Author: Hubtel

In the past few years in Ghana, two popular words have surfaced when it comes to payments and they are “Mobile Money”. In a country where 7 out of 10 people are without bank accounts but yet have more mobile phones than people, (due to multi-sim users), what role can mobile play in impacting our nation’s growth and development?

Financial Inclusion: Between Circle and Adabraka, you are likely to come across 5 different banks yet only 3 out of 10 Ghanaians have bank accounts. The birth of mobile money along with the recent partnerships between banks and telcos in Ghana have made great strides in reaching the unbanked sections of society. Since 1 out of 5, Ghanaians use mobile money banking regularly, free movement of money in the economy that hitherto was hoarded by the unbanked and exchanged just a few hands will be enabled. The movement of money in the economy through mobile money banking will equally affect credit availability because these monies from mobile money transactions end up in the banks and work hand in hand with the telecom companies. The ability to link one’s mobile number to a traditional bank account may further encourage the unbanked to open bank accounts with the confidence that their monies will still be in their “pockets” in the form of a mobile wallet.

Micro Insurance penetration: With Ghana’s insurance penetration to GDP hovering a little below 2%, the use of mobile phones does not only have a place for banks but also a place for the insurance industry as well. In recent times, some telecom companies offer a form of microinsurance via mobile by providing life and health insurance covers to willing phone subscribers. This is made possible through agreed and controlled data sharing between telecom firms and traditional insurance companies who underwrite the policies. One can send a message to a short code and pay a flat rate per month through a direct mobile money monthly debit and enjoy health insurance or life cover. This innovation in insurance in the mobile money sector puts in place a positive outlook for the future of insurance in Ghana. It will also help improve healthcare service delivery in the nation if millions subscribe to this coverage monthly. Imagine 20 million phone users signing on to a minimum GHS5 a month for a GHS1000 hospital bill cover. The income generated by these subscribers will be at least GHS100 million a month and at least GHS1.2 billion a year. If the mathematics of the fund is managed well by actuaries using good data, mobile money could rejuvenate life and health insurance in Ghana. These funds could equally be invested and turned around to earn higher returns in order to positively stabilize the economy.

Employment: The impact of mobile money on employment is a blessing and curse, but more of a blessing. With increased automation of money transactions, certain roles of traditional brick-and-mortar banks will grow dysfunctional, causing a possible retrenchment in areas that have been taken over by mobile and online banking. Imagine, where would the 72,000 mobile money agents littered across the country have been if the innovation of mobile money had never seen the light of day? The private sector through mobile money has hence helped the nation solve the menace of unemployment to a degree.

Tax revenue generation for the State: The government of Ghana relies on funds from various sources in national development and one of these is tax. The generation of transactional taxes from money transfers, corporate taxes from telecom firms, and income tax from commissions of mobile money agents all help drive the developmental agenda of the nation. This is a positive impact indeed for a developing nation like Ghana. One can be assured every successful transaction done via mobile money contributes a quota to national development through tax.

Avenue for financial cybercrime: We cannot speak about the positive impact of mobile money without the threats it also presents. One such key threat is the avenue mobile money creates for financial cyber fraud. Lately, issues of fraudsters hacking or attempting to hack into mobile money subscribers’ accounts are becoming a menace. People of ill motives are devising various means of getting subscribers’ passwords and some successful cases result in huge aggregate sums of money. This issue of mobile money fraud can in the end lead to mistrust of the financial platform and it could result in the possible collapse and lack of interest in the mobile money sector if firm steps are not taken. Because risk presents an opportunity, cyber and financial risk experts can equally take advantage of this to serve as consultants in telecom firms to ensure the financial integrity and safety of the mobile money subscriber are maintained.

In the early 2000’s, researchers found out that some mobile phone users would sell their airtime to friends and family for cash. This clever, but improvised use of airtime as a substitute for money transfer was the precedent on which mobile money was created.

Over the years, mobile money in Ghana has seen significant development because of the many advantages it carries. The service, which was introduced in Ghana in 2009 by Ghana’s leading Telecommunications Company MTN is now offered by tiGO, Airtel and Vodafone. In fact, one out of every five Ghanaians has a mobile money account.

