Footnote:
In: Dataking Policy Brief 8, Accra, Dataking Consulting (2022)
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 20, 2022 erstellt
Description:
Mobile Money (MM) is gradually replacing cash as the primary method of payment for the unbanked and underserved in Ghana. The rapid expansion of mobile phone use, particularly in rural areas, has contributed to Ghana's rapid growth in MM usage. This study looks into whether recent changes in the mobile money sector especially after COVID-19 have been disrupting or enabling the sector. In the article, we used a review of policies and academic literature as our methodology. According to the findings, Mobile Money Interoperability is one of Ghana's most significant financial sector advancements, resulting in an increase in mobile money transactions. It also demonstrates that regulation has a significant influence on the use and uptake of mobile money. Regulation influences both the range of services offered, such as inter-person transfers, bill payments, merchant payments, and overseas remittances, as well as the ease with which new consumers can sign up for mobile money services. Furthermore, the results show that, while the use of mobile money services is increasing, cybercrime and fraud are also evolving in the mobile money market. The study also touches on the impact of the electronic levy (e-levy) on digital financial services and mobile money with the potential impact on the growth of the sector. According to the study, regulators can act as catalysts for greater financial inclusion by enacting laws and rules that make basic financial services more accessible and common. Policies and regulations promoting financial literacy in the mobile money space will have a significant impact on reducing mobile money fraud. It also implies that mobile money is a more accessible option for holding and maintaining money than traditional banks because more people use mobile phone technology and find it more convenient to access than physical banks. As a result, the study emphasizes the importance of encouraging customer protection and financial literacy. Furthermore, regulators and stakeholders should promote the expansion of the m-money platform in order to close the financial inclusion gap. The policy brief has insights for practitioners, policymakers and the academic community