Accra, Ghana//-Digital payments have spread rapidly over the last decade in Ghana, Africa and across the world, yet, there is potential for growth.
They have impacted and continue to impact every aspect of various economies especially Ghana and the developing world in its financial inclusion drive.
Digital payment solutions are providing powerful solutions for expanding access and usage of financial services in Ghana and beyond.
To this end, digital payments are also creating job opportunities for thousands of Ghanaian youth across the length and breadth of the West African second largest economy after Nigeria.
For instance, from the streets of Accra, Ghana’s capital city to Zuarungu, small town in the Upper East Region, thousands of young educated people are engaged in Mobile Money (MoMo) transaction business.
These young people are normally employed by individuals and small and medium enterprise (SME) owners who are contracted by Mobile Financial Services (MFS) providers namely MTN Mobile Money, Vodafone Cash, and AirtelTigo Money to transaction financial services to their customers on their behalf.
Due to this symbiotic relationship that exists between the MFS providers and MoMo agents, they earn commissions for their transactions.
These mobile money agents are individuals or businesses contracted by MFS providers to facilitate transactions for their customers.
Cash-in and cash-out that is loading value into the mobile money system, and then converting it back out again, is one of the most important functions of MoMo agents.
Also, they do in many instances register new customers and provide front-line customer service—such as teaching new users how to initiate transactions on their phone.
Additionally, agents conduct other kinds of business in addition to mobile money including retail of mobile airtime and SIM cards.
Cross-sections of MoMo agents, who spoke to African Eye Report, narrated that making a living would have been difficult without the momo business.
Madam Vida Sena Gbedze, who runs Lividas Enterprise, a MoMo agent shop at Alhaji, a suburb of Accra, said the mobile money transfer business has been beneficial to her and her family.
In her own words: “Through this business, I’m able to take care of needs as well as my family”.
For Madam Fidaus Mohammed, an employee at Vdan AD Ventures, the youth are making some money for working in the mobile money eco-space.
Gifty Abena Kissi, another MoMo agent, added that she was able to pay her sister’s school fees at the tertiary level because of MoMo. “So, I see MTM Mobile Money as a Godsend because the company has transformed my life to something meaningful”.
MTN Ghana whose subsidiary is the MobileMoney Limited alone has over 170,000 MoMo agents across the West African country.
It also controls huge market share of the country’s mobile money market and has the largest network of MoMo agents in Ghana.
The growth of MoMo agent network across the country is creating additional source of revenue and job opportunities for the masses in the country, the Chief Executive Officer of MobileMoney Limited, Eli Hini, said.
The revolution of mobile money transactions in the Ghanaian economy sparked by MTN Ghana is generating thousands of direct and indirect inclusive jobs for Ghanaians.
On February 2020, the company chalked another feat by roping in 100 physically challenged people into its expansive MoMo agent network in Ghana.
The beneficiaries were given disability friendly kiosks, mobile phones and GHC4, 000 seed capital each to operate MTN Mobile Money business across the country.
The MTN Ghana and Ghana Federation of Disability Organisations (GFD) Economic Empowerment Project was part of telecoms company’s effort to economically empower persons living with disabilities in Ghana.
Furthermore, MobileMoney Limited employed and resourced thousands of mobile agents to provide customer and public education on MoMo fraud for all people irrespective of their MoMo platforms.
The company adopted this new strategy aims at localizing the MoMo education by involving traditional rulers, opinion leaders, churches and mosques, among others to ensure that the messages reach all in the communities.
While the digital payment channels in the country are-cheques, cards, USSD, electronic funds transfer, mobile money platforms and mobile apps, internet banking, and digital wallets.
These digital payment channels are being used for Payment to Government (P2G,B2G), Government Payments (G2P, G2B), Business to Business (B2B), Merchant and Retail Payment (P2M), Public Utility Payments, and person-to-person ( P2P).
Cumulatively, the benefits outlined above help unlock economic opportunity for the financially excluded, and enable a more efficient flow of resources in the economy.
By Masahudu Ankiilu Kunateh, African Eye Report