Setting up a mobile money account is fairly easy. Once you have a valid national ID card and a SIM card, you just visit your network provider and an account will be created and linked to your mobile number. The only thing you need to make transactions is your PIN number. Fin. Comparing this with traditional banking, where you would actually have to walk into banking hall, fill out documents, make a minimum deposit and walk out with a cheque book and an ATM, it is easy to understand why many Ghanaians are opting for mobile money instead.

The fact that there are many mobile money agents in Ghana makes it easier and more convenient when you have to withdraw money. Let’s say you live and work in Kumasi and need to transfer some money to your sister in a village. Before the onset of mobile money, you may have had to transfer the money through someone, say a friend or a distant relative. This comes with some delay and risk of your sister receiving less than expected. But with mobile money, no matter which network you use, there is at least one agent who can assist your sister cash out almost immediately you transfer the cash.

Gone are the days when local traders would ply long distances without fear of being robbed of valuables by armed bandits in the middle of their journey. Rather than carrying large amounts of money and hoping for event-free trips, more and more traders now transferring money to their mobile money accounts, travelling light and redeeming their money when they arrive safely at their destination.

Even though there has been a mass adoption of the service, Ghanaians primarily use the service for cash in/cash out transactions. They do not use mobile money to pay for utilities and make other online purchases as is the norm in Kenya and Tanzania. This indicates that the service is guaranteed to get better as companies begin to take advantage of the unique opportunities opened up by mobile money. Hubtel, for one, offers a Point of Sale (POS) software for businesses who have products or services to sell and want to give their customers the convenience of paying with a variety of payment options including mobile money.

With the burgeoning and innovative use of the service, mobile money in Ghana is guaranteed to continue rising. Who knows, it could even disrupt traditional banking.

Ever since we at Hubtel heard Baffour Awuah Tabury’s touching story on Citi FM, we have made it one of our 2017 goals to “Make Baffour Walk Again.” 

Before everything changed on the road to realizing his dreams and making his mother proud, Baffour was a final-year student at the University of Cape Coast and getting ready to graduate. He was involved in a motor accident that left him paralyzed from his waist down in 2007. Due to this unfortunate turn of events, Baffour had difficulty controlling his urine and bowels. Like any loving and caring mother will do, Baffour’s mum resolved to do everything in her power to see her son walk again. This included burning over GHS 200,000 of her personal savings and investments on various procedures and two surgeries in Ghana. Last year, Baffour successfully had another surgery in China which restored his urinary and bowel control. 

For Baffour to walk again, the next step will be to undergo physiotherapy at NextStep Orlando (no pun intended). This physiotherapy center in Orlando, Florida treats patients who have injured their spinal cords so they can fully recover their functions. Amazing right? Yes, but this procedure will cost a cool GHS 87,000 ($19,200). And this is where Hubtel comes in. 

We have developed a Point of Sale platform called the Hubtel POS. This platform is tailored to allow businesses to accept payments and charity organizations to receive funds from all mobile money wallets and bank cards in their stores, online, or on the go into one account. With our POS, we eliminate the burden of having to hold four different phone numbers to receive payments. Making it easier for everyone who is touched to help resolve situations like Baffour’s, to make a donation to help Baffour walk again. 

So now how do I donate to this cause? It’s simple – just dial *713*7140# on your phone – it doesn’t matter which network you’re on, follow the instructions, and make a donation. Think of it this way: if 8,700 individuals make a donation of GHS10, Baffour’s dream of walking again will be realized. 

Hubtel has not only provided this shortcode to ease Baffour’s access to donations for his surgery, we are also waiving all network charges associated with mobile money transfers made to this donation.  

So go ahead. Dial *713*7140#, and let’s make Baffour walk again! 

Credit to Cedi

We at Hubtel are obsessed with finding ways to simplify our pricing, and we have great news. We are making two changes that make your Hubtel experience a lot better.

