School Papers

Global global financial services using a variety of

Global standard financial services and system for allowing customers to access a full range of global financial services using a variety of access points is the global concern in these days. Ghana concerns that financial accessibility would increase and enhance the financial liquidity and economic system’s stabilizations in the world. The key problem is the financial account inaccessibility which leads to the lack of transaction account accessing, especially, the developing countries with high populations. The importance of access expansion to financial service intermediaries plays the essential role in pooling money and encouraging the investment to spread risk. Moreover, the gender gap, youth gap, and income gap are still present. Ghana believes that the only way to solve all those problems is to reconcile and encourage the equality of financial accessing, the technology in the financial support by using mobile phone, which is the low-cost financial service and most of the people are capable to access.  Ghana has evolved with the rest of the world in technological advancement. Mobile Phone have so many peripheral merits besides phone calls and text messaging. This led to the discovery of “Mobile Money”. Mobile money has been largely embraced in Sub-Saharan Africa since 2014. This was the only region in the world where more than 10% of the population had a “Mobile Money” account. There are more people used financial services through mobile financial services than they did through traditional financial services.These countries, Côte d’Ivoire, Somalia, Tanzania, Uganda, Zimbabwe including the Republic of Ghana, demonstrate the effect that mobile money can have in countries that lack a strong presence of traditional financial services. Ghana has launched the Mobile Money for 7 years, which can be said to be a game changer in the country’s financial services industry. Due to a humble start in 2009, mobile money solutions now account for cash flows that compare with aggregate deposits of commercial banks in the country. A recent Bank of Ghana publication indicated that the value of mobile money transactions in 2015 was GH¢35.4b, up from GH¢11.2b in 2014. This clearly shows a dramatic rise that evidences the acceptance of the service and demonstrates its relevance in attaining a cashlite economy in Ghana. What to expect for other electronic payment systems to emerge in a complement mobile money if our economy is to attain a cashlite status. The Republic of Ghana has faith in United Nations adopting the 2030 Agenda for Sustainable Development, outlining goals for 2030 is to abolish those extreme forms of poverty within 2030. Additionally, Ghana is now developing the system, which includes a global communications network that integrates information and makes the information accessible from remote locations. The system includes a comprehensive database assembled from diverse sources and systems and processes for retrieving the information from the central database in a meaningful and practical way. The system includes several levels of access communications as well as built-in flexibility so that it can be accessed by a variety of remote systems of varying degrees of complexity and language. System and process permit rapid communication among global users of the service as may be desired by industries relating to the transfer of finances.The only action and the means to ensure a global situation is the expansion of such programs to global efforts.

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