What does it take to make money move in Ghana? In this post, I share my experience discovering the challenges with moving money in and out of Ghana, the dynamics behind mobile money, and the challenges in finding investment options.
Let’s dig deeper into the reports I found. Like I said in the video, this experience lead me to do more research on what the digital financial services industry is doing in Ghana and Africa.
There is a lot of talk about digital financial inclusion in Africa. Half of the world’s mobile money transactions happen in Africa. Thus, financial tech is pushing to further develop this sector and formal banking still has room for improvement. According to the World Bank, in Africa, savings and credit are conducted through a semi-formal method with family and friends…not with a bank. Having mobile money be an option across all transactions may become a reality sooner than we think. Due to the pandemonium (in part), this demand pushed innovation into gear to expand mobile money access. According to the Africa Report, we are now in a new chapter for mobile money transactions in Africa where we might start to have “super apps” to pay for transportation, medical appointments, and other things all through mobile money. This is also why all tech eyes are on Africa to expand mobile money into savings and lending.
It is exciting to see how this industry continues to evolve. I do hope we truly fill the voids and implement solutions beyond the hype and buzz.
Have you had a similar challenge to what I discuss in the video? Did you find a solution? Share with me in the comments. Do you know other investment options in Ghana, beyond real estate and treasury bills? Share with me in the comments.
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