1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups
Wednesday, January 29, 2020
Banner Top
  1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups

Fraudster and rogue trader were descriptions that painted headline stories about Ghanaian-born Kweku Adoboli, a former trader of Swiss banking giant, UBS, who got entangled in the middle of what has gone down in history as Britain’s largest unauthorized trading loss of £1.4bn. It’s been a year since Adoboli was deported to Ghana upon serving four of his seven-year sentence.

Kweku Adoboli is calling for the use blockchain technology in Ghana. The use of blockchain technology is not limited to cryptocurrency. It can also be used to tokenize everything including property, administer elections, and validate all forms of ownership.

Universa, Ethereum, EOS, WAVES are examples of blockchain technologies currently in use. Interestingly, there are no regulations that streamline these systems of innovation.

The Securities and Exchange Commission (SEC) has so far been advised to consider some form of regulation to make this effective. Describing Ghana’s Payment Systems as “challenged”, Kweku Adoboli proposed to JoyBusiness the need for BlockChain Technology to leverage payment systems in the country.

Mr Adoboli said, “Banking payment systems in Ghana are challenged. I’m going to use a euphemism – they’re challenged and we have a lot of work to do to develop systems that are much more efficient. Much lower levels of friction much lower cost.

One per cent to do a movement transfer is too much. Three or Four per cent to release foreign currency that’s been sent in is too much. If the friction level is 1 per cent then nobody wants to spend any money.”

He added “So blockchain would help. What we need to do is not go incrementally. Right. You’ve got a legacy system, let’s develop it a little bit. Actually, we need to think really big and go; how do we leapfrog so that we don’t spend years and decades iterating forward and blockchain is a mechanism that we could rely on either to build digital currencies or to understand the ledger better and be able to track payments and cash flows et cetera? It would help us and if we could attract people with the skills.”

Source: Myjoyonline.com

0 Comments

Leave a Comment

FOLLOW US

YOUTUBE

TAGS

Advertisement

img advertisement

Social