The amount of money mobilized outside the banking system through mobile money reached record GH¢2.3 billion ending December 2017, according to data from the Bank of Ghana. The amount represents a growth of 84.6 percent over the December 2016 amount of GH¢1.3 billion. These funds mobilized through mobile money are currently held by banks. Mobile
Barclays Africa Group Limited (BAGL) has signed a 2-year agreement to provide financial support to the Frontclear Technical Assistance Programme (FTAP) through the latter’s Partnership Facility. The contribution reflects the bank’s commitment to building inclusive, stable and liquid interbank market development through providing training, regulatory support and essential market infrastructure. The programme will be rolled-out
Digital security provider Gemalto is providing its PURE white-label payment solution to Ghana Interbank Payment and Settlement Systems, a subsidiary of Ghana’s central bank that manages the country’s interbank payment processing system. Gemalto’s technology and consultancy will help speed up Ghana’s migration to the enhanced security of EMV transactions, and enable GhIPSS to offer its
At an event bringing together key government and business players, the Ghana’s Ministry of Finance and the UN-based Better Than Cash Alliance released a report documenting the country’s progress in creating an economy where everyone can pay and get paid digitally, instead of cash. The results show the country has made significant gains, including almost 100
At an event bringing together key government and business players, the Ghana’s Ministry of Finance and the UN-based Better Than Cash Alliance released a report documenting the country’s progress in creating an economy where everyone can pay and get paid digitally, instead of cash. The results show the country has made significant gains, including almost 100
Allied Exchange Africa Ltd. has launched its novel digital payment platform, ALEXpay to overcome the lack of cross-network fund transfer and interoperability which currently inhibits the potential of mobile money services in Ghana. According to Mr. Moses Kanduri, COO and Co-founder of ALEXpay, “the increased transactions and cash flows via mobile money transfer service platforms
Allied Exchange Africa Ltd. has launched its novel digital payment platform, ALEXpay to overcome the lack of cross-network fund transfer and interoperability which currently inhibits the potential of mobile money services in Ghana. According to Mr. Moses Kanduri, COO and Co-founder of ALEXpay, “the increased transactions and cash flows via mobile money transfer service platforms
The Managing Director of GCB Bank, Mr. Anselm Ray Sowah, says assuming the management of UT and Capital Banks is a strategic move in the interest of the Bank. “It was not an overnight decision to take over those two banks. I am hopeful that the expansion of GCB will bring profit,” he said. Answering
Corporate Executive of MTN Ghana, Mrs. Cynthia Lumor, has warned customers and subscribers of the mobile money service against sharing their pin numbers with vendors or agents. According to her, no vendor or agent has the right to demand the private pin numbers of customers when performing a function on the mobile money platform. This
Direct Pay Online Group (DPO) is the first payment service provider (PSP) in Africa to receive the Payment Card Industry Data Security Standard (PCI DSS) Level 1 certification in 12 African countries. This comes after the successful completion of comprehensive audits in the Group’s global headquarters and all its other markets which include Kenya, Tanzania,