Firstly, the value of your top-up has previously been displayed as the number of messaging credits. Starting Sunday, 1st October this will now be shown as currency balance in Cedi, or Dollars in your account.

Bundles

Second, we have introduced some great value bundles for you to make significant savings. Campaigns that you run when you have not paid for a bundle will be charged at a flat standard rate of 0.03 for local messages.

Your new bundles give you up to 40% savings! Choose the monthly or quarterly bundles that best suit your needs.

Before the end of the bundle period, you can roll over your remaining value by buying another bundle or allowing your current bundle to expire. Your main currency balance will not expire so you can always buy more value bundles whenever you are ready.

Log into your account to purchase any of our nearly 40% cheaper bundles. If you need help or want more information we are always just a call or email away. Just call us toll-free on 0800 222 081.

Since we relaunched as Hubtel we have been offering the lowest bulk SMS messaging rate through our new bundles.

To enable us offer the same competitive rates on other services such as USSD, toll-free SMS, and payments, we are making some important changes from this weekend.

Starting this Sunday, 1st of October 2017, we are changing our credit-based balance to a currency-based balance.

This means if you had 380 SMS credits you will now see it as a balance in your local currency (e.g. Ghc10) on your account.

From this currency balance, you can buy a corresponding SMS bundle.

If you need help or want more information we are always just a call or email away. Kindly call toll-free number 0800 222 081.

#RethinkCustomerService

It is another Monday morning in the busy city of Accra, the year is 2048, and the rains are just setting in. Kwame dashes out of the door and hastens to his car, double-checking his watch as he runs late for work. He speeds out of the driveway and gets a beep from his vehicle as an alert flashes on his dashboard screen. His utility bills are due. With his eyes still on the road he initializes payment with a few words and confirms payment with a fingerprint scanner. Bills paid. The receipt of payment was sent to his email. Welcome to the future. Welcome to a cashless society.

Though this may sound like a scene in a science fiction movie, “the future” with respect to money, monetary transactions, and monetary value may not be that far at all from the excerpt above…But will the case probably be the same in Africa in the next 20 or 30 years? Let’s find out.

Money as a medium of exchange is also a means of exchanging value. From the days of barter trading to the use of precious metals such as gold and silver, to cowries, shells, and cola nuts, and more recent coins, paper notes, and plastic, all forms of money had one aim in mind, exchange of value and transfer of purchasing power.

It is however important to note that for any form of money to be generally accepted to survive the test of time, it needs certain key characteristics: the trust of the masses or the society in which it is being used; the ability to stand the wear and tear of multiple exchange of hands and other natural elements; specific in value or quantifiable in denominations; convenient in carrying around and making payments and transfers; and it also ought to be scarce.

These characteristics and more have caused the boost or fall of many various forms of money in different African societies. Imagine having to carry a scale where ever you go just to measure the right quantity of gold for every transaction. To top it up, you would have the weight of gold jiggling in your pouch hanging around your waist. You may need to wheel a cart of gold if you wanted to purchase a house perhaps.

In Ghana, the “rejection” of the 1 Ghana pesewa by its users was largely due to its small size. Most Ghanaians complained it was too small to handle and the rigors of inflation doubled up the facing out of the 1 Ghana pesewa due to the social inconvenience. Today, the 1 pesewa coin is hardly heard of. Central banks across the world monitor the reaction and acceptance of society to banknotes and coins and take needed steps such as reducing the quantum of the not so accepted denomination to ensure fiscal stability in the economy.

Amongst the various characteristics of money, a key and promising feature which has drastically changed the face of money in the 21^st century, and still promises to drastically metamorphose money in the future has to do with convenience. The future of money innovation seems to simmer in the three-legged pot of convenience. “Money Convenience” in carrying around, convenience in making payments for goods or services, convenience in money transfers.

In our world today, we seem to be skewing towards the tangent of convenience, and money is not left out in this new development. The astronomical expansion of technology in recent times has led the Harvard University Economist, Kenneth Rogoff, to argue in his new book “The Curse of Cash” that bank notes are outdated due to currently available technology. He also argues that physical cash is a “honey pot” for criminals who love the big notes. The birth of e-currencies such as bitcoin, dash, and litecoin amongst many others signify the move towards a cashless society.

Online payment, money transfer, and money wallet platforms and apps and other fintech companies provide a means of convenient mobile banking and online money transfer and payments. But how ready is Africa for the foreseeable future of money, a cashless or “cash-lite” society?

Despite Africa having a large trench of unchartered opportunity in expanding its digital banking and e-money space, the continent seems to have a population that is still cash conservative to a large extent according to a report from KPMG issued in November 2016 on e-payments in Africa. The continent still lags behind the developed world in high-speed internet connection and literacy which are both vital in the use of technology in e-money transactions.

Though today is the future we expected yesterday, the future of money in Africa and how long it will take us to be a cashless or “cash-lite” economy lies largely in the hands of technology, government and central bank policies, and “monetary convenience” but one thing I know for sure is that the future of money in Africa will be one great story to tell as the hands of time unwind.

With the premium placed on customer experience at an all-time high, an unforgettable pleasant experience with your company is one sure way to boost customer retention. Customers are more likely to relay remarkable experiences they have with companies to their friends and family. This implies that every single contact from a customer, be it a phone call, an email, or a tweet, requesting information or after-sales support, is a unique opportunity for you to positively influence their perception of your brand.

As Sam Walton put it, “There is only one boss – the customer. And he can fire everybody in the company from the Chairman on down, simply by spending money somewhere else.” In order to ensure that customers keep spending their money on your products and services even when presented with other compelling and cheaper options from competitors, it is prudent to rethink your approach to customer service delivery. Let us consider four ways to earn your customer’s loyalty using great customer experience.

• Be personal with customers: Let’s face it. Bureaucracy is boring. Giving straitjacket, extremely formal, and pre-written scripts out to customers as answers to their queries will most likely hurt your brand reputation. Customers want to speak to real people because they feel they are more likely to relate and empathize with them. A friend of mine, Kojo, shared an experience he had when he spoke to a contact center agent last week. He told me that from the way the agent spoke to him, it might have been better if the agent had played back a pre-recorded message instead. He had a lot of questions to ask but felt the agent was in a hurry to go grab a bite so he just thanked her and ended the call. A similar experience Kojo has had with this service provider has robbed him of any attachment he could feel towards them. Customers care more about the quality of their experience than the service being delivered because there are numerous alternatives on the market. If Kojo is presented with a slightly better alternative, he will most likely ditch his current service provider on a whim.
• Take customer feedback and suggestions seriously and revise your offerings: To quote Steve Jobs, “A lot of times, customers do not know what they want until you show it to them”. While this may be true, in most cases, customers actually do know exactly what they want. End-users can be an amazing, cost-free source of extremely valuable feedback that can be baked into future iterations of your products and services. Pay attention to the comments that customers pass on social media and the “unsolicited” suggestions they give you when they call your contact center. If current customers feel you care about their experience more than your profit, it will be very difficult for them to switch to a competitor. They are likely to endure quirks in your offerings only because they are confident that once they complain, you will quickly move to resolve them. They may even be willing to spend a couple of cedis more on your product even if a competitor sells the same product for much less.
• Ensure that support personnel are very knowledgeable about your products and services: Ever spoken to a call center agent and wondered how they got their job? When support personnel doesn’t sound certain about the answers they’re giving to a customer, the little faith that customers have in their ability diminishes. When support personnel constantly put customers on hold in one conversation and refer to manuals, product documentation, and their superiors before giving answers, brand loyalty will most likely be an issue. Customers understand that products and services may not be perfect all the time. They can take that. But what they cannot take is a sub-standard after-sales support experience.
• Reward loyalty: Long-term users who have been using your products and services for years can become emotionally attached to your brand and become brand ambassadors. Companies can reward loyalty by offering long-standing customers discounts and exclusive access to new products and services they have created before rolling out, calling customers on their birthdays and providing them with branded paraphernalia, creating focus groups, and soliciting suggestions for future versions of product offerings. Once loyal customers feel like they are a part of your company, they will personally market your products and services to their friends and family, defend your brand when an ill-comment is passed on social media, and even volunteer to offer after-sales support services within their circles all at no charge.

