Regulations required to support Ghana's growing mobile banking sector

In order to safeguard the interests of consumers, mobile banking industry must be adequately regulated in Ghana, said Cal Bank managing director Frank Adu Jnr.

In order to safeguard the interests of consumers, mobile banking industry must be adequately regulated in Ghana, said Cal Bank managing director Frank Adu Jnr.

While talking to AFK Insider, Adu Jnr said that the budding mobile banking industry in Ghana should be supported with better regulation, as customers are still unwilling to use this service due to prevalent banking fraud in West African countries.

There are many banks, both national and global, operating in Ghana, including British Barclays bank and Standard Chartered; South Africa’s Standard Bank that operates as Stanbic Bank; and Ecobank, which are providing mobile banking services to their customers.

Earlier this year, some reports alleged that Ghana’s commercial banks were concealing the frauds to avoid bad publicity.

"I don’t want to use any one of these, cellphone banking or internet banking, because it’s not safe even tough banks are saying otherwise," Agnes Amofah told the publication.

"Technology is good but it has also brought us a lot of headache. I work hard for my money and I don’t want to take any risks," Amofah added.

Mobile banking is an innovative service that enables users to carry out banking transactions using their mobile phones.