The Bank of Ghana, in collaboration with key stakeholders, celebrated the official launch of the Electronic Money Issuers (EMI) Chamber of Ghana at the Accra Marriott Hotel on Thursday, October 3, 2024.
The historic event marked a significant milestone in Ghana’s rapidly evolving digital financial landscape, with the EMI Chamber poised to play a critical role in shaping the future of mobile money and electronic financial services in the country.
In his keynote address, Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, cited the importance of this new institution in promoting financial inclusion and driving economic growth. He acknowledged the transformational role mobile money services have played in Ghana, noting that over 23 million active mobile money wallets have become integral to daily transactions for millions of Ghanaians.
“This launch signals the beginning of a new chapter in our digital financial landscape, where collaboration, innovation, and advocacy will work closely to increase financial inclusion, improve the efficiency of our payments systems, and create opportunities for economic growth,” Dr. Opoku-Afari said.
The Chamber’s formation came at a time when mobile money services experienced tremendous growth, with more than 800,000 registered agents and a float account balance of GHS 22 billion held by banks. This growth, according to Dr. Opoku-Afari, has not only simplified financial transactions but also served as a gateway to other financial services, including insurance, pensions, and investments.
The First Deputy Governor praised the Ghana Interbank Payment and Settlement Systems (GhIPSS) for its pivotal role in advancing digital payments. With platforms like Mobile Money Interoperability, GhIPSS has ensured the seamless integration of mobile money services with traditional banking, further deepening financial inclusion across the country.
Mobile Money Interoperability has allowed seamless transfers between mobile money platforms and traditional bank accounts, facilitating financial inclusion and contributing to the over 90% financial inclusion rate reported in the 2021 FinScope report.
Dr. Opoku-Afari also acknowledged the longstanding contribution of the Ghana Telecommunications Chamber in the evolution of mobile money services. However, he emphasized the need for a dedicated body to represent the unique challenges and opportunities facing electronic money issuers, which led to the establishment of the EMI Chamber.
“The complexities of the digital finance sector warrant a dedicated body to represent the specific interests of EMIs,” he said, adding that the Chamber’s advocacy would be critical in addressing the risks and opportunities in the sector.
As Ghana continues to expand its digital payments ecosystem, the central bank remains committed to supporting the EMI Chamber and ensuring a safe, innovative, and inclusive financial sector. Dr. Opoku-Afari urged members of the Chamber to maintain their focus on compliance with cyber security, anti-money laundering, and consumer protection standards.
The Deputy Governor concluded by congratulating the leadership and members of the EMI Chamber on this significant achievement and reiterated the Bank’s commitment to working closely with the Chamber to create a future where every Ghanaian, regardless of their location, has access to affordable mobile money services.
The launch was attended by notable personalities, including Nii Noi Quao Donkor, Senior Divisional Chief of Asene, Rev. Daniel Ogbarmey Tetteh, Director General of the Securities and Exchange Commission, and representatives from Ghana’s telecommunications and financial sectors.
With the establishment of the EMI Chamber, Ghana is poised to continue its leadership in digital financial services in Africa, fostering innovation and economic development for years to come.
