Tuesday
September 17
2019

Viewpoint: Ghana’s Banks May Find Themselves Undercut by MTN’s Mobile Money

By David Whitehouse

When Kodjo Adovor, CEO of Kevi Capital in Accra, needs some business cards, he sends his order and a mobile money payment and within an hour has motorcycle delivery of the cards.

A few years ago, Adovor says, he would have had to endure the traffic driving across Accra to pay cash. “Mobile money is facilitating business and that will increase as more and more people use digital platforms,” he says.

Backed by a supportive regulatory environment, mobile money has become the preferred payment method for Ghana’s small businesses.

According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa. Mobile operators MTN, AirtelTigo and Vodafone currently lead the industry. Banks are pushing digital banking in Ghana, but with less success, according to a report from Tellimer in September.

Photo courtesy of ICT4D.at.

Source: The Africa Report (link opens in a new window)

Categories
Finance
Tags
emerging markets, financial services, fintech, mobile money, MTN