The issue with online payment systems in Ghana

Courtesy theonlinepaymentsystems.com

The ability to identify money-making opportunities without being able to take advantage of them is a frustrating experience for entrepreneurs everywhere. However, in Ghana and other African countries, this problem is pronounced on-line where even though there are millions of Internet users (at least one million in Ghana alone), there aren't any convenient ways of making money on the platform.

The consequences of this state of affairs for tech entrepreneurs cannot be overstated as many of their ideas are automatically censored for a lack of monetization prospect. The problem is not with customers not having money to purchase goods. The problem is with the banks who do not see any need to initiate the processes that would facilitate the so-called cashless economy. Why should I have a bank account and not be able to trade on-line with my debit card? I am yet to see a Ghanaian bank that is troubled by this question. For most (all?) banks, customers don't even have the ability to transfer money from one account to another for two accounts with the same bank over the Web. What most banks think of as on-line banking is spamming the customers with endless emails about one's balance and their trivial, often-valueless products.

The solution to the problem will begin with a bank or some other financial institution. The obvious solution is to invite the companies who have solved similar problems in other jurisdictions to assist in crafting a satisfactory solution; however, this is unlikely to happen as none of the banks is likely to break ranks with the cartel. Hence, the solution may take the latter form, where a budding entrepreneur circumvents the great bank oligarchy. This entrepreneur would implement his system with a virtual currency that would sport an isomorphism with traditional legal tender even though that may not be the focus in the beginning.

The benefits to the one who provides the solution to the problem are immense and obvious but I understand the hesitation. The problem is so huge that it seems unreasonable to tackle it. With the current state of affairs this problem may seem to be of the same order of magnitude as that of achieving African unity.