Vice President of Ghana, Dr. Mahamudu Bawumia has hit back at critics of his every Ghanaian will get a bank account by 2018 promise.
According to the Vice President, indeed every Ghanaian now has a bank account. He explained that what he meant by bank accounts was not banks with branches across the country but rather branchless banks.
Speaking at an event to mark the International Youth Day he said, “many people did not and still do not quite understand what I meant when I said that every eligible Ghanaian will be able to get a bank account when we implement mobile money interoperability during our tenure. They were thinking of the Traditional bank accounts, but we have moved on. We are in a digital world now.”
Dr Bawumia noted that the 15million Ghanaians are currently having bank accounts due to mobile money interoperability. He further noted that there had been 200 million transactions on mobile money as of the end of December 2019 as against five hundred and ninety-nine thousand for bank transactions.
“So the banks transactions were only 3% of the mobile money transactions. So banking has been turned on its head. We have moved from branch banking to branchless banking,” he said.
Source: GhanaFeed.com
