GSE to introduce MoMo for trading on secondary market in 2019

The Ghana Stock Exchange (GSE) will introduce an electronic platform in 2019 where investors can use mobile money to buy shares and trade on the secondary market.

According to Chief Executive Officer of the GSE, Kofi Yamoah, this is part of measures to boost activities in the capital market moving forward.
He spoke to JoyBusiness when Bond Savings and Loans took its turn at the ‘fact behind the figures’ session in Accra.

Mr Yamoah disclosed that discussions would soon begin between some of the telecom operators and the GSE to make the initiative a success.

“What we want to do moving forward is for both the technical team of the Stock Exchange and the telecom operators to meet and develop a strategy which will be reviewed subsequently” he noted.

Mr Yamoah said, “The GSE is looking at building upon what MTN did in their latest IPO such that we keep up the momentum.

Not only with Initial Public Offerings like the one MTN did, but with emphasis on the secondary market, we want to make it easier and convenient for whoever wants to trade on the market to do it with the platform.”

Commendation

The Ghana Stock Exchange has commended companies like Bond Savings and Loans, MTN and other listed firms that are moving towards an electronic form of transactions in their operations.

Chief Executive Officer of Bond Savings and Loans, George Ofosuhene noted that the company would be moving heavily into the electronic space from next year.

He has therefore dismissed claims that the company has been affected by the current developments in the microfinance sector.

“We have not been affected at all in any way because as a business, we develop our plans and strategies to meet the financial obligation and our strength,” he said.

Mr Ofosuhene believes Bond Savings and Loans have made giant strides in its performance for 2018 despite the many challenges faced by the financial sector.

source: Myjoyonline