Change they say is” inevitable”. Globalization and the changing trends in Ghana, has brought about a serious transformation in the lives of citizens.
Gone are the days, when illiteracy rate was high. But now in our modern world, there is high literacy rate, where people adjust to changes and enjoy the changes.
However, according to Harold Wilson, He who rejects change, is the architect of the day. The only human institution, which rejects progress, is the society. Comparatively, the introduction of mobile money, has impacted rural banking in countless ways.
Thus, people in the rural areas use mobile money, to transact business with those in the city in a more convenient way.
This enables them to send, receive and save money. Previously, the people in the rural areas, were not comfortable with the banking system.
The result of this, has led to the increase in saving money at home. Currently, the flexibility of the mobile money system, has made people in the rural areas understand the banking system, hence appreciate it use through the use of mobile money.
Besides, the introduction of mobile money, has impacted rural banking in the sense that, it serves as an eye opener to enlighten people on the need to save for future use.
The introduction of mobile money, has eradicated the problem of people putting money under the pillow or the bed.
This practice was pervasive in the rural areas, because they claim the banking system was stressful by joining long queues to enable one save money, hence resorted to saving at home.
Furthermore, the introduction of mobile money, has impacted rural banking in a way that, now people can save their money even in the comfort of their homes.
The use of mobile money, has also ensured security on the side of the user. Since the customer is the only user, he or she has access to his or her account without any interference.
Moreover, the introduction of mobile money, has led to mobile banking, which does not restrict ones business to set times/locations. Be available 24/7 – anytime, anywhere.
Customers in the rural areas can withdraw, receive and transfer or exchange money, without interruption or suggestions from anyone.
Mobile money, has impacted rural banking and also safe workers the stress in a sense that, it delivers paperless statements directly into customers’ email addresses, while saving the cost of printing, paper and delivery. The less wastage of paper, makes this solution environment friendly.
Not only but also ,the introduction of mobile money, has impacted rural banking such that bankers link customers mobile banking application with the existing core banking solution to know customers better, study the customer’s profile and account information to understand their financial habits for offering personalized products/services.
The introduction of mobile money, has improved mobile banking. With smart features on the Smartphone, it enables customers communicate with their bank officials and also secure their information privately.
It has also improved rural banking in a way that it enables one track a user location, push notifications for recent offers nearby and ensure greater security against frauds for transactions initiated from unfamiliar locations.
Mobile money, has impacted rural banking, since mobile banking has initiated a reward for customers who bank through the mobile phone .
It offers loyalty rewards to customers in the form of points or discount coupons for transacting via the mobile banking application.
This has triggered those in the rural areas through the use of mobile money to use mobile banking.
The use of mobile money, safeguards customer details .Share real-time updates on transactions executed, configure multi-level security features like OTP to registered mobile for authentication via the banking application. This has however improved rural banking since mobile banking also offers the same opportunity.
The introduction of mobile money, has enabled customers understand the world of mobile banking, since customers can streamline the contact process of the bank.
It allows customers to get in touch with bank staff using the banking application, give them options to chat/call at any point of time for help and feedback when they feel stuck or need personal assistance for particular financial services.
Change they say, is really inevitable. One cannot do away with the trending innovations society offers.
Boamah Juliet – Student Journalist.
Ghana Institute of Journalism.