Have you ever wondered about the changes that have affected the ways to send money to Ghana in the recent past? In this article, we will discuss the evolution which has affected the online money sending ways to Ghana. We will also deliberate upon how the payments system in Ghana is driven or what are the key points driving the payments and settlements system in Ghana.
We all know that technological advancement and evolution has affected literally every aspect of life. There is not a single dimension of life as a whole which the rapid and ongoing technological advancement has not affected or changed – for the better in most cases. Similarly, the entire mechanism of online money transfer in recent times has also been changed drastically.
A significant improvement was witnessed in the payment system of Ghana since 1997 on the introduction of MICR cheques which are still undergoing the process of evolution to meet the country’s developmental needs.
Recent trends in Ghana’s payment systems are driven by financial, economic and public policy factors.
Here is a brief look at the changes that have affected online money transfers to Ghana.
According to statistics, in 2014 only 13 percent of Ghanaian adults owned a mobile money account which was way too low compared to other countries such as Kenya (58%) and Tanzania (32%). And it was a reason for many to believe that Ghana will never catch up and come at par with its peers, let alone leave them behind. But, today, the same report says, 39 percent of Ghanaian adults own mobile money accounts.
Going back into history will reveal that it was in the year 2009 when mobile money systems were launched, which after three long years, only 350,000 Ghanaians were using.
Now let’s take a look at the most commonly used ways in Ghana to transfer money.
Cash transfer: – It is one of the most commonly used ways to send or receive money to people living away from you. There are many online money transfer companies, such as ACE money transfer which are rendering service to this effect to their customers.
Mobile wallet: – It is another way to send money to Ghana online. Again, there are a lot of companies through which one can transfer money to others in a short span of time.
Bank transfer: – Although one of the conventional ways, a bank transfer is still practised by many people in Ghana and also in different parts of the world. People mostly use it for it is reliable and trustworthy.
Conventional ways: – Many of the conventional ways such as through a Debit card or a Credit card or Wire transfers or SWIFT etc. are also being used by most people in Ghana despite the drastic changes that have taken shape in the ways online money transfer services work. These conventional ways exist alongside the newest ways of online money transfer services and tools that are rapidly taking over and replacing the conventional mechanisms.
Conclusion: – From all of the above discussion, we can say that years of political turmoil, repeated military takeovers, political instability and deteriorating law and order situation has had a deep impact on the ways of online money transfer to Ghana. Because of the above reasons, the pace of evolution and development of this sector kept slowing down and getting hampered. It was why Ghana is one of the only Sub Saharan African countries where the number of people availing of the latest online is still far lower than the other countries of the region.