The Mobile Money Advocacy Group (MO-MAG) has revealed its plans to establish a bank to support members, as many Mobile Money (Momo) agents were folding up their businesses due to high cost of opera-tions.
The group is worried about the high interest rates on loans provided by most banks in the country, making operations difficult for Momo business owners who mostly thrive on loans to maintain their businesses.
The newly elected president of MO-MAG, Nana Agyemang Ofori, made the disclosure in his inaugural speech yester-day during the swearing in ceremony of newly elected executives of MOMAG in Accra.
Other new members of the execu-tive council are vice president, Albert Otu-Siaw, Secretary, Kingsley Amoa-ko-Attah, Public Relations Officer and Vice Secretary, Gifty Amegashie, Financial Secretary, Frederick Agyemang Tetteh, Treasurer, Helena Adu Boakye-waa, Organiser, Dotse Happy and Welfare Officer, Stephen Anobaah.
They were sworn into office by Mr Yahaya Ansah Nyarko, Advisory Com-mittee Chairman MOMAG.
According to the newly elected pres-ident, one needed a considerably good amount of money to make good profit in the Momo business, however access to funds had become a major concern for many Momo agents.
"As a group we do not want to just focus on taking dues and using it to organise meetings, support sick mem-bers or keeping the money for use on members who would find themselves in certain unpleasant situations."
"This time we want to focus more on empowering our members to make more money by establishing the MOMAG bank which will provide loans to all members, at extremely low interest rates to boost their Momo businesses and empower them financially to be able to take very good care of themselves, their families and workers," he added.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Touching on the safety of Momo operators in the country, Mr Agyeman bemoaned the rate of attacks on agents and urged members of MOMAG to be very cautious in all their business dealings.
He also assured that with the support of his executives, he would ensure more safety measures, like awareness on modus operandi of armed robbers and fraudsters, was made so that agents could easily identify suspects and take swift safety precautions.
This, he said would be done in collab-oration with the Ghana Police Service.
In furtherance, he acknowledged the role played by his predecessors in ensuring the progress of the group, while expressing gratitude for the trust reposed in him.
The immediate past president of MOMAG, Madam Afua Nyarkoa Addo, in her remarks urged them to remain united, vigilant and diligent.
She also expressed gratitude to all members of the group for their support during her tenure and hoped that the new team would keep promoting the core mandates of MOMAG.
A new customized cloth for MO-MAG was also unveiled during the ceremony which was characterised by some African drama and cultural per-formances by members of MOMAG.
