[ 2016-08-13 ]

Telcos bemoan delays over e-money license
Mobile money operators in the country want the
Bank of Ghana to expedite the processes of issuing
licenses to Dedicated Electronic Money Issuing
Institutions (DEMI).

They argue that the licenses will boost confidence
and increase patronage of the mobile money
services.

Ghana’s Electronic Money Regulations states that
the central bank has up to ninety (90) working
days to issue or reject licenses for institutions
other than banks willing to possess or issue
e-money.

The General Manager of Mobile Money Services at
MTN, Eli Hini tells Citi Business News he believes
the numbers will increase significantly if the
regulator facilitates the issuing of the DEMI
licenses.

“What we are seeking the central bank to do is
to fast track the process of actually giving these
institutions the licenses because it is part of
the processes under the e-money regulations. Our
plea is however just to ensure that it is
completed in line with the regulations for the
service,” he explained.

Mr. Hini added though the operators are still
involved in carrying out their mandate in
providing services to customers, their work will
be strengthened if they obtain the backing of the
industry regulator, the Bank of Ghana.

“It gives further assurance to them that indeed
they have the mandate and the license to undertake
the activities on an everyday basis you want to be
sure that the regulator has given that
mandate.”

Mobile money increase by twenty percent end of
June

Mobile money transactions increased from about 550
million cedis in 2015, to over 600 million cedis
in June this year.

The figure also represents a twenty percent
increase in the figures recorded between 2015 and
the first half of 2016.

Telecom operators have lauded the central bank for
its role in introducing the mobile money
regulations in 2015.

It however believes the sector will see a
significant improvement if the central bank
addresses critical issues bordering on the
provision of interest on mobile money accounts.

In the meantime, the Bank of Ghana has proposed an
interest between 11/2 and 7 percent per annum.

Source - citifmonline.com

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