This story from Uganda holds great lessons for Ghana that I believe culling it from the Monitor of Uganda and relating it to the progress we have made in Ghana is very important. Over the last 18months, there has been a consistent attempt by many Governments within Sub Saharan Africa to tax mobile money and …
Generating funds to either start a business or expand a business operation has mainly been the key challenge faced by today’s business entrepreneurs in Ghana and most part of developing countries. Thankfully, the Ghana Alternative Market (GAX) has been launched to ameliorate this problem in Ghana. With Ghana’s market size growing and opportunities in the …
The Bank of Ghana has stated that Fintechs will come under its regulations in the near future to ensure credibility and stability in the financial sector and avoid systematic risks on cyber security and data issues. Representing the Central Bank at Citi Business Festival’s Fintech Summit hosted by the Citinewsroom, Setor Amediku said based on …
Some Islamic scholars are urging the Bank of Ghana(BoG) to license Islamic banking in Ghana to improve the financial system. The central bank in 2016, withdrew the license it gave to Saudi Arabia-based financial company, Makkah, after the company failed to meet key requirements for the granting of a full operation license on two occasions. …
The Payment Systems and Service bill, 2017, which is currently before cabinet, will expectedly allow banks to issue electronic money – thereby breaking the monopoly of telcos. “Some universal banks have submitted applications to also issue electronic money under the Payment Systems and Services bill 2017 that is currently before cabinet. “The bill’s passage is …
Sub-Saharan Africa’s small and medium enterprises have benefitted enormously from the revolution in digital finance in the region, and now require more innovation and targetted approaches to reach entrepreneurs hungry for US$331billion in new funding across Africa. These issues are at the forefront of discussions in Nairobi at the SME Finance Forum – an initiative …
Imposing any form of tax on mobile money transactions will be a major drawback to the financial inclusion agenda championed by government, Akinwale Goodluck, Head of sub Saharan Africa at GSMA, the global body that represents the interest of mobile operators worldwide, has said. “I am very concerned anytime there is any indication that government …
“Now I have multiple streams of collection for my business and do not have to bear the burden of carrying bulk cash with all its insecurities. Financial transactions for my business are conducted seamlessly using my mobile device anywhere I am.” – Auntie Maggie, Owner of Multiple Stores at Makola Market Ghana’s economy, as reported …
Mobilizing domestic financial resources like savings is crucial for Africa’s developing economies. Savings are important because they permit investment, which in turn increases the productive capacity of an economy. They also play a significant role in financial intermediation in a sense that savings funds intermediated by the banking system can be used as credit to …
MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank. The ambitious business strategy was revealed by MTN CEO Rob Shuter yesterday during the Deloitte Africa in 2018 Outlook conference in Woodmead. The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite …