Vodafone pays cash to mobile money customers

Accra, Sept. 17,
GNA – Vodafone Ghana has paid close to half a million Ghana cedis as interest
payments on Mobile Money to its customers.

The amount is
significant, especially as Vodafone Cash, the telecom company’s Mobile Money
service, started operating less than a year ago in Ghana.

A statement issued
in Accra by the Company and copied to the Ghana News Agency said the decision
to pay interest emanated from new guidelines on Dedicated Electronic Money
Issuers from the Central Bank.

The statement said
the Bank of Ghana directives instructs banks to pay interest on floats from
mobile money platforms to telecom companies, out of which 80 per cent was
mandated as interest payment to mobile money customers.

It said the latest
development meant that customers would earn from 1.5 per cent- seven per cent
interest on their deposits.

“The payments are
in two tranches – September 11, is designed for the 2016 first quarter
payments, while second quarter payments are due on September 18,” it added.

It said at the end
of September Vodafone would have paid a total of GH
ȼ465,000.00 to over 280,000 customers across the
country.

Mr Martison
Obeng-Agyei, Head of Vodafone Cash 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,” he said.

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.

GNA

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