Report shows that the growing number of transactions from mobile money operations is a threat to the future of banks in Ghana
Friday, March 22, 2019
By Berlinda Entsie
This is because these mobile money agents are projected to soon apply for digital banking licences.
The Oxford Business Group (OBG) made this known in a report.
Recently, the Bank of Ghana (BoG) revealed that the largest share of mobile money deposits in Ghana rest with Fidelity Bank, which in 2017 held around $108 million (GH¢583million), followed by Ecobank and CAL Bank, with $87 million (GH¢470million) and $43 million (GH¢229 million) respectively.
This analysis means that if the mobile money companies eventually become digital banks, which the report strongly predicts will happen, banks will no longer be the custodians of the mobile money accounts, a situation the OBG says will be disruptive to traditional lenders.
Photo courtesy of Paul.