MONEY TRANSFER: moving money from one place to the other in order to pay for goods and services or to send to relatives at distant places. The system was used in the “Gang world” hence lacked credibilty. Was not accepted by the public THIS aroused a need to devise a better means of sending as the old system was quite good but lackedcredibilty.
E-ZWICH- the most commendable efffort by bank of Ghana that allows users to pay for goods and services and access their accounts online Three Telecom companies in Ghana namely MTN.Zain now Airtel and Tigo have partnered with various financial institutions to provide the service
80% of the Ghanaian population are unbanked 55%of the population use moblie phones Mobile money transfer bridges the gap by allowin the greater un banked to handle transactions without need for a bank account.
AFRIC XPRESS WAS THE FIRST TO INTRODUCE THIS ELECTRONIC PAYMENT SYSTEM IN GHANA. MTN FOLLOWED SUIT THEN ZAIN AND THEN TIGO
Increasing outlets of partner institutions into the rural areas
Recruiting more Dealers/ Agents merchants/vendors
C ONCLUSION “ mobile money transfer services has the potential to positively impact the Indian society. It is about time we embrace the system so as to enjoy a stress free environment for handling financial transactions and increase productivity on the whole” .