Andrew Takyi-Appiah, the Founder and Chief Executive Officer of Zeepay, acknowledges the profound impact of mobile money on the banking industry in Ghana and various regions across Africa. He recognizes mobile money as a disruptive force that has revolutionized financial transactions and made banking more accessible.
During an interview on the Point of View show hosted by Bernard Avle on Citi TV, Mr. Takyi-Appiah highlights the transformative nature of mobile money. He emphasizes that it has broken the longstanding barrier faced by Ghanaians, where individuals were unable to walk into a bank and transfer money to another bank “over the counter.”
According to the CEO of Zeepay, mobile money brought about a significant disruption in the banking sector. He recalls a time, approximately ten years ago, when it was unthinkable to visit a bank, such as Ghana Commercial Bank, and request a money transfer to another bank. The cashier would perceive such a request as suspicious, potentially leading to calling security. Mobile money effectively changed this dynamic.
Mr. Takyi-Appiah explains, “It was a ‘proper’ classic use case disruption, we call it ‘off-net,’ where you could go and send money to the other side even if the person doesn’t have a wallet but could receive it on his/her phone.” This ability to transfer money easily and securely without physical bank interactions was a game-changer.
He further adds that the disruptive impact of mobile money continued with payments, although its adoption in this area was not as rapid as initially anticipated. However, the tide shifted when remittances entered the picture. Remittances offered a convenient and scalable solution, boosting the momentum of mobile money.
Recognizing the significance of Ghana as a critical market for mobile money transactions, Mr. Takyi-Appiah emphasizes its role in shaping the evolution of financial inclusion. Referring to the financial inclusion index, he identifies Ghana, along with Nigeria, Ivory Coast, Kenya, and South Africa, as key markets that hold immense potential for mobile money dominance.
In conclusion, the introduction of mobile money has significantly disrupted the banking sector in Ghana and other parts of Africa. Andrew Takyi-Appiah, the CEO of Zeepay, acknowledges the transformative power of mobile money, enabling individuals to conduct financial transactions with ease and convenience. Ghana’s position as a crucial market in the mobile money landscape underscores the country’s potential for further growth in the realm of financial inclusion.
