… seeks industry input to strengthen nation’s position as leading market
A News Desk Story
The Bank of Ghana (BoG) is undertaking a comprehensive review of regulations governing mobile money float accounts held by commercial banks on behalf of mobile money operators, as the central bank moves to consolidate nation’s position as a leading mobile money market in Africa.
The review, announced at the MobileMoney Limited Annual Partner Bank Forum will examine the modalities governing how authorised universal banks manage trust account balances for dedicated electronic money issuers (DEMIs), which form the cash backing for electronic money transactions.
Hayford Kumah, Head of the Fintech Oversight and Supervision Unit at the BoG, told industry stakeholders that the central bank would invite both mobile money operators and banks holding float accounts to submit proposals and participate in discussions on strengthening the regulatory framework.
“The Bank of Ghana is currently undertaking a review of the modalities governing the management of mobile money float accounts held by authorised universal banks in trust for wallet-holders of dedicated electronic money issuers,” Mr. Kumah said, speaking on behalf of Kwame A. Oppong, Head of the Fintech and Innovation Office.
The announcement comes as the mobile money ecosystem continues to expand rapidly, with the sector playing an increasingly critical role in financial inclusion efforts across the country. Mobile money services have become essential infrastructure for millions, facilitating everything from peer-to-peer transfers to merchant payments and international remittances.
Under current regulations established by the Payment Systems and Services Act of 2019, banks are required to hold trust account balances for mobile money operators, ensuring that every unit of electronic money issued is backed by actual cash deposits.
This arrangement is designed to protect consumers and maintain confidence in digital payment systems.
The regulatory review is in line with the central bank’s commitment to adaptive oversight that evolves with the rapidly changing digital financial landscape, Mr. Kumah noted.
The 2019 Act deliberately promoted partnerships between traditional banks and fintech companies, leading to the development of innovative digital payment, savings, credit, insurance and investment products.
At the forum, which brought together 22 partner banks and industry stakeholders, Shaibu Haruna, Chief Executive Officer of MobileMoney Limited, highlighted the transformative impact of bank-fintech collaboration on the financial ecosystem.
“Together, we have rewritten the narrative of competition into one of alliance,” Mr. Haruna said, pointing to achievements including expanded access to digital wallets, creation of an interoperable financial system, and improved access to credit and international remittance services.
The collaboration between banks and mobile money operators has facilitated significant financial inclusion gains, with digital wallets now serving millions of previously unbanked Ghanaians.
The total value of mobile money transactions reached GH¢3 trillion in 2024, representing a 57.9 percent year-on-year growth. The partnership model has also enabled the rollout of digital savings products and seamless payment solutions across multiple point-of-sale platforms.
However, the sector faces emerging challenges that the regulatory review aims to address. Haruna identified two critical priorities for the industry: driving mobile app adoption and combating cybercrime and fraud.
“As we all know, cybersecurity issues and fraud threaten the very foundation of our ecosystem – trust,” Mr. Haruna added, calling for a collaborative approach involving banks, mobile money operators, industry associations, law enforcement agencies, and the broader fintech community.
