Ghana has launched a new mobile payment system

Ghana mass media has stated the launch of new electronic banking service called txtnpay. New service is a payment system that allows users to send money to each other by using cell phone, and also to pay for goods and services online. All transactions are carried out fast, safe and secure.

The new technology is a mobile phone secured payment system, which allows users to send money to anyone, to check bank account balance, to pay bills, and also to pay for merchandise and services online. And all these operations can be done by means of cell phone. The creators of new payment system think that their technology will be widely used as mobile phones became very popular.

Commenting the launch of txtnpay, Dr. David O. Andah Executive Secretary of Ghana Micro finance Institutions Network (GMIN) has noted that system will be good for the rural areas and also for the informal sector. "In terms of banking technology, mobile phone banking is very new and young as such not much has developed for its regulatory framework. As the people in the rural areas start using the mobile phones, so they become reachable at lower cost and therefore become more bankable through the mobile banking technology," he said.