The Chief Executive Officer (CEO) of Mobile Money (MoMo) Ghana Limited, Eli Hini, has advocated a stronger partnership between subscribers, regulators, and other stakeholders in the digital finance sector to maximise gains.
“For us to foster gains, build economies of scale in the sector and promote sustainable economic growth, we need to leverage the power of collaboration and partnership,” he said.
Speaking at the launch of the 2022 MoMo month in Accra on Wednesday, MrHini said fostering and accelerating growth in digital payments required the shared responsibility of all stakeholders.
Since 2012, MoMo Month is held annually to create awareness about the digital payment platform, drive financial inclusion and reward thousands of customers, agents, and merchants.
This year’s edition is on the theme “Accelerating Growth in Digital Payments – The Role of Partnerships.”
MrHini said his organisation valued the power of partnership and thus would continue to strengthen its partnership with banks, insurance companies and other financial institutions to deepen digital payments.
That, he said, was because with digitisation and innovation at the forefront and consumers opting for fast and convenient ways to make payments and transactions, digital payments had come to stay.
He said several years before COVID-19, MoMo had established itself as a critical element in facilitating trade and other forms of financial transactions and the pandemic had made MoMo even more relevant.
“The impact and success stories are immeasurable – offering mobile financial services to the banked and unbanked, and creating job opportunities for millions of Ghanaians,” he said.
MrHini said the successes chalked by MoMo could be partly attributed to the mass awareness campaigns undertaken through the MoMo Month celebration, promotion on the MoMo Business Platform, the MoMo open API, the Merchant App and Consumer Apps through sustainable partnerships.
Touching on activities lined up to drive partnerships in the digital payment space during this year’s MoMo Month included Customer promos, Digital Fairs and Market Storms, Stakeholder Forum, ‘an exciting new initiative named as “Catch Them Young’ series, among others.
According to MrHini, the resilience of the mobile money industry was being tested with the introduction of E-levy given the change in customer behavior and that the organisation was monitoring the space to see the overall outcome.
“It is early days since the introduction of the levy, but we are confident of sustaining growth soon. That notwithstanding, we continue to urge the use of MoMo for all the benefits it presents to the customer”, he said.
To continue to provide value to our customers, MrHini said, the company capped mobile money service fee at 0.75 per cent for transactions on the platform with a 7. 50p for transfers from 1,000 cedis and above.
He said the fight against fraud continues unabated and thus subscribers should not share their Personal Identification Number (PIN) or engage in conversations about their wallet nor let others transact on our behalf.