Tro-tro goes digital: Ghanaians soon to pay lorry fare electronically
The Bank of Ghana has revealed plans to enable patrons of commercial
vehicle, “tro-tro,” pay their transportation fare via digital means
after the passage of Payment System and Service Bill is passed by
Parliament.
Deputy Governor of Bank of Ghana, Dr Maxwell Opoku Afari, who
disclosed this explained that, “If you are going to board a tro-tro all
you need to do is just ask for the mobile money number of the driver,
then you transfer the payment.
“This innovation will curtail the occasional scuffle between passengers and conductors over few Cedis change”.
Speaking on a topic: Innovative Financial Service for Business and
SME’s Development, at a symposium held at the University of Ghana, Dr
Afari noted that the regulation would allow most traditional payments to
be done digitally and would change payment in Ghana and reduce queues
at the banking halls.
”Last year, we organised a stakeholders forum to discuss and review
the Electronic Management Guidelines and Payment System Act and
consolidated it into one piece of legislation which is now called the
Payment System and Services bill. We have met the economic management
team to make a case for the passage of the bill,” he mentioned.
The Bill, therefore, seeks to promote the availability and acceptance
of electronic money and other forms of payment services as a retail
payment medium.
It also seeks to create an enabling regulatory environment for
convenient, efficient and safe retail payment and funds transfer
mechanisms as well as provide the necessary safeguards and controls to
mitigate the risks associated with electronic money business and other
payment services.
The Deputy Governor said the Bank of Ghana had observed that the
public had shown interest and appreciated recent innovative ways using
technology to transact business.
He said after the introduction of formal banking in Ghana over 60
years ago, only 11.4 million out of the about 28 million Ghanaians had
bank accounts.
He noted however that after the institution of electronic money
issuance guidelines in 2015, over 23 million people now have mobile
money accounts “if we consider that as an account”.
He said penetrating into low-income communities by banks had been
hindered by the high cost of building and rentals as well as operational
overhead cost.
Dr Afari noted that while brick-and-mortar branches were expensive
for banks to maintain in rural and deprived communities, the cost of
travelling to urban areas was also high for many rural customers.
”The institution of electronic money issuance guidelines, the payment
system in 2015 which sought to promote and supervise electronic and
other payments, will help in funds transfer, clearing and settlement
systems and has helped the Telecom’s to collaborate with banks to
provide financial service to people especially SMEs.
The high prevalence of mobile phones and other electronic devices
have made it convenient to expand access to financial services across
the country,” he argued.
Source: myjoyonline.com
No comments
Your comments and Encouragement are welcome