Prime News Ghana

Vodafone Cash instrumental in the growth of the financial sector

By Michael Abayateye
Martison Obeng-Agyei
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Ghana’s financial services sector is yet to reach majority of the non-bankable population but the introduction of mobile money has over the years ensured that many Ghanaians have moved into mainstream financial services, Head of Service at Vodafone Ghana, Martison Obeng- Agyei has said.

This he said in a release that, has to a large extent helped in the transformation of the entire country with regards to finance management.

Referring to Vodafone Cash he said “what we have seen in less than a year of operating the mobile money service is proof of its power to transform the entire country. We want to be integral in the promotion of a cash-lite society in Ghana and bridge the gap between the included and excluded in our society,” he stated.

This he said is part of an overall strategic focus of digitally leaving none behind in Ghana and confident that going forward, they become very significant in this space in the country.

The Vodafone Cash proposition has undoubtedly commenced another phase of growth and maturity for Vodafone Ghana and sees a future of tremendous growth ahead.

According to him, Vodafone Ghana is excited about the rate of progression of its mobile money platform –Vodafone Cash introduced in December last year as the service has shown the kind of resilience and efficiency that is symptomatic of its parent technological system – M-Pesa.

“With a few services on the platform at the time of commencement, Vodafone Cash now boasts of services such as ATM-cardless withdrawals, TV license payments, bulk payment services and insurance for fisher folks,” he stressed.

Meanwhile, Vodafone has paid close to one million Ghana cedis as interest payments to customers over the past three-quarters of this year.

This follows the introduction of new guidelines on Dedicated Electronic Money Issuers (DEMI) from the Central Bank, which directs banks to pay interest on floats from mobile money platforms to telecom companies, out of which 80% is mandated as interest payment to mobile money customers.

The telecommunications giant witnessed a 75 per cent increase in Q3 payments over Q2 – a development which reflects the significance of the trust reposed in the company by customers who have increased their deposits and transactions.

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