MTN To Pay Mobile Money Subscribers

MTN, Ghana's leading mobile communications company, has declared that it will make interest payments to over 6.2 million MTN Mobile Money subscribers.

The payment will be made to subscribers who have earned interest from January to June 2016 on e-cash held in their customer wallets.

The interest, which is earned daily on e-cash and aggregated over a month and quarter, will be paid in two installments, reflecting payments for each of the first two quarters of 2016.

According to a directive from the Bank of Ghana (BoG), interest earned during the first quarter of 2016 must be paid on 11^th September 2016, while interest for the second quarter will be paid on 18^th September 2016.

Interest distribution for the third and fourth quarters will be communicated to customers in due course.

Commenting on the development, General Manager for MTN's Mobile Financial Services, Eli Hini said, “We are extremely excited that the Bank of Ghana has finally approved the payment of accrued interest on mobile money e-cash.

“MTN Ghana is committed to implementing innovative projects to bring about improvement in the lives of all Ghanaians. This new development in the mobile money sector is a major breakthrough that will enhance the value proposition of MTN Mobile Money Service.

“It will also enable us to foster better collaboration with partner banks that will lead to developing additional innovative products for the enhancement of the mobile financial sector in Ghana,” he said.

The payment of interest to MTN Mobile Money customers is in line with the EMI Guidelines issued by the Bank of Ghana in July 2015.

MTN Mobile Money was adjudged the Best Mobile Money Service in Ghana 2014 and 2015 by the Ghana Information Technology and Telecom Awards.

A Business Desk report