It is true that Mobile Money is becoming popular for businesses across Africa these days. However, problems are arising for the company as the telecoms companies involved with the plan could not meet up with the monitoring body from the country of operation.
New license plan from Ghana
The plan was dealt a heavy blow in Uganda. Such mobile money operation is deemed illicit in Uganda, and no telecom company is allowed to participate in the business. However, Mobile Money plan is allowed to operate in Ghana but with new set of guidelines. The guidelines are issued from Ghana Central Bank, and are used to regulate the transaction of the telecom money plan users.
Networks and objectives
According to the report, the objective of the latest guidelines is to ensure that electronic money is only provided by a financial institutions regulated under the Banking Act, or duly licensed non-bank entities which are engaged solely in the business of e-money and activities related or incidental to the business of e-money, and which are regulated and supervised by the Bank of Ghana”
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate