Source: The Ghanaian Chronicle.
Original article available here.
ACCRA, GHANA, April 14 – Even though the technology revolution is reaching developing and emerging markets closer by mobile phones than the personal computer, Ghana is the new beneficiary of an electronic banking service called txtnpay.
The new technology is a mobile phone secured payment system, which allows users to send money to anyone with a mobile phone, pay bills and buy pre-paid airtime – and check bank account balance and purchasing of goods and services.
Speaking at the launch of the txtnpay, Dr. David O. Andah Executive Secretary of Ghana Microfinance Institutions Network (GMIN) made some observations. He noted that, txtnpay is a good service for the rural areas and also for the informal sector, simply because the use of mobile phones can be found in several part of the country.
The Executive Secretary of GMIN noted that, the introduction of the txtnpay and e-Zwitch would be deepening the micro finance services by providing the services faster to micro-entrepreneurs and the deprived and marginalized people in the rural areas.
“In terms of banking technology, mobile phone banking is very new and as such not much has developed for its regulatory framework”, he said.
Dr. Andah advised the regulatory body (NCA) to be proactive and promote a friendly enabling environment to stimulate the expansion to rural areas in opening up the access for the poor to financial services. “As the people in the rural areas start using the mobile phones, so they become reachable at lower cost and therefore become more bankable through the mobile banking technology,” he added.
The Chief Technology Officer (CTO) Mr. Lupti Cheung assured subscribers interested in txtnpay of a secured, easy to use payment system designed for the ultimate convenience and security of today’s consumer.
The CEO of Afric Xpress (AX) Mr. Nvalaye Kourouma said, “Txtnpay is a service that will significantly contribute in creating a cashless society in Ghana and as well as complement initiatives that are currently underway to provide financial services to the unbanking population.”
By Chris Twum, The Ghanaian Chronicle
Similar Posts:
- MICROCAPITAL BRIEF: Sa-Dhan Members, NextGen Telesolutions to Serve Microfinance Customers in India via Feature Phones
- MICROFINANCE PAPER WRAP-UP: “Driving Digital Financial Services in Africa Through Merchant Acceptance of Digital Payments,” published by Alliance for Financial Inclusion (AFI)
- MICROFINANCE EVENT: ANDE Annual Conference; September 12-14, 2023; Accra, Ghana
- MICROCAPITAL BRIEF: B2B Fintech Clowd9 Chooses Netcetera for Payments Security
- SPECIAL REPORT: The Impact of Digital Financial Inclusion on Global Development