So there you have it. When your customers feel delighted by the quality of service and support your company offers, they are more likely to be emotionally attached to your brand. This makes them more willing and committed to using your products and services over a long period of time. The resulting benefits are that you get shielded from the harsh realities of stiff competition and a dwindling customer base. You also get to grow your revenue by easily upselling and cross-selling to existing customers. What’s more, existing customers will help grow your customer base by augmenting your marketing efforts.

If you think automation of after-sales support and customer engagement with chatbots is some science fiction idea slated for execution in the distant future, then let this post serve as a reality check.

Advances in Artificial Intelligence have resulted in the creation and development of bots that can understand, relate to and participate in human conversations. Traditional chatbots are wired to answer a finite set of hard-coded questions. New AI-based chatbots are trained with data sets of human conversations so that they can learn on their own and identify the intent behind every request or conversation, a technique known as Natural Language Processing. This makes them more relatable and natural for current and prospective customers to interact with.

IBM Watson, a cognitive system enabling a new partnership between people and computers, has already begun replacing paralegals and junior lawyers in top law firms. With IBM Watson, you can build virtual contact center agents to answer any queries your current and prospective customers may have for you. If you’re familiar with the American legal drama Suits, you’re no stranger to the fact that the character Mike Ross is always buried in paperwork before court cases. Researchers at the University of Toronto have already created an AI lawyer named Ross. Ross can take any legal question posted by an attorney and sift through its database of legal documents, statutes, and cases to come up with the correct answer. The system grows more accurate over time, as it learns more about a firm’s specific areas of practice and preferences.

In the next couple of years, AI bots are expected to take on a huge chunk of the work currently done by customer experience agents. This paradigm shift will address some of the major challenges faced in managing customer contact centers. Studies indicate that the average contact center representative lasts only about six months in their job. Also, contact centers have a whopping 40% average annual turnover rate. What’s more, bots will neither have off-days, unless they have to go offline for maintenance and software updates, nor call in sick, unless malware impacts their normal flow of operations. Replacing human customer experience agents with chatbots will allow multiple queries to be efficiently and promptly responded to.

After-sales support is usually about providing answers and clarity to questions your prospective and current customers may have. These questions are likely to be repetitive, so who (or what) is better to perform repetitive tasks in a better, more efficient, and faster manner than the bots we have created?

Perhaps you’re currently wondering how much capital and expertise is needed to deploy the solutions we have discussed above. Do not fret. In Hubtel’s bouquet of offerings, you will find some products and services that will allow your outfit to automate certain sections of the customer experience journey. We will discuss some related low-cost tech in the coming weeks, so be on the lookout.

Makola… Kantamanto… Nima… We visit busy marketplaces like these and very often worry about being robbed, getting change for our high denomination currency notes, and accounting for every cedi spent. What we really would want is to visit these same markets with no cash but our mobile phone, yet return with bags full of foodstuff, clothes and more. Sounds too easy? Well, that’s what a country with a cashless society looks like.

Most countries have set the year 2030 as a target to reach a totally cashless society as more citizens resort to the use of mobile payments to complete business transactions. In Ghana, despite the boom in mobile money transactions and ample data that predicts phenomenal drive towards a cashless society, no certain date has been set to get the country to run a fully cashless society. That notwithstanding, the country can be seen as one in Sub-Saharan Africa that is making significant strides in terms of mobile money adoption and usage.

Mobile telecom companies in Ghana are leading the way into the cashless future, and this is evident in the stiff competition among themselves for mobile money subscriber share. For some years now, telecom companies have been spending millions of cedis to educate Ghanaians on mobile money usage through intensive media campaigns and promotions. This has had a direct impact on the drive to get Ghana cashless by 2030 because these activities acquire new mobile money customers each day.

