Chamber of Electronic Money Issuers launched

The Chamber of Electronic Money Issuers was officially inaugurated yesterday in the national capital, Accra.
The Chamber is made up of operators of mobile money services like Telecel Cash, Mobile Money Limited, AT Money, Zeepay and G-Money.
The members of the newly inaugurated Chamber had once operated under the umbrella of the Ghana Telecommunications Chamber, decided to split off due to the specialized nature of the services they offer.
The First Deputy Governor of the Bank of Ghana (BoG), Maxwell Opoku- Afari, who represented the Governor, Ernest Addison, described the occasion as “the beginning of a new chapter in our digital financial landscape, where collaboration, innovation, and advocacy will work closely to increase financial inclusion, improve the efficiency of our payments systems, and create opportunities for economic growth.”
He described the advent of financial technology as being “one of the most transformative developments which has fundamentally redefined the way we transact, interact, and access financial services.”
This, he iterated, has afforded millions of Ghanaians accessible payment services, which has been leveraged on and served as a vehicle to usher them into the deeper offerings of the broader financial sector such as insurance, pensions and investments.
Beyond this, the coming Electronic Money services have created employment opportunities to the teeming unemployed youth across the country.
Pointing to a recent FinScope Report that rarted Ghana at 90% financial inclusion, he said this is a testament to how deeply integrated digital financial services have become in the daily lives of Ghanaians.
Deputy Governor Opoku- Afari stressed the importance of having a dedicated body to represent the interests of electronic money issuers.
He said, “the timing of this launch is particularly significant given the rapid expansion of digital financial services and the increasing role of mobile money in the financial ecosystem.”
The Chief Executive Officer of the EMIs Chamber, Dr. Ing. Kenneth Ashigbey said the EMIs Chamber of Ghana was born out of the Ghana Chamber of Telecommunications, with goal of “empowering a vibrant digital finance ecosystem in Ghana through innovative solutions, collaborative partnerships, and progressive policy advocacy driven by integrity, inclusivity, and a commitment to sustainable growth for all.”
He said, “our vision is not just ambitious, it’s a call to action: to be the leading catalyst for inclusive and innovative digital finance in Ghana, driving sustainable growth through strategic collaboration and progressive policy advocacy.”
He emphasised that the newly out-doored Chamber is committed to fostering innovation, enhancing regulatory collaboration, and supporting the growth and sustainability of the digital finance sector in Ghana with collaboration, Innovation, Integrity and Inclusivity as its core values.
Dr Ashigbey indicated that the Chamber will strive to encourage cutting-edge digital finance solutions while strengthening relationships with regulatory bodies and acting as a strong advocate for its members’ interests.
Furthermore, the Chamber will provide resources, networking opportunities, and industry insights to its members.
The Chairman of the EMIs Chamber, Philip Amoateng, said the financial world is undergoing unprecedented change, with the birth of a new era where convenience, innovation and inclusivity are at the core of financial transaction, bringing new opportunities for businesses and consumers.
He however acknowledged that it has brought complexities that require coordination, oversight and innovation.
He said the Chamber will ensure that electronic money issuers operate within frameworks that foster trust, transparency and efficiency.
He said the Chamber “will be a beacon of standard, a space where regulatory bodies, industry leaders and policy makers an come together to address the evolving needs of the market.”
He disclosed that the shared vision of the Chamber is to create an environment that creates sustainable growth while protecting the interests of all stakeholders.
The Ga Mantse, Nii Tackie Teiko Tsuru II, who was represented by Aser Tsornor mantse, Nii Quao Donkor II, advised the members of the Chamber to ensure the sustainability of the financial landscape.
He said, “It must protect the interests of all Ghanaians, while driving innovation that aligns with our collective values and aspirations.“
He praised the members of the Chamber for their commitment to tackling mobile money fraud, ensuring data privacy, and promoting financial literacy is commendable, stating that “this will go a long way in protecting the hard-earned wealth of our citizens and strengthening the trust that they place in these digital platforms.”
By SELORM GBORBIDZI, Accra