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For the first time in Ghana, mobile phone users can directly transfer funds from their mobile devices into their bank accounts without physically visiting the banking hall.

This service, known as BanqMoni, is an insurance-backed, aggregated platform in partnership with GT Bank, which enables anyone to deposit money into any bank account within Ghana at any time by visiting any mobile money agent.

Speaking at the launch Wednesday, Chief Executive Officer of BanqMoni Limited, Nana Yaw Amoah disclosed that every transaction is insured by Loyalty Insurance Company Limited.

“This means in case of any problem your money will be refunded in less than 30 minutes after a complaint has been perused and reckoned fit for a refund,” he assured.

According to Nana Amoah, they “are in the business of making sure banks are able to mobilise the needed funds so as to help consolidate efforts in building a thriving economy.”

Chief Operating Officer of BanqMoni Limited, William Amoako Nimako in his speech noted that “approximately 70 percent of Ghanaians do not currently own a bank account but the percentage of mobile money subscribers is 42 percent, active subscribers, nationwide.”

That means that about 10.5 million Ghanaians are unbanked and “this is a gap that must and will be addressed by technology,” he indicated.

He discounted the claim by some persons that the advent of mobile money will lead to a collapse of the banking industry.

“Mobile money is not a threat but an opportunity for all industry players to expand their frontiers and achieve the desired financial inclusion,” Mr Nimako stated.