Members of the Mobile Money Advocacy Group (MoMAG) have been advised to follow regulatory guidelines and best practices, in a bid to ensure the sustainability of their operations.
According to Digital Banker at First Atlantic Bank, Martin Tetteh Akwetey, regulatory compliance is crucial in the mobile money sector due to the potential risks associated with financial transactions.
“Complying with industry standards not only builds trust but also fosters the long-term sustainability of MoMAG’s operations. By staying proactive and adhering to regulatory guidelines, MoMAG can ensure that its members operate within legal boundaries and maintain a high level of trust among customers,” he said.
He gave this advice during the Mobile Money Advocacy Group’s conference held to climax the MoMAG Month celebration.
He also highlighted the need for MoMAG to have a strong financial base. He suggested the association should engage in prudent financial management practices, diversify revenue streams and explore investment opportunities that align with its goals.
One such opportunity proposed by him is the creation of a mutual fund exclusively for MoMAG members. This fund, he explained, would invest in fintech start-ups that align with MoMAG’s mission, providing financial returns while supporting innovation in the mobile money sector.
In addition to financial considerations, Mr. Akwetey stressed the importance of education and advocacy toward financial inclusion and digital literacy. He urged the association to continue educating policymakers and the public about the benefits of mobile money and fintech solutions.
Meanwhile, by raising awareness and promoting understanding, he said MoMAG can foster an environment conducive to the widespread adoption of mobile money services.
Mr. Akwetey added that by capitalizing on these opportunities, MoMAG can strengthen its position as a leading force in the mobile money sector while promoting financial inclusion and digital literacy in Ghana.
President of MoMAG, Edward Ofori Agyemang, on his part thanked members for their support and outlined some of the group’s targets – which include plans to establish a credit union, to be known as the MoMAG Micro Bank, to help members facing liquidity problems.
Furthermore, MoMAG aims to purchase vast acres of land to create a MoMAG estate – where members can buy plots for their businesses or personal use, as well as a welfare bus to cater for the transportation needs of its members.
Mr. Agyemang emphasised the importance of unity among members, and encouraged everyone to continue supporting each other and the association. He expressed optimism for the future and his commitment to enhancing MoMAG’s corporate social responsibility efforts to contribute in Ghana’s development.
The MoMAG Month celebration, he said, will be commemorated every year to strengthen the bond between members while deliberating on issues of mutual benefit.