Digitalized payments would reduce corruption in the country – MTN

By Erica
Apeatua Addo, GNA

Tarkwa (W/R), Aug. 10, GNA – Mr Simon Amoh,
the Western Regional Senior Manager for South-West of MTN, has said there is
the need for government to digitalize all forms of payments to reduce
corruption in the country.

He said this would help track revenues made by
institutions and save costs used in printing currencies.

Launching the Western Regional 2018 edition of
MTN’s Mobile Money Month in Tarkwa, Mr Amoh expressed joy that government has
taken the needed steps to make all its payments electronically.

He said this is the preferred option and MTN
has positioned itself strategically in the mobile financial services sector and
invested in technology that would make this possible.

Mr Amoh said with more than 7.9 million active
subscribers, 16 partner banks and thousands of agents across the country, they
were well prepared to lead the digital agenda for all forms of payments in the
country.

He said following the issuance of the
electronic money issuers guidelines, Bank of Ghana has approved the payment of
interest to mobile money subscribers in September 2016.

Mr Amoh said MTN has made quarterly interest
payments to all active mobile subscribers to a total of GH¢98.9 million.

Touching on the theme “Digitizing
payments in Ghana-The role of mobile money”, the Regional Senior Manager
said technological advancement has provided new opportunities for transacting
business across the world and this has made this year’s mobile money month
timely and appropriate.

“We chose to focus on digital payments
because of the potential it has to help drive financial inclusion to push us to
another level in driving the cashless economic agenda,” he said.

Mr Amoh said the MTN started discussions on
using mobile money to handle the cashless agenda in Ghana’s economy a few years
ago.

He said they facilitated public discussions on
the agenda and in so doing realized that there is the need for more education
to allow people to acquaint themselves with the technology.

In Ghana today, mobile money, popularly known
as MOMO, has become a household name and accepted by almost all participating
in any meaningful endeavour, the regional manager said.

He said the recent progress has been managed
by digital payments, a new generation of financial services accessed through
mobile money phones and the Internet.

Mr Mohammed Yakubu, the Area Sales Manager for
South-West of MTN, explained that the month of August was adopted by MTN in
2012 to educate it’s customers and Ghanaians on the need to appreciate Mobile
Money as a means of undertaking basic financial transactions, such as money
transfer, purchase of airtime and payment of goods and services.

He said over the years, they have seen a rapid
development and acceptance of mobile financial service accompanied by a
tremendous growth in financial literacy in the informal sector.

Mr Yakubu said the current volume of mobile
money transactions has reached GH¢312.93 million and valued at GH¢2.35 billion
transactions as at March this year, per the figures released by the Bank of
Ghana.

“We can only say that MoMo is well on its
way to play a critical role in Ghana’s economy, particularly in ensuing
financial inclusion and ‘cash-lite’ transactions”.

He said the MTN would intensify it’s education
on the use of mobile money for all forms of payments.

Mr Yakubu said fostering inclusive digital
financial services remains an important aspect of MTN’s strategy for the next 5
years.

Other activities scheduled for the month
include a forum for stakeholders on the implications of additional taxes on
mobile money transactions.

The company would also engage mobile money
merchants and their staff in activities meant to strengthen the education and
awareness on digital payments

GNA

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