Industry watchers are fascinated by how fast countries like Denmark, India, Norway, and Sweden have moved to cashless transactions. In Sweden, retailers are legally entitled to refuse coins and notes, and street vendors – and even churches – increasingly prefer card or phone payments. Here in Ghana, a number of churches have begun receiving offerings and tithes via mobile money platforms. Instead of the usual practice of congregants dancing their way to the altar, it is rather becoming common practice for the church to display phone numbers on their screens at the end of each service and ask members to pay their tithes and offerings via mobile platforms.

Some retail shops have also begun receiving payments via Mobile Money and POS and this has led to increased profit margins as they are able to transact business in a more secure, faster, user-friendly and convenient way. The public sector has not been left behind as government programs such as the School Feeding Program and National Service Scheme also make use of mobile money to pay vendors and service personnel. Despite these gradual developments that is propelling Ghana to be a cashless society, a definite target date cannot be set to when it will become the norm. And even as technology-backed payment services have gained momentum in the urban centers of the country, penetration in the hinterlands is yet to reach satisfactory levels.

History has always demonstrated that technology disrupts the status quo and this is very evident in the introduction of cashless payments, particularly via mobile. Before your business misses out on this new wave that is soon becoming the norm, you can jump on board Hubtel’s integrated payment solution called Hubtel POS that enables businesses of all sizes to receive payments from customers via cards and mobile money on all networks. It’s safer, much more convenient, and very secure.

Of course, achieving a cashless society is not an end in itself. It is a means to help advance financial inclusion, security, and prosperity. Hubtel aspires to be a key force in bringing everyone into the financial sector, drastically improving the lives of the millions who are now under- and unbanked while supporting economic prosperity and security. Before too long, buying “plantain chips” in traffic could be a seamless cashless transaction that fully satisfies both the vendor and consumer.

The soul of crime in the country has found some new bravado and as a result, our law enforcement bodies are tweaking and turning the cogwheels of their logistical machinery so they can adequately face these crimes.

As part of this, the Ghana Police Service is embarking on a Police Transformation Initiative to deploy systems and initiate changes that will allow the outfit to tackle the increasing complexity of criminal offenses and face new threats squarely. The Initiative is also aimed at making the Ghana Police Service one of the top ten in the world within four years.

Dissemination of information in a convenient, secure, and timely manner is very crucial to the success of this Programme. This is why the Ghana Police Service has partnered with Hubtel as a key technology partner.

Under the arrangement, Hubtel will offer its platform for the delivery of text-based communication to and from over 30,000 police personnel across the country. This is to facilitate the collection of data to gain reliable insights on important public opinion through mobile feedback, and swiftly deliver emergency information to millions of citizens.

Hubtel is a company that delivers simple, practical tools to help Ministries, Municipalities, Districts and Authorities (MMDAs) manage and organize payments, send vital notifications via SMS and citizen self-service via USSD, towards better citizen engagement, as a key technology partner.

Akumiah, a young man boarded a trotro from Osu headed to Spintex. Halfway through the journey, the trotro mate began his routine collection of transport fares and as it got to Akumiah’s turn he reached for his wallet and realized he had left it at his workplace. Distraught, he frantically searched his bag to see if he would find some loose change to pay his fare.

To his utter dismay, he had no change left in his bag and at that point, the impatient trotro mate had already started hurling abusive words at him whilst demanding his fare. Akumiah remembered he had some money in his mobile money wallet and immediately asked the mate in the local parlance “Wo gye Mobile Money?” This question infuriated the mate even more and if it wasn’t the timely intervention of a passenger who paid Akumiah’s transport fare, the situation would have been quite a messy one.

In the face of the fast-spreading Mobile Money payment revolution, there is always a dilemma on whether or not one needs to keep some money in their Mobile Money wallet or if it’s better to move around with cash. In an active economy like Ghana’s, where everything from getting breakfast to catching a ‘trotro’ at the bus stop and even using the public urinal all requires monetary transactions, one is always forced to keep some cash on them to avoid any embarrassment like Akumiah’s.

Kofi Asare, a driver’s mate at the Kaneshie trotro station working in a Circle bound commercial bus says he has never accepted transportation fares via Mobile Money because he believes it will be a very tedious and inconveniencing process. However, he has received money via Mobile Money and is appreciative of the convenience it offers him in sending money to his mother in a village in the Ashanti Region.

For two sisters who retail dresses at the Rawlings Park in Accra, collecting cash only was the best business decision they had made until one day they were attacked by knife-wielding robbers after a day’s work and rid of all their sales. This compelled the two to now make Mobile money the preferred payment option for all their transactions.

A 2016 Ericsson Consumer Insight Report, titled ‘Financial Services for Everyone: Bridging the gap between the banked and the unbanked in sub-Saharan Africa’ stated that despite the risk associated with cash, 8 out of 10 consumers suggest that the convenience and wide acceptability of cash makes it the dominant mode of transaction.

The report however said that the data for mobile money usage in Ghana is very promising. With 69 percent of Ghanaians using mobile money agents, consumers see mobile network providers as the top preferred service provider for a mobile money agent.

Safety and convenience are two major keys most people look out for when it comes to the use and management of their monies.

Despite the fact that these two features are characteristic of Mobile Money payments and puts it in a better place to enhance businesses and enable growth, cash transactions still enjoy some dominance in the system.

As more individuals and businesses revolve and are caught in the Mobile Money frenzy owing to its safety, convenience, and reliability, it is likely to become the primary mode of financial transaction in the next few years, although businesses will still need cash to top up their wallets.

Taking the step to stay ahead of the competition in this regard can be done effectively through a payment solution such as Hubtel’s POS which is an integrated Point-of-sale solution that works with a phone or tablet to process payments.

The POS solution enables small businesses receive and make payments in a safe, secure manner to help them make more profits and expand their businesses.

Just recently, a busy fabric retailer at Accra Central received a call from an unknown man claiming he had sent her GHs 800 mistakenly and therefore requested that she send the money back to him.

She was busy at the time so she quickly reached for her phone to immediately authorize the transfer of the said amount, but thought to quickly check her balance first. Upon checking her balance she realized that there was no such credit to her account. It was then that she became suspicious and did not authorize the transfer. That was how close she was to being a victim of one of the fastest-growing fraudulent mobile money tricks in Ghana.

The introduction of Mobile Money in Ghana has enabled businesses make and receive payments from others conveniently and remotely. The fast evolution of payment systems and drive into a cash-lite or cashless society in Ghana is being realized gradually with the growth of Mobile Money.

This innovative technology has also created an avenue for some unscrupulous persons to attempt exploring possible security lapses within the system to fraudulently withdraw money and tamper with users’ data. Although Mobile Money users are responsible for securing their end of the system to prevent ‘intruders’ from performing transactions on their behalf, they still stand at risk of the least security breach.

The Ministry of Communications in 2016 reported that mobile phone subscriptions in Ghana had soared to over 35 million. This coupled with the increasing financial literacy in the country, projects a boom in Mobile Money usage in Ghana. Although most mobile payment services/platforms are safe, cyber crooks are constantly trying to outsmart the system and users.
Basic security tips for users include;

– Avoiding sharing passwords with third parties
– Avoiding the usage of weak PINs
– Being vigilant not to fall prey to tricksters

For small and medium-scale enterprises in retail, healthcare, and hospitality among other sectors that look to take advantage of the new technology; the current Mobile Money infrastructure should give the confidence of effectively take charge of business finances in a more secure and convenient way.

In addressing the challenge of having to turn away customers who do not have cash to make payments, leading mobile technology company Hubtel, has introduced a fully integrated payment acceptance solution that enables companies receive payments from customers via Mobile Money and cards securely. While helping businesses make extra profit, it enables them to record and accurately track records of all financial transactions. It’s safer, much more convenient, and very secure.

Despite the ongoing efforts of the authorities to minimize the possible security lapses exploited by fraudsters, ultimately Mobile Money users are responsible for securing their end of the system by utilizing all the tools and information to secure their money.