Dr Kenneth Ashigbey, Chief Executive Officer of the Chamber of Telecommunication, has underscored the important contribution of digital financial services to the country’s socio-economic development.
He said the introduction of digital financial services especially in the area of mobile money interoperability, had brought inclusiveness in the country’s financial space and allowed many people to transact businesses with ease.
“Digital financial services have done a lot and brought a lot into the country.
It has been able to bring a lot more people into the financial bracket
It has been able to offer people the ability to also be included financially, because of the mobile money interoperability, now even with your mobile money account one is able to get banking services”, he told a gathering of traders at the Kejetia market in Kumasi as part of activities marking the 2022 world consumer rights day celebrations..
It was held under the theme, “Fair World Finance”, to highlight fraud typologies in mobile financial innovations in the digital financial services, and unsolicited electronic communications.
Dr Ashigbey noted that in Ghana, cyber security of mobile money services was much secured, but the challenge had always been the issue of social engineering and cyber hygiene.
Telecommunication companies were therefore, working hard to ensure that citizens, customers and subscribers became aware of the challenges inherent with digital financial services, especially social engineering.
The Chamber, he noted, had in partnership with the telecommunications companies, Bank of Ghana (BoG), Cyber Security Authority, and Cyber Crime Unit of the Ghana Police, installed a Fraud Control Dashboard to investigate fraudulent activities.
Those found culpable are blocked from the telcos services, SIM cards and mobile gadgets blocked.
Dr Ashigbey revealed that within the last two years, about 35,000 incidents have been reported and 28,000 devices blocked while 17,000 identity cards blacklisted.
He said the Chamber had also been partnering with the financial technologies companies to offer other services in insurance, banking, investments and others, which had helped propelled e-commerce to the next level as well as helping SMEs discharge their transactions with ease.
Mr Forster Gyamfi, a representative from the Bank of Ghana said the bank had put in measures to ensure financial institutions acquired licenses before operating.
He implored the people to make enquiries about certificates of institutions before engaging in any form of financial transactions to reduce high rates of fraudulent activities.
The telecommunication companies present at the meeting, pledged to work to improve service delivery to satisfy customers, while undertaking innovative strategies to protect mobile money services.