Ghana’s new mobile money rule could derail financial inclusion. But there are answers

Mobile money — a technology that enables financial transactions through mobile phones without a bank account — is driving financial inclusion, especially in developing countries. It gives more people a chance to use financial products and services. In Ghana, there is a policy to encourage the use of mobile money and reduce the flow of cash. And mobile money has proved popular because of its advantages. People can transfer money or make payments wherever they are, in a simple, fast, convenient and affordable way. Mobile money has improved the efficiency of transactions and initiated some changes in traditional banking in the country. By 2017, Ghana had over 11 million active mobile money accounts. But in recent times, incidents of mobile money fraud have increased. Statistics from the cybercrime unit of the Ghana Police Service showed over 300 reported cases in 2019.