Internet Banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches where one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts.
In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time.
Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net banking, thus, now is more of a norm rather than an exception in many developed countries due to the fact that it is the cheapest way of providing banking services.
In Ghana the fastest growing electronic banking is the mobile money transfer within the various telecommunications companies in the country.
With close observations on the market, schools and businesses in the country, mobile money has been growing very rapidly due to the demand of customers who transact business using that channel.
In an interview with the managing director of Cal Bank limited, Frank Adu Jnr. explained that the impact of e-banking is gradually taking over the services of banks in the country.
According to Mr. Adu Jnr. after conducting a survey the bank realized that the underprivileged, semi- literate, illiterate people enjoy the e-banking more than the educated ones with the reason being that they receive an alert right after they have sent the money and that alone makes them enjoy the service more than any other banking services
He added that the banks are planning to collaborate with the mobile companies to service customers in the mobile money services because failure to do so will lead banks to lose their customers to the mobile companies.
In an interview with Emmanuel Ala, a student, he told the DAILY HERITAGE that he has been using the mobile money transfer for a year and half now to pay his fees because his parents believe it is the best way to send him money without they travelling over to his school to pay the fees.
According to him, mobile money though sometimes very annoying to use due to network failure but it is the fastest way of sending money to families and relatives because staying in a long queue at the bank can waste one’s precious time.
He said “Mobile money transaction is the best for me because it is the fastest way of getting money from relatives without wasting much time because the moment you receive an alert you can go to the mobile company for your money without any delay.”
Dr. Henry Kofi Wampah, governor of Bank of Ghana (BoG) at a press briefing said the central bank is putting in place systems and platform to monitor the activities of the mobile money business in order to put appropriate measures to make the system easy to deal with.
Also Janet Sackey, a business woman said she has diverted sending money through the banks for her business to mobile money because it has made her business move faster because when she needs goods from her clients she sends the money to them through the mobile money transfer system and within ten minutes she receives confirmation from the clients to expect the items needed.
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