The Mobile Money Agents Association of Ghana’s spokesman, Charles Kwasi Addo, has lamented the constant robbery assaults on mobile money agents, claiming that the industry is now one of the most dangerous to operate in the nation.
Robbery assaults against mobile money operators have occurred on numerous occasions, with some operators being murdered and others being wounded.
Separate robberies of two mobile money sellers occurred recently in the Western Region’s Sekondi Takoradi Metropolis.
Other incidents have been reported throughout the nation.
Mr. Addo said security has become a significant issue for many momo providers, speaking on Citi TV’s Point of View on Wednesday.
“One of the most dangerous industries is momo. We are now dealing with a number of significant problems, one of which is security. “Direct burglary is the rule of the day now,” he said.
Provide capital
Mr. Addo, who offered recommendations on how to help the momo industry flourish, urged the government to provide mobile money providers with the cash they need to operate.
Operators of mobile money are required to satisfy a minimum capital requirement in order to operate their company.
The Bank of Ghana set the minimum capital requirement for establishing a momo business at GH20 million in 2019.
The directive follows the adoption of the Payment Systems and Services Act of 2019 (Act 987), which establishes a legislative and regulatory framework for the country’s payment system’s orderly growth.
Mr. Addo believes the government should make financing more available to momo providers that are trying to fulfill the minimal requirements for operating their businesses.
“The government should provide us with funds. Mr. Addo stated on Citi TV’s Point of View that assessing capital is tough, and even if you are granted money, it comes with a higher interest rate.
In 2020, the value of mobile money transactions will have increased by 110 percent.
According to statistics from the Bank of Ghana, the value of mobile money transactions has quadrupled by 2020.
When compared to the same time in 2019, the overall value increased by almost 110 percent eight months into 2020.
From 175 million in August 2019 to 267 million in August 2020, the overall number of momo transactions increased.
The Central Bank’s Summary of Macroeconomic and Financial Data report contains these information.
Between August 2019 and August 2020, the value of MoMo Interoperability (MMI) transactions increased by almost 1,000 percent, from GHS65.7 million to GHS685 million.
