Confirmed: BoG to regulate mobile money operations as new taxes are slapped

The Bank of Ghana (BoG) is in preparation to create connections through the banking system and mobile networks to be able to regulate mobile money systems in Ghana, officials have hinted.

Hon. Osei Kyei-Mensah-Bonsu, the Majority Leader, Minister of Parliamentary Affairs and leader of government business, confirmed this in an interview with Kumasi based radio Hello Fm on Tuesday.

Mr Osei Mensah Bonsu noted that, BoG’s regulation of the money transfer system is an approach to curb mobile money fraud.

“Mobile networks are not ‘susu collectors’, therefore if there is any levy on money transferred, it is the Bank of Ghana which is suppose to claim such an amount”. He said.

“It is the sole responsibility of the Bank of Ghana to regulate every money transaction in the country”. He added

According to him, central government is taking such steps to be able to have access to the profit which is understood to be for the country.

The leader of government business also hinted that, the regulation by the BoG will reduce tariffs customers pay to the various mobile networks.

In recent years, mobile money operations have become very popular among Ghanaians. Most business entities now prefer to use this medium of money transfer more than the traditional banking system.

Some say it easy and fast, not time consuming and convenient as well. It is also accessible at all places. Some customers told mynewsgh.com.

However, the medium has also brought huge competition to the traditional banking system.

On the other hand, some criminals have been able to use the medium to extort money from unsuspecting customers.

The Ghana Police Service indicated that failure on the part of government to fully implement the SIM card registration has made it difficult for them to fight such criminals.