##take of mobile money services. the outcome has been overwhelming and we are currently witnessing rapid expansion in mobile money usage pioneered by the telcos and fintechs. 6. ladies and gentlemen, recent developments suggest that mobile money technology has evolved and gained public acceptance, and in almost a decade, contributed significantly towards financial inclusion in the country. for instance, the number of mobile money accounts has reached 32. 6 million in december 2018 compared with 3. 8 million in december 2012. total float balances as at december 2012 was [UNK]. 6 million compared with [UNK]. 6 billion recorded in december 2018. 7. mobile money has therefore continued to help in expanding financial services to the unbanked. currently, the mobile money wallet is used for domestic transfer of funds, payment of goods and services, utility bill payments, salary payments, micro - credit and microinsurance services. in may 2018, the payment and settlements system was firmed up with the successful implementation of mobile money interoperability. with this in place, banks can now leverage on the existing 396, 599 mobile money agents to reach out to the unbanked. 8. also, there are enormous opportunities for banks to leverage on the over 30 million existing mobile money accounts to expand the scope and appeal of electronic payments, offer more innovative payment products that provide convenience, simplicity and speed at minimal transaction costs, as well as offer efficient means of delivering financial services even in the remote areas. this will further enhance financial inclusiveness, promote the country ’ s cash - lite agenda, and most importantly, deepen financial intermediation. 9. to further enhance regulatory environment for mobile money and other similar innovations within the financial ecosystem, the bank of ghana reviewed the electronic money issuers guidelines ( 2015 ) and the payment systems act 2003 ( act 662 ) which culminated in a new regulatory framework for the payment systems. the new law, the payment systems and services act, 2019 ( act 987 ) was passed in may this year to further promote the role of non - financial institutions such as mobile money operators and other payment service providers in expanding the usage of digital financial services. 10. broadly, implementation of the act is expected to further liberalize the payment system and pave the way for direct licensing of fintechs by the bank of ghana, and ultimately facilitate electronic means of payment. in the long - run, ghana ’ s new payment systems and services act should help improve not only the payments system but also create an enabling

affordable and convenient digital financial services. 17. for mobile money entities and fintechs to be successful in an increasingly competitive payment ecosystem, the industry needs to have a long - term view and be ready to build sustainable and affordable electronic payment solutions that meet the needs of diverse clientele in the society. 18. i hope this workshop will highlight some of these discussions and propose directions for further improvement of digital financial services in the country. 19. to end, let me note that, the bank of ghana will continue to create the enabling environment by removing price distortions, promoting competition and protecting the interest of the consumers. let me say congratulations once again to mtn and i wish you a successful workshop. thank you for the attention.