Accra, Ghana – The leadership of the Mobile Money Advocacy Group Ghana (MOMAG) has paid a courtesy call on the leadership of the Electronic Money Issuers (EMIs) Chamber of Ghana to discuss opportunities for collaboration and strategies to enhance the growth and sustainability of the mobile money ecosystem.
The visit, which took place in Accra, focused on the evolving landscape of mobile money operations, the need for innovation, and the importance of strengthening partnerships to drive Ghana’s digital financial agenda. The EMIs Chamber pledged its full support to MOMAG as the association works to achieve its objectives and adapt to the changing dynamics of the mobile money industry.
A Changing Industry Requires Innovation
During the meeting, Ing. Dr. Kenneth Ashigbey, CEO of the EMIs Chamber of Ghana, emphasized the need for mobile money agents and their association to evolve with the times. He noted that the world of mobile money is rapidly changing, driven by advancements in financial technology and shifting consumer expectations.
“The role of mobile money agents is expanding beyond traditional cash-in and cash-out services,” Dr. Ashigbey stated. “To stay relevant, agents must position themselves to offer additional products such as insurance, pensions, and mortgages.”
The leadership of MOMAG, led by its President Edward Ofori Agyemang, outlined its plans for the year as well as earmarked activities for the rest of the year and beyond. He also stated that MOMAg is ready to work with key institutions to train its agents in the distribution of financial products among others.
Key Highlights from The Meeting
- Financial Literacy and Capacity Building:
MOMAG announced plans to among other things hold a financial literacy workshop on later this year, to equip members with essential skills in financial planning, auditing, and cybersecurity protection. - Expanding Services for Agents:
Discussions centered on empowering agents to sell a broader range of financial products, including mortgages, insurance packages, and pension plans. - Tackling Fraud and Security Concerns:
Fraud prevention emerged as a major concern, with MOMAG and the EMIs Chamber agreeing to work with relevant stakeholders such as the Ghana Police Service to raise awareness about fraud amongst their customers and the agent populations across the country.
Commitment to Collaboration
The EMIs Chamber commended MOMAG for its proactive efforts and reiterated its commitment to supporting the association’s growth.
“The mobile money industry has become a cornerstone of Ghana’s financial inclusion drive,” said Dr. Ashigbey. “As MOMAG continues to empower its members, we stand ready to collaborate and provide the necessary support to build a more resilient and inclusive ecosystem.”
Looking Ahead
The meeting concluded with both parties agreeing on a roadmap for joint activities and initiatives. The EMIs Chamber pledged to assist MOMAG in its efforts to implement industry best practices, improve agent welfare, and ensure the sector’s long-term sustainability.
With mobile money continuing to play a pivotal role in Ghana’s digital financial landscape, the collaboration between MOMAG and the EMIs Chamber is expected to unlock new growth opportunities while enhancing consumer trust and satisfaction across the sector.