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In Accra, Ghana, MobileMoney Limited (MTN MoMo) held a stakeholder roundtable with the theme “Addressing the Barriers to Digital Payment Adoption in Ghana” as part of celebrations for this year’s Mobile Money Month.
Sylvia Otuo Acheampong, Head of Products and Services at MobileMoney Limited, addressed to attendees of the forum and discussed the development of the payments sector.
She stated: “We have made significant progress in technological advancement and digital adoption over the years, however, there is still more to be done. One of the important things for us as industry leaders is to lead conversations within the mobile financial services industry and digital payments sector to spur growth”.
Kwame Oppong, the Bank of Ghana’s Head of Fintech and Innovation, emphasized the Central Bank’s involvement in advancing digitization in the banking industry throughout the years. He reaffirmed the Central Bank’s commitment to tackling issues that prevent Ghana from adopting digital payments as the nation tries to become a cash-lite economy.
CEO of Ghana Interbank Payments and Settlement System (GhIPPS), Archie Hesse, emphasized the progress Ghana has achieved in recent years toward embracing and innovating in the digital space. He applauded MTN for putting together the program and urged further cooperation and engagement between the parties.
Eric Kotey, CEO of Cellulant Ghana, noted in his submission that Ghana had made tremendous progress in implementing digital payment methods. He named fraud and a lack of accessibility as adoption hindrances. He suggested that Mobile Network Operators put strong security measures in place, improve education, and address difficulties with smartphone penetration. Additionally, he warned Fintech businesses to develop user-friendly interfaces, offline products, launch awareness campaigns, and offer incentives, among other things. “When all these are taken into consideration, it would drive adoption,” he said in his conclusion.
In order to advance, Winifred Kotin, CEO of Eagle Innovations, called for creative, cooperative, and efficient methods of creating efficient educational strategies and putting them into practice in a way that will fulfill the needs of the many categories of consumers.
She stated, “easy to relate tools and mediums to help the general public appreciate digital payments adoption, mass education, community-based education, interactive workshops and demos, role playing and storytelling, multisectoral approach to education, collaborations and partnerships, and other value-added services can help to boost digital payments adoption across the country.”
Industry executives and stakeholders from Ghana’s fintech and digital payment sectors attended the forum. The forum’s attention was directed toward Ghana’s payment industry, stressing the issues that still prevent widespread acceptance of digital payments and outlining potential solutions.
Source: Ghanatodayonline.com
