Is Mobile Money Really The Solution To Stressful Banking in Ghana?

The thievery of the mobile money debacle.Stop using mobile money until they stop double and hefty charges.
I find this irritating and interesting. Mobile money is meant to ease stress in banking thus queuing for long periods. However, this rather creates financial stress. A client sending money to someone's wallet and the recipient withdrawing the money will incur a 2% charge.


If I transfer GH¢2,000 to a clients wallet, I must pay GH¢20 as service charge. The recipient can withdraw GH¢ 1,980 since GH¢20 will be deducted as a charge.
In effect transferring GH¢2,000 will incur a charge of GH¢40 which is 2% equivalent of the principal.


Additionally, a client wanting to deposit money into someone's wallet would have to directly pay 1% charge to the merchant or risk it being deducted from the amount to be deposited.

 IS THIS WHAT WE CALL EASY AND STRESS FREE BANKING? I, however, disagree.


My dad once sent me to go deposit an amount of GH¢1,000 into his wallet and upon reaching the joint, the merchant gave me the following options to consider:
1. pay an additional GH¢10 (i.e. 1% charge on the amount to be deposited), OR
2. deposit the amount (GH¢1,000) less GH¢10 (i.e. he will deposit only GH¢990 and take the extra GH¢10), OR
3. deposit the GH¢1000 into my wallet and send it to my dad's wallet, OR
4. go home and let my dad come himself to do the deposit which will not attract any charge.


Hmm, what difference would it make for me or my dad to do the deposit. I was totally amazed. 

What kind of banking is this? Even at the bank, i deposit money into people's account free of charge, make withdrawals with the ATM, and charged a few pessewes and also make withdrawals over-the-counter free of charge. Except for withdrawals less than GH¢800 which attract a GH¢2 fixed charge.


One interesting thing also is that, the money in your wallet will never attract any interest. The consumer suffers here.

WHAT'S THE WAY FORWARD???

Fellow Ghanaians, let's arise and discuss such issues because I think our intelligence is being played on.

Author: Urbanus Azupogo

Posted by: Ewuradwoa Mensah