The Chief Executive Officer (CEO) of ZEEPAY, Mr Andrew Takyi-Appiah, has called on mobile money agents to prioritise pensions and insurance as key components for long-term financial security and economic empowerment.
He made the statement at the swearing-in ceremony of new National Executives of the Mobile Money Advocacy Group (MoMAG), an organisation committed to promoting safe and inclusive mobile money services, in Accra over the weekend.
He lauded the “resilience, unity and dedication” of mobile money agents in revolutionising financial inclusion in Ghana.
He acknowledged the challenging journey of mobile money services, noting that agents played a pivotal role in its success despite initial setbacks and limited recognition.
“The Mobile Money Advocacy Group has been a shining example of what we can achieve when we come together,” he said, quoting Nelson Mandela: ‘The greatest glory in living lies not in never failing, but in rising every time we fall.’
“Before mobile money, financial inclusion was a significant challenge. Today, because of your efforts, we have seen remarkable growth in access to financial services,” he remarked.
The CEO also encouraged the incoming executives to explore pension schemes beyond the Social Security and National Insurance Trust (SSNIT) and to establish private pension plans for themselves and their employees.
“Let us also remember to take care of our workers. Those young people who work with us today may remember us in the future for helping them secure their pensions,” he advised.
The Executive Head of Telecel, Mr Samuel Gyimah, on his part praised MoMAG for its resilience and ability to adapt in an ever-changing industry.
He said, “Unity is not just about coming together; it is about being at one with a common purpose. Transformation, on the other hand, involves dramatic changes that require all of us to adapt quickly,” he stated.
Highlighting the rapid evolution of the mobile money sector, he noted that advancements in electronic cash and merchant payments had significantly transformed how transactions were conducted.
“The business you are in is changing fast. Today, 90 per cent of transactions, even paying house money, are done electronically. The days of relying solely on cash-outs are fading, as merchants now accept electronic payments directly,” he explained.
The President of the MoMAG, Edward Ofori Agyeman, in his address reaffirmed the association’s commitment to driving innovation, growth, and financial security within the mobile money sector.
He announced two new initiatives aimed at enhancing the financial security of members.
The first, he noted, is the MoMAG Support System (Loans), a fund that allows members to contribute and access low-interest loans, offering financial relief and support for their business needs.
He added the second as the introduction of a two-tier pension scheme, comprising the standard SSNIT Tier 1 scheme and a private Tier- 2 pension plan, designed to help members build a secure financial future.
He also outlined the association’s focus on driving its vision and mission by celebrating members’ contributions and achievements, ensuring transparent and regular communication with members, encouraging active involvement in events and committees, and providing training, resources, and support to enhance members’ skills and knowledge.