The Mobile Money Advocacy Group Ghana (MoMAG) has issued an urgent call to mobile money (MoMo) agents across the country to diversify their operations amid rising digital competition.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, MoMAG National Secretary Kingsley Amoako-Atta warned that the traditional agency business model is rapidly changing due to the proliferation of smartphones, mobile banking applications, and direct digital transactions. These digital systems, he stated, have allowed consumers to purchase airtime, pay bills, and transfer funds without visiting an agent’s kiosk.
According to him, MoMAG emphasises that while mobile money remains a crucial component of Ghana’s financial inclusion story, agents must stop viewing their establishments as mere cash-in and cash-out points. Instead, he urged them to reposition their businesses as comprehensive financial and digital service centres, offering a broader range of solutions to meet evolving customer needs and secure sustainable income.
“We are now in a technological world and we must reposition ourselves. In the past, it was cash-in, cash-out with the sale of credit cards, but today, the credit cards are no longer in the system. So as the world has become dynamic, we encourage our members to diversify their business. Ghanaians are now able to purchase credit on their phones, affecting us also. So it is important that members diversify because a time will come our businesses will fold if we don’t add more value.
“We can partner with insurance companies, banks and offer services on their behalf. We can, in addition to the cash-in and cash-out, engage in mobile banking services, insurance services, among other businesses such as mini shops and provision shops. This will certainly keep us in business for a long time.”
He further warned that if members fail to diversify within the next five to ten years, many will be forced out of business due to the nation’s ongoing shift toward a cashless economy.
“A time will come Ghanaians will no longer patronise our cash-in, cash-out services due to the cashless society we want to build. People will prefer to use cashless systems in the payment for goods and services. In the next five years to ten years, we will face challenges, and so our members should embrace insurance and banking services, stationery services, among others.”
By: Rainbowradioonline.com/Ghana