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26.11.2019 Business & Finance

Branchless Banking Coming Soon – Bawumia

By News Desk
Branchless Banking Coming Soon – Bawumia

Vice President, Dr. Alhaji Mahamudu Bawumia has said government is committed to creating an enabling environment for convenient, efficient and safe payment of funds transfer mechanisms for Ghanaians.

According to him, the mobile money interoperability initiative by government provides an opportunity for Ghanaians to transact banking services without queuing at the traditional banks.

Speaking at the 3rd Chamber Business Awards 2018, Dr Bawumia said that, by stating that Ghanaians would be provided with bank accounts, he meant branchless banking.

“If you have a mobile money account, you can have basic banking services with that because it is interoperable with bank accounts and some time ago when I said that we wanted to make sure that everybody has a bank account, a lot of people didn't understand that. We were talking about branchless banking,” he said.

“They thought everybody had to walk into a traditional bank. No, a mobile phone can be your bank account today. So, by bringing mobile money interoperability, you have seen a jump in transactions. By 2016, we were having one hundred thousand transactions every month on mobile money. Today it is one million transactions every month in mobile money,” he added.

The Vice President also stated that government will launch the online portal in January next year.

This, he said will be a one-stop-shop for all government services which will help reduce the level of corruption that characterizes government services.

“In January 2020, we are launching You will hear more about it from the Finance Minister. We are building a portal which will be a one-stop-shop for all government services. A lot of the time as a business, when you want to apply for something, you have to get up and walk there, to look for the form and they may tell you the form is not there and all of that. Now, we are putting everything on one portal– — where you can apply for, pay and get your service without even stepping into any of the offices. Less human intervention means less corruption,” he said.