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14.04.2008 Business & Finance

CORPORATE NEWS... Text-n-pay electronic banking surges in Ghana

By Ghanaian Chronicle
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Even though technology revolution is reaching developing and emerging markets closer by mobile phones than the personal computer, Ghana is the new beneficiary of an electronic banking service called txtnpay.

The new technology, is a mobile phone secured payment system, which allows users to send money to anyone with a mobile phone, pay bills, and buy pre paid airtime, and check bank account balance and purchasing of goods and services.

Speaking at the launch of the txtnpay, Dr. David O. Andah Executive Secretary of Ghana Micro finance Institutions Network (GMIN) made some observations, he noted that, txtnpay is a good service for the rural areas and also for the informal sector, simply because the use of mobile phones can be found in several part of the country.

The Executive Secretary of GMIN noted that, the introduction of the txtnpay and e-Zwitch would be deepening the micro finance services by providing the services faster to micro- entrepreneurs and the deprived and marginalized people in the rural areas.

“In terms of banking technology, mobile phone banking is very new and young as such not much has developed for its regulatory framework”, he said.

Dr. Andah advised the regulatory body (NCA) to be proactive and promote friendly enabling environment to stimulate the expansion to rural areas in opening up the access for the poor to financial services.

“As the people in the rural areas start using the mobile phones, so they become reachable at lower cost and therefore become more bankable through the mobile banking technology”, he added.

The Chief Technology Officer (CTO) Mr. Lupti Cheung assured subscribers interested in txtnpay of a secured, easy to use payment system designed for the ultimate convenience and security of today's consumer.

The CEO of Afric Xpress (AX) Mr. Nvalaye Kourouma said, “Txtnpay is a service that will significantly contribute in creating a cashless society in Ghana and as well as complement initiatives that are currently underway to provide financial services to the unbanking population”.

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