By Emelia B. Addae
Koforidua, Feb. 25, GNA – The Knowledge Innovations, a FinTech Research and Consultancy, has organised a meeting for about 150 mobile money agents in Koforidua on how to digitalise the operations of mobile money agents so that they can offer banking services.
The agents are serving as research participants for a research project dubbed ” Mobile money agents’ incentives to adopt digital tools: A randomized controlled pilot study.”
The research is being undertaken in partnership with Penplusbytes, Eban Capital, Ecobank Ghana, Oze Limited, and the Mobile Money Agents Association Ghana, Koforidua, with funding from The Retail Finance Distribution (ReFinD) Project at the Institute of Statistical, Social and Economic Research (ISSER), University of Ghana awarded by The Bill and Melinda Gates Foundation (BMGF).
Dr Kwami Ahiabenu, Faculty Director at Knowledge Innovations, told the Ghana News Agency that the project ” Mobile money agents’ incentives to adopt digital tools: A randomized controlled pilot study,” spans one year ( August 01, 2024 – July 31, 2025) with registered mobile money agents who qualify to offer banking services based on their operation from a well-built structures as eligible research participants.
He said, mobile money agents were key enablers of digital payments and financial inclusion, making them an indispensable part of the retail financial services distribution ecosystem.
However, most mobile money agents are not adopting digital tools like Point-Of-Sales (POS) devices and smart phones.
He said this was costly for both agents and customers explaining that ” agents miss out on potential revenue streams from offering more advanced services like banking and insurance products and customers are unable to access valuable financial services through the high-density mobile money agent network.”
Dr Ahiabenu, said the proposed pilot intervention would enable them to become banking agents and offer formal banking services to their customers, adding that ” if this pilot study is successful, we plan to scale it up to a full Randomized Controlled Trial (RCT).”
Also, he said the success of this research will strengthen relationships between mobile money agents and the Ghanaian financial sector through the expansion of services available in the retail finance ecosystem.
Dr Prince Boakye Frimpong, Co-Principal Investigator for the project ” Mobile money agents’ incentives to adopt digital tools: A randomized controlled pilot study,” said the selected mobile money agents would be randomized into three groups of 50, on their next meeting.
Group one would be provided with loans to acquire POS devices, working capital and sign up as banking agents, he noted.
Group two would be given cash incentives, POS devices and working capital to boost their businesses, and group three would serve as a control group.
Dr Frimpong, also a Senior Lecturer of Economics, Kwame Nkrumah University of Science Technology (KNUST) noted that measures would be set for the groups to comply with, and that will enable the partners track, monitor, assess and evaluate the outcomes of the groups’ activities.
Mr Kwaku Bosompem, mobile money agents of Highlife ventures, at Betom Junction in Koforidua, thanked the programme organizers for their swift intervention in this technological era and said, ” I wish their full stay in support of our business operation.”
Madam Patience Armah, of Malmo ventures in Koforidua said, ” if we are well equipped with knowledge and skills in the use of the digital tools it will enhance our business activities, get more customers and improve our livelihoods.”
GNA