hasn’t yet integrated it into their systems.
As a millennial, these developments are exciting because it breaks down the red tape associated with money transfer.
Ghana due to scams on credit cards and other fraudulent activities, have been sidelined and thus payment platforms such as PayPal are not easily accessible. This restricts e-commerce to a privileged few.
Mobile money is just the beginning of e-commerce in Ghana. Technology such as Slyde Pay and Express Pay facilitate everyday transactions at the touch of a button or screen expanding payment opportunities.
Ghana is gradually moving towards a future where our smart phones become more than just communication devices. They will become our wallets, ticket or boarding pass holders and identity documents.
I foresee payroll being run on mobile money platforms soon. It may even be used as a means to provide credit since your service provider has an idea of your cellular history and a bit more.
In this digital age where the future is uncertain, I urge businesses to begin adopting mobile money and e-commerce. That’s the future. With the way technology is moving I strongly believe that our laptops will shrink to become our cell phones. The power we hold now in our phones keeps growing. Hard drive space, processing power, camera specifications and more keep evolving each day.
So let’s position ourselves for the future. I look forward to my church adopting mobile money for offerings 😬.
(I will definitely be blogging about mobile money in church. That will be such a hot topic)
Keep it One HONDRED!