Mobile-money histories should unlock loans, insurance for informal workers – BoG fintech head
The Bank of Ghana (BoG) says the country’s next digital finance frontier should move beyond sending and receiving money to helping ordinary users access credit, insurance and other financial services through their transaction histories.
The Bank of Ghana’s 2024 fraud report directed payment service providers to strengthen authentication, introduce customer-behaviour monitoring technologies, educate customers and intensify monitoring and training of mobile money agents.“We have to get to a point where if I need funds, just like the way if I have a bank account and I need funds, I can apply for a loan, the woman selling tomatoes by the roadside should be able to say that because I have MTN Mobile Money wallets or Telecel Cash wallets, I will be able to access a loan from there,” he said.
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