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Legality of mobile money system to dominate discussions in parliament

Ghana’s legislature is expected to discuss the legality of the mobile money system being operated by the telecommunication companies in the country starting June 14, Joynews has gathered.
It is estimated that the volume of money transacted through the system in 2015 was around 33 billion cedis and projected to reach 40 billion before the end of 2016.

Though Bank of Ghana has insisted it has put in place some regulation to monitor the operations of the telcos, the New Patriotic Party (NPP) Member of Parliament (MP) for the Efutu Constituency in the Central Region disagreed.

Alexander Afenyo Markin said the Central bank ‘has disappointed the entire nation” for allowing the telcos to commence the mobile money business without the necessary legal framework.
The outspoken NPP MP said, “There is no regulation and that is one thing that I am even so surprised at the banks especially the commercial banks.”
Even though he agreed the introduction of the system has brought about convenience in money transactions in the country he questioned the capability of the telcos especially in the areas of law enforcement and crime prevention.
But the Employment and Labour Relations minister, Haruna Iddrisu said the sector is being regulated by the Central bank.
He said there is a legal framework to ensure that the system is well-monitored from individuals who may want to abuse it.
Story by Ghana | Myjoyonline.com | AKABP
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