Electronic Money Issuers Chamber launched
THE Electronic Money Issuers (EMI) Chamber, an advocacy institution which seeks to influence policies for a better digital financial space, has been launched in Accra.
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The EMI Chamber was carved out of the Ghana Chamber of Telecommunications, and now represents giants in the digital financial space such as AT Money, G- Money, Mobile Money Limited, Telecel Cash and Zeepay Mobile.
The launch attracted many players in the telecommunication, fintech and financial industries, traditional rulers, as well as mobile money agents.
Vision
The Chief Executive Officer of the EMI Chamber, Dr Kenneth Ashigbey, said the establishment of the Chamber had become necessary due to the massive inroads made by digital financial entities in the country.
According to him, most EMIs were now stand-alone institutions, different from their parent telecommunications companies and therefore there was the need for the establishment of the EMI Chamber to deal with issues which were peculiar to that sector.
The vision of the chamber, he explained, was to foster collaborations, partnership and innovation for a vibrant digital financial space that would propel sustainable growth for all stakeholders.
“Our vision is not just ambitious, it's a call to action: to be the leading catalyst for inclusive and innovative digital finance in Ghana, driving sustainable growth through strategic collaboration and progressive policy advocacy. This is the future we are committed to building, and we invite you to join us on this inspiring journey.
“We are committed to fostering innovation, enhancing regulatory collaboration, and supporting the growth and sustainability of the digital finance sector in Ghana,” he said.
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Dr Ashigbey said the digital financial sector had undergone a massive transformation with new laws that had improved legal and regulatory frameworks and the establishment of robust infrastructure by industry players to ensure enhanced protection and satisfaction for consumers and stakeholders.
Currently, he said, the Ghana Deposit Protection Act (GDPC) was undergoing review.
“When the GDPC was passed, mobile money was not in place. Now that mobile money is firmly established in the country, the law is being reviewed to not only protect depositors with money in the bank but also on mobile money wallets,” he added.
Significant milestone
The First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku - Afari described the EMIs Chamber as a significant milestone in the country’s quest to use mobile money as a catalyst for a more inclusive financial system.
“Today’s launch signals the beginning of a new chapter in our digital financial landscape where collaboration, innovation and advocacy will work closely to increase financial inclusion, improve the efficiency of payment systems and create opportunities for economic growth,” he added.
Mobile money, he said, had become a major financial transaction platform, with enormous benefits that transcended all spheres.
“With almost 23 million active mobile money wallets, the industry has afforded millions of Ghanaians accessible payment services...Which had been leveraged and served as a vehicle to usher them into deeper offerings of the broader financial sector such as insurance, pension and investment, while providing jobs for over 800,000 people as registered agents,” he said.
For his part, the Ga Mantse, who was the Special Guest of Honour, in a speech read on his behalf, called on the chamber to continue to work hard with industry players and other stakeholders to tackle issues such as mobile money fraud and protection of customers privacy and data in order to ensure maximum benefit from the mobile money platforms.