Chief Executive Officer (CEO) of one of Ghana’s fast-growing fintech companies, Zeepay has recounted how the advent of mobile money has caused a revolution in Ghana’s Banking sector.
According to the founder and CEO of Zeepay, Andrew Takyi-Appiah, the introduction of mobile money has not only disrupted banking in Ghana but many other parts of Africa.
Mr. Takyi Appiah who was speaking on Accra-based Citi TV recounted that the introduction of payment systems including momo has made banking better and easier.
Citing an instance to buttress his claim, the CEO of Zeepay noted that mobile money has broken the jinx of the inability of the public to transfer money to another bank over the counter.
He said, “in our case, the first disruption of mobile money happened with banking. Ten years ago, you couldn’t walk into a Ghana Commercial Bank and say “I want to send money to Ecobank” over the counter. The cashier would laugh at you, and she “would” probably call a security guard on you. Because she probably thinks you are about to rob the bank, it wasn’t possible. So mobile money in Ghana came to disrupt that process.
He added, “It was a “proper” classic use case disruption, we call it “off-net”, where you could go and send money to the other side even if the person doesn’t have a wallet but could receive it on his/her phone. The second wave of disruption with mobile money would happen with payments. And payments didn’t take off as rapidly as we hoped it to take off, then remittances came in to do the job. It’s easier to scale remittances.”
