Business News of Thursday, 21 October 2021
Source: classfmonline.com
2021-10-21
Mobile money has improved the efficiency of money transactions
The New Juaben North Constituency Chairman of the governing New Patriotic Party (NPP) has made an appeal to the Bank of Ghana to revoke the licences of telecommunication companies engaged in mobile money operations in the country.
According to the Regional Chairman, Kwadwo Boateng-Agyemang, the telcos have no mandate to operate financial services per their rules of establishment as service providers.
Mr Boateng-Agyemang says it is about time the Governor of the central bank, Dr Ernest Addison, is petitioned in connection with the MoMo operations of the telcos.
The activities of the telcos in the financial sector need to be streamlined, he argued.
Mr Boateng-Agyemang made the appeal on Wednesday, 20 October 2021 on Asempa FM’s ‘Ekosii Sen’ panel discussion show.
“I wonder what the leadership of the Ghana Association of Bankers are doing in the face of this unwarranted competition from the telcos,” he posited.
“Because of the MoMo services, some of the telcos have refused to print call cards for the customers, deliberately pushing all their customers to make use of the MoMo platform,” he stressed.
He argued that it is wrong for the Bank of Ghana to have allowed the telcos to dabble in the financial sector of the economy.
He noted that it is about time the central bank takes steps to streamline the sector and make the telcos stick to their core mandate.
He was emphatic that the mandate of the telcos was to provide communication services and not financial services in the country.