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Business News of Sunday, 12 June 2016

Source: atinkaonline.com

Afenyo-Markin pushes for strict monitoring of mobile money

Member of Parliament (MP) for Efutu, Mr. Alexander Kwamina Afenyo-Markin, has prayed the Speaker of Parliament to, as a matter of urgency, summon the Governor of the Bank of Ghana to answer questions on how they regulate electronic money transaction popularly known as Mobile Money.

According to Afenyo-Markin, Mobile Money has been accepted by many Ghanaians and that it will be appropriate for parliament to be briefed on the laws and regulations governing the activity by the Central Bank.

This step, the legislator said, will help prevent another mass fraud as happened in the Brong Ahafo Region barely a year ago in the DMK Microfinance Brouhaha where hundreds of Ghanaians were swindled.

Afenyo-Markin made the call Friday on the floor of the House as the Business Statement was read. The legal practitioner opined that there must be strict laws to check electronic transactions instead of mere administrative guidelines being used by the Bank of Ghana.

However, in a sharp rebuttal, MP for Tamale South, Haruna Iddrisu said the telecommunication network companies (Telcos) who undertake the transactions are regulated by the Electronic Communications Act as well as the Electronic Transactions Act. The Minister of Employment and Labour Relations added that the Telcos are strictly monitored by the National Communications Authority.

He also maintained that due to the efficiency of the Mobile Money, the opposition New Patriotic Party (NPP) has adopted similar medium to solicit funds for their campaign ahead of the November polls.