MTN Committed To Interest Payment On Mobile Money

Ghana’s biggest telecommunications network, MTN Ghana says it is still committed to paying interest to Mobile Money customers on their network despite a request to discontinue by some subscribers.

In a press release signed by the media relations officer of MTN Ghana, Georgina Fiagbenu referenced a bulk text message which the company sent to its Mobile Money Customers requesting those who do not wish to receive interest to opt out.

The decision, she explained, was arrived at after a number of customers strongly expressed their displeasure with the automatic payment of interest by MTN to its customers.

MTN has been made to understand that based on Islamic teachings as stated in several verses in the Quran, Muslims are not allowed to take interest.

The network has therefore offered these customers an opportunity to opt out of the interest payment. Customers are to call a dedicated service line and following some basic steps, subscribers who do not wish to receive interest can be exempted from subsequent payments.

The payment of interest to MTN Mobile Money customers is in line with the EMI Guidelines issued by the Bank of Ghana (BoG) in July 2015 and this decision does not in any way affect MTN’s commitment to the payment of interests.

“MTN remains committed to the Bank of Ghana regulations and continues to take stringent measures to adhere to them,” the release said.

Since September 2016 when the Bank of Ghana finally gave approval for the payment of interest, the network has paid over GH¢45 million to its Mobile Money customers and is currently in the process of paying the first quarter interest for 2017 in line with the Central Bank’s calendar.

“In as much as MTN remains compliant with the Bank of Ghana Regulations, the company also respects the wishes and religious beliefs of its customers and will not continue to offend them by paying interests to them if they wish to opt out,” the network explained.

MTN has already engaged the regulator, BoG, to agree on what to do with the retained interests from those who decide to opt out. As soon as a decision is reached we will communicate to customers.