Vodafone pays Gh¢500k to mobile money customers

Vodafone Ghana has paid about GH¢500,000 as interest payments to its customers.

Vodafone Cash, the telecom company’s Mobile Money service, started operating less than a year ago.

The decision to pay interest emanates from new guidelines on Dedicated Electronic Money Issuers (DEMI) from the Central Bank, which directs banks to pay interest on floats from mobile money platforms to telecom companies, out of which 80% is mandated as interest payment to mobile money customers.

The latest development means that customers will earn between 1.5% and 7% interest on their deposits. The payments are in two tranches – September 11, 2016 is designed for 2016 first quarter payments, whiles second quarter payments are due on September 18, 2016.

At the end of September 2016, Vodafone would have paid a total of GHS465,000 to over 280,000 customers across the country.

The Head of Vodafone Cash, Martison Obeng-Agyei said: “This is a landmark move by the Central Bank for all mobile money operators in the country. It is very significant because customers can now have some dividend based on their level of transactions on the platform. For us at Vodafone, we are happy with the reception of our global money platform, which is evident from the number of customers we have acquired in less than a year of operations. We are confident that going forward, we will become very significant in this space in the country.”

Vodafone Cash was launched nine months ago and thrives on the M-PESA platform, which has a global reputation for delivering the best and convenient user experience and reliability.

Source: Ghana/Starrfmonline.com/103.5FM

Do you have more to share about this story – photos or video etc – you can send
them to: ([email protected])

About ghanamma

Leave a Reply