Mobile money interest payments start September 11 – BoG

Telecom operators are to share an estimated 12.2 million cedis among mobile money customers in the first payments of interests on floats next month.

The figure represents eighty percent of the total interests earned on floats which was estimated at 15.2 million cedis as at the end of June this year.

According to the central bank, payments for the first and second quarters will be effected on the 11th and 18th of September respectively.

The payment of interests on mobile money wallet follows the numerous concerns by both customers and telecom operators.

The Public Relations Officer of the Bank of Ghana, Bernard Otabil explains amounts to be received will be relative to a customer’s average daily balance.

“If you are using the average daily balance over the total aggregated balances and that will be applied with the total amounts there is to be shared and that gives you the interest out of that,” he stated.

 

Telecom operators welcome payments

Already, telecom operators who undertake the mobile money services have described the move as welcoming.

They are highly hopeful the development will increase the patronage of the mobile money services.

The Bank of Ghana’s Payment Systems Department has also revealed that mobile money transactions in Ghana reached 679.17 million cedis as at the end of June 2016.

This also represents an increase of over twenty percent from the end of 2015 which was estimated at 547.96 million cedis.

“We believe that as the mobile money industry expands and serves as a platform to serve the unbanked, customers should be able to enjoy benefits which include interest on the deposits or the balances in their wallets,” the Head of Corporate Sales at Airtel Ghana, Edmund Barwuah told Citi Business News.

He added, “We have been working with the regulator and our partner banks on the module that will ensure that Airtel money customers get paid interest on their balances and we are very happy to champion it.”

Also, the General Manager of Mobile Money services at MTN, Eli Hini has lauded the central bank for its directive for telcos to start paying interests on mobile money accounts.

“It’s been a much awaited approval and we welcome it because we believe that it is an opportunity for new wallet holders to also have benefit from the funds they put on their wallet,” he said.

“Interests are however based on customers’ balances which is the daily balances which is aggregated over a month and over a quarter. So it all works back to the funds that customers have had on their wallet over the period.”

By: Jessica Ayorkor Aryee/Pius Amihere Eduku/citibusinessnews.com/Ghana

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