Fintech Fridays #1 | MoMo in Ghana hits a Trillion | Bank of Ghana suspends transfer services | Cedis depreciates in time for December in Ghana tourists | Car Loans to be available through Ghana Card

Welcome to Fintech Fridays, a brand new podcast segment by The Sound of Accra Podcast, exploring current financial trends and technology impacting the nation of Ghana, whilst analysing what that means for you and me, in micro episodes. 

Happy December! If you are listening in December 2023, I'm confident a lot of you are preparing to jet over to Accra for the holiday festivities. If you are looking to transfer money within the country or convert your foreign money digitally to use in Ghana, then you definitely want to listen to this episode.

Summary in This Week’s episode

1. Cedis depreciates from 15 Cedis to the Pound Sterling for the first time since March 2023: One of the reasons I suspect for the Cedis depreciating could be the Ghana Cocoa Board securing a loan from International Banks of a whopping $800 million dollars, to buy Cocoa from Farmers. The interest rate is at an all time high of 8%
   
   
2. Mobile Money transactions in Ghana hits a Trillion Cedis: Mobile Money transactions in the first eight months of 2023 reached a record GH₵1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana.This is a jump from GH₵655.97 billion recorded during the same period in 2022. It’s clear for sure that Mobile Money has increased in usage despite the E-levy.
   
   
3. Bank of Ghana suspends money transfers for Top Remittance and Fintech apps: The Bank of Ghana have suddenly blocked the activity of many African based and international Fintech and Remittance apps, including Lem-fi, Xoom by PayPal, Boss Revolution, Wise and many others, in mid-november, because they did not have approval from the Bank of Ghana. This is according to the Foreign Exchange Act 2006.
   
   
4. Car Loans to be available through Ghana Card: Now, have you got a Ghana card and living in Ghana? You soon could qualify to apply for Car Loans. The Ghana card is gradually becoming the gateway to ghana in all things buying and selling. It is the main digital ID issued to citizens and foreigners in Ghana. It is required for almost every public and private sector transaction – from applying for a passport, to financial and business transactions, to registering a SIM card, to finding employment, among other uses.
   

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