Most banks see Mobile money as a threat - PWC Ghana Banking Survey

A 2016 Price Water House Coopers Ghana Banking Survey shows the majority of banks in the country see Mobile money as a threat to their operations.

The report shows an engagement with Chief Executives, Chief Financial Officers and Heads of E-banking of commercial banks in the country.

However, most of them also admitted that there are still some opportunities that the service presents to them, despite their fears.

Some of the areas that the banks identified as threats include Domestic Fund transfer, Payment solutions, current accounts.

A recent report by the Bank of Ghana (BoG) shows that the value of mobile money transactions in 2015 increased substantially to GH¢35 billion from GH¢11.2 million in 2014.

The survey revealed that the rate of Ghanaians that are excluded from the financial sector has reduced from 44 percent to 25 percent.

The 2016 Ghana Banking Survey was conducted on the theme "How to win in an era of mobile money."

Click to read the report

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