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Advantages And Disadvantages Of Mobile Banking In Ghana

This article is going to cover the advantage and disadvantages of mobile banking, we will also cover the meaning of mobile banking and how to use mobile banking safely.

Most people who are normally busy have now taken advantage of the mobile banking system to transact some or all of their financial dealing without having to visit their bank.

Mobile banking has made it very easy for people to access their bank accounts and almost every bank in the country has added that feature to their available banking services.

What Is Mobile Banking? 

Mobile banking Is an advanced technological way in the banking and finance industry customers can get access to their bank accounts through the use of their mobile phones.

Customers are then able to make all forms of transactions with their mobile phones no matter where they may be. The banking services are offered to customers through USSD applications or mobile apps that can be downloaded from mobile play stores. 

Customers can get some sort of financial control when they use mobile banking since they can transact wherever they may find themselves.

Users are also able to move money from one of their accounts to the other right on their smartphones. They can also transfer money from a bank account to a mobile money account with their smartphones. 

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When a customer uses the mobile banking service, they can check their account balance, get access to a mini bank statement, purchase airtime, transfer money, perform transactions, and make payments on various bills as well.

Brief History Of Mobile Banking

The mobile banking system in Ghana took off when the mobile money platform gained prominence in the country.

The subscription rate of the mobile money service in Ghana is very high and this compelled banks to roll out mobile banking systems that enabled their customers to connect their bank accounts to their mobile money accounts since a lot of people were signing onto the mobile money platform with some even abandoning their bank accounts which had little to no money in it due to the delay and hectic queues that some people had to endure just to be able to access their accounts.

More than 30 million people have subscribed to the mobile money service on various telecom networks.

Types Of Mobile Banking

Mobile banking is categorized into three types and they are:

  • App-based banking
  • SMS banking
  • USSD banking

How To Register For Mobile Banking In Ghana

There are several ways you can register for the mobile banking service as offered by your bank. The most common ones are, downloading an app designated by your bank and then signing in by inputting relevant information that will include your bank account number.

Another way is to visit a branch of your bank and tell them that you want to register for the mobile banking service. You will then be taken through all the needed processes to set up your mobile banking.

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Advantages Of Mobile Banking In Ghana

  1. You can access your accounts anywhere as long as you can get an internet connection on your mobile phone. Simple GSM phones even are used to access mobile banking. 
  2. You can access your accounts through mobile banking all days of the week at any time, whether day or night. Mobile banking is not subject to the working days of the physical bank.
  3. You do not need an internet service all the time when accessing your accounts through mobile banking
  4. It is also very convenient since you can access your bank accounts right from the comfort of your home or wherever you may find yourself

Disadvantages Of Mobile Banking In Ghana

  1. The charges associated with mobile banking tend to be high, especially for people who make use of it regularly
  2. Scammers have also been reported to have duped people by sending them fake messages that looked like they were sent by the bank

How To Use Mobile Banking Safely

Avoid Fake links

To be able to use your mobile banking account safely, it is highly advisable to desist from following any links that are purported to have been sent by your bank, especially if the link was sent through a text message or email, as the links can send you to spoofed websites

Avoid Banking in public

Do not bank while you are on public networks like public wifi connections since these connections are not normally secure.

Due to this, there could be hackers sniffing on the connection that you would not know of and these hackers can steal your account details as you log them in. Even if you do, you should switch off the wifi before looking at your personal information. 

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Use The Official Bank Apps

It is very advisable to use the official app of the bank for all your mobile banking needs since the official apps tend to be more secure than the other means through which you could try to get it done.

Lock Your Phone

You should make sure that there is a lock on your phone to prevent people from going through your phone without your knowledge. Also, make it a habit to desist from sharing or giving your phone to people.


The mobile banking system has changed the face of banking in Ghana. People can now access their accounts and transfer or purchase all from the comfort of wherever they may be.

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