Kwami Ahiabenu,II Knowledge Chief

As the number of mobile phone subscribers in Ghana increases, so does the market for mobile money services. The majority of Ghanaians lack any formal bank account. Kwami Ahiabenu II reports on how mobile money could change the shape of financial transactions in the country. By Kwami Ahiabenu II An estimated 80 percent of Ghanaians are "unbanked" – meaning they conduct their transactions outside the banking sector with no access to financial services. Products like "mobile money," that enable safe and secure money transfers without the use of a bank account, could have a major impact on this unserved segment of the population. Mobile money gives anyone with a mobile phone the ability to transfer money, make cash payments and conduct other financial transactions over the phone. Mobile money is a relatively new phenomenon in Ghana. It was first introduced by the telecom company MTN a year ago. MTN Mobile Money operates in partnership with nine banks. Cur...