MTN, Ghana’s leading mobile communications company, has announced it is poised to make interest payments to over 6.2 million MTN Mobile Money subscribers who have earned interest from January to June 2016 on e-cash held on their customer wallets.
The interest, which is earned daily on e-cash and aggregated over a month and then a quarter, will be paid in two installments reflecting payments for each of the first two quarters of 2016.
According to a directive from the Bank of Ghana, interest earned during the first quarter of 2016 must be paid on 11th September 2016, while interest for the second quarter is paid on 18th September 2016. Interest distribution for quarters three and four will be communicated to customers in due course.
Commenting on the development, the General Manager for MTN’s Mobile Financial Services, Mr. Eli Hini, said, “We are extremely excited that the Bank of Ghana has finally approved the payment of accrued interest on mobile money e-cash.”
He continued, “MTN Ghana is committed to implementing innovative projects to bring about improvement in the lives of all Ghanaians. This new development in the mobile money sector is a major breakthrough that will enhance the value proposition of MTN Mobile Money Service. It will also enable us to foster better collaboration with partner banks that will lead to developing additional innovative products for the enhancement of the mobile financial sector in Ghana.”
The payment of interest to MTN Mobile Money customers is in line with the EMI Guidelines issued by the Bank of Ghana in July 2015.
MTN Mobile Money, being the first Mobile Money service in Ghana, is one of the main platforms driving the achievement of a cashless economy in the country. Following the introduction of the MTN Mobile Money Service in Ghana in 2009, the subscriber base has grown to approximately 7.8 million registered customers, with over 48 thousand mobile money agents performing over 40 million transactions monthly across the country.
MTN Mobile Money service provides customers with fast, simple, convenient, secure, innovative and affordable ways of transferring money and making payments. These include MTN airtime top-up, international remittances, bill payment (such as DSTV, ECG Postpaid, MTN Postpaid, School fees), purchase and payment of insurance, payment of employee salaries, payment for goods and services (airline tickets, shopping etc.), card-less ATM withdrawal and Link to Bank Account (so that customers can move money from their bank account to their mobile money wallet and vice-versa).
MTN Mobile Money was adjudged the Best Mobile Money Service in Ghana 2014 and 2015 by the Ghana Information Technology and Telecom Awards.