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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

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    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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Fintech won’t lead to job losses – OmniBank MD

bycitibusinessnews
December 1, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Philip Oti Mensah - MD, OmniBank

Philip Oti Mensah - MD, OmniBank

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Some bankers have ruled out huge layoffs of their human resource following the adoption of modern technologies in their operations.

According to them, the job losses could largely be blamed on the inability of institutions to draw a clear balance in their innovation.

“We developed some innovative products which we call the Omni Bank pay house these are kiosk models that are spread across the country we have about twenty of them now by the end of the year we will have about 100 of them and people can go there and deposit into their wallets or their accounts they can go there and open accounts and do all sorts of things so if you ask me we are rather going to increase employment,” the Managing Director of Omni Bank, Philip Oti Mensah told Citi Business News.

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The need to tap into the huge unbanked population in emerging economies like Ghana has resulted in the creation of new and innovative systems to attract more deposits.

Some banks for instance have adopted electronic platforms and cashless systems which require less human interface.

There has also been a gradual increase in use of payment platforms provided by partnerships between telecom companies and banks.

More recently, there has also been the adoption of transaction cards that enables holders purchase goods and services as well as make deposits into their bank accounts.

Mr. Oti Mensah whose company is among the new entrants in the banking industry further stressed that though technology has become inevitable among financial institutions, his outfit will continue to effectively combine the two to provide tailor made solutions.

“People still need to have what we call the deposit convenience, you know if you have cash in your pocket you still need to deposit at some point before it comes to your phone or to your account so we are going to combine technology and low cost branches and in this sense.”

Official statistics indicate that total number of cards issued under the e-zwich payment platform have increased from 496,538 in 2010 to 1,791, 387 as at September 2016.

Similarly, the value of transactions has also increased from 84.5 million cedis to 1.26 billion cedis between the six year period.

Also, total number of registered mobile money customers has increased from 3,778,374 in 2012 to about 18,862,941 as at September this year.

In addition, total value of transactions have increased from 594 million cedis in 2012 to 51.43 billion cedis as at September 2016.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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