NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Business24online

Barely 15 years ago, financial services in Ghana were the preserve of banks and other institutions licensed by the central bank.

The design and modus operandi of these institutions tended largely to exclude the predominant informal sector from access to financial services, which limited economic opportunities for millions of people. Steps to include the informal sector in the formal financial industry encountered bottlenecks until technology broke the barrier to access, bringing with it incalculable benefits to consumers.

Eleven years ago, MTN, the mobile network operator, pioneered the country’s first mobile money service, which enabled users to send and receive e-money on their mobile handsets.

Photo courtesy of Jean Gerber.