Some deposit taking institutions have initiated partnerships with telecommunication companies to provide mobile money services following the increased demand for the service in the country.
One of such is the Pan African savings and loans. According to the company, this innovation will allow customers gain quick access to their monies via their mobile phones.
Customers will also be able to access short term loans, make deposits as well as purchase airtime via the platform.
Pan African savings and loans which has dubbed its new mobile banking product ‘QUICK” says the product allows customers make use of their mobile phones conveniently after dialing*777#.
The Group Executive for consumer banking at Ecobank which is the mother company for Pan African savings and loans Patrick Akinwuntan tells Citi Business News the new product also places the company ahead of their competitors.
“We love competition but we are known to be very innovative and we are pioneers. Today we are pioneering micro finance services on the mobile phone so we love competition, it makes it exciting and gives choice to the customer. This service enables us to widen the gap between us and our competitors. But we welcome competition. It is healthy for the market.
We are doing it with all the major Telcos, thus MTN, Vodafon, Airtel and Tigo. It is open and available to all Ghanaians.
Meanwhile Head of Payment Systems Department at the Bank of Ghana (BOG), Dr Settor Amediku, commended the management of the Pan-African Savings and Loans for their innovation.
Dr Amediku emphasized the BOG set up the Payment System Department, and introduced the Electronic Money Issuers Guidelines with the sole purpose of fostering financial inclusion through the use of digital technology in the form of mobile phones and other electronic platforms for cashless transactions.
“The total float balances from the various electronic money platforms held by banks as at July 2016 was GHC703.64 million compared to GHC363.65 million in July 2015.
Mobile money agents as by the end of July 2016 were 113,728 as against July 2015 which saw a record of 56,922′.
Dr Amediku called on other financial institutions to consider providing innovative financial services to help drive the cashless society agenda.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana