The Chartered Institute of Bankers wants the Bank of Ghana to set up a separate division to regulate activities of the Mobile Money sector.

According to the bankers, the sector needs strict rules to regulate it due to its growing numbers.

“We recognize that the central bank has been creating separate units, for example right now you can see that the Bank of Ghana has a separate department handling strictly microfinance institutions and our thoughts are that going forward they will have separate units to handle the monitoring of these telco operations,” the president of the Chartered Institute of Bankers, Clifford Mettle, told Starr Business.

“One thing is that it will be a very good start as we go forward. I am sure they will be able to embellish themselves and come out with very strong task force or group that will go and ensure that the regulations are adhered to,” he noted.

Mettle was reacting to the Chief Finance Officer at Vodafone Ghana, Kenneth Gomados’ suggestions that mobile money will in no way threaten the future of indigenous banking in Ghana.