The Bank of Ghana (BoG) has launched the Electronic Money Issuers (EMI) Chamber of Ghana to advance financial inclusion and strengthen the country’s growing mobile money sector.
The launch of the EMI Chamber, a dedicated body for electronic money issuers, is deemed a major feat in the country’s financial ecosystem.
The First Deputy Governor of BoG, Dr. Maxwell Opoku-Afari, at a ceremony to outdoor the Chamber, in Accra, noted that it aims to address the sector’s unique challenges and opportunities.
With nearly 23 million active mobile money wallets and a network of 800,000 agents, the mobile money industry plays a crucial role in the country’s economy. The industry contributes GH¢ 22 billion to the banking sector through float account balances, highlighting its financial impact.
Dr. Opoku-Afari emphasized the importance of collaboration between the central bank and the EMI Chamber to ensure compliance with cybersecurity, anti-money laundering, and consumer protection regulations.
He further highlighted the potential for mobile money services to promote economic growth and promote financial inclusion, particularly for underserved populations.
The EMI Chamber is expected to advocate for the interests of mobile money operators, support innovation, and help navigate the complexities of the digital finance landscape.
He reaffirmed the commitment of BoG to supporting the industry as it continues to evolve.
