By Issa Sikiti da Silva | From Biz Tech Africa

Mobile banking, an innovative service that allows customers to perform banking transactions via their mobile phones, must be properly regulated in Ghana to ensure the safety of people’s money in the cyberspace.

This is the view of Ghana-based Cal Bank MD Frank Adu Jnr. He made these remarks recently in Kumasi.

Ghana has a plethora of banks, including global giants UK’s Barclays and Standard Chartered, South Africa’s Standard Bank (trading as Stanbic Bank) and Ecobank, and most of them are offering mobile banking services.

But Biztechafrica has established that many customers were reluctant to use this service due to widespread banking fraud currently affecting this West African nation.

Some reports alleged early this year that Ghana’s commercial banks were covering up fraud to avoid bad publicity.

“I don’t want to use any one of these, cellphone banking or internet banking, because it’s not safe even tough banks are saying otherwise,” Agnes Amofah said.

“Technology is good but it has also brought us a lot of headache. I work hard for my money and I don’t want to take any risks,” she added.

Read more at Biz Tech Africa