Momo fastest means, but banks safest – Tema Residents

Tema- Scores of Residents in Tema on Thursday revealed that Mobile Money serves as the fastest means of transferring money, the traditional banks continue to serve as the safest platform to keep money.

“The residents noted that, with the recent upsurge in robbery attacks against the mobile money transaction points, and some fraudulent merchants duping innocent customers, the banks still remained the safest places to keep money,” scores of residents randomly interviewed by the Ghana News Agency in Tema stated.

Mr Louis Wessenda, an attendant at Banzey Phones, said mobile money (Momo) was the fastest way of sending money as it improved their business with customers, but efficiency in the sector was required.

According to him the bank was the safest place to pay and deposit money, as it provided maximum security for such services.

He however called on the banks to extend the number of their working hours for transactions.

Mr Albert Opoku Mensah, Personal Assistant at Fresh Spring Chemist Limited, said, “There should be conscious regulation to set benchmarks for both the banks and the momo merchants.

“There should be upper limits for momo merchants and lower limits for the banks to operate from.

Momo merchants should not transact business above GHC2, 000.00 while the Banks must also be restricted not to transact business below GHC2, 000.00″.

Mr Mensah argued that the momo merchants played critical roles in the financial sector as they operated close to the homes and helped clients but their services were not secured like the banks, since most of them operated from small containers.

He appealed to Vodafone and MTN Ghana and other telecommunication companies to collaborate with the National Commission for Civic Education to educate the public on the activities of fraudsters within the momo business space.

Source: Ghana News Agency

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