MobileMoney Limited (MTN MoMo), as part of activities to commemorate this year’s Mobile Money Month, has organised a stakeholder forum on the theme “Addressing the Barriers to Digital Payment Adoption in Ghana” in Accra.

Addressing participants at the forum, the Head of Products and Services at MobileMoney Limited, Sylvia Otuo Acheampong spoke about the progress made in the payments industry.

She said, “We have made significant progress in technological advancement and digital adoption over the years, however, there is still more to be done. One of the important things for us as industry leaders is to lead conversations within the mobile financial services industry and digital payments sector to spur growth”.

For his part, the Head of Fintech and Innovation at Bank of Ghana, Kwame Oppong underscored the Central Bank’s role in spearheading digitization in the banking sector over the years.

He reiterated the Central Bank’s commitment to finding solutions for addressing barriers that impede digital payments adoption in Ghana as the country works towards building a cash-lite economy.

The CEO of Ghana Interbank Payments, and Settlement System (GhIPPS), Archie Hesse highlighted the strides Ghana has made over the years towards digital innovation and adoption.

He commended MTN for organising such an initiative and called for more collaboration and partnership among the stakeholders.

In his submission, the CEO of Cellulant Ghana, Eric Kotey observed that Ghana had made significant strides in adopting digital payments solutions.

He identified the barriers to adoption as fraud and limited accessibility. Mr Kotey advised Mobile Network Operators to implement strict security measures, enhance the education and address smartphone penetration issues.

He also admonished Fintech companies to create user-friendly interfaces, offline products, undertake awareness campaigns, and incentives, amongst others.

"When all these are taken into consideration, it would drive adoption," he concluded.

The CEO of Eagle Innovations, Winifred Kotin called for innovative, collaborative, and effective ways of designing effective educational strategies and executing them in a way that will meet the needs of the various categories of consumers to make progress.

She said, “easy to relate tools and mediums to help the general public appreciate digital payments adoption, mass education, community-based education, interactive workshops and demos, role-playing and storytelling, multisectoral approach to education, collaborations and partnerships, and other value-added services can help to boost digital payments adoption across the country.”

The forum brought together industry leaders and stakeholders within Ghana’s digital payment and fintech sector.

It focused on Ghana’s payment sector, highlighting the barriers that continue to hinder digital payment adoption and how these may be addressed.