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In recognition of the successes chalked so far with the introduction of its digital money transfer service in Ghana, MTN Ghana has set aside the month of August of every year as Mobile Money Month (MoMo Month). This year’s edition has been launched at Kasoa market in the Central Region.
The celebration allows the company to highlight the relevance of the service the lives of the everyday man and the contributions it is making to cashless society agenda of the country, among others.
At the launch, Simon Amoh, MTN Ghana’s Regional Commercial Head-South West region, said the company will continue to ensure that mobile money transactions in Ghana remains safe. He said reports from the Bank of Ghana has given indications that mobile money is here to stay, and so it is important that people who are not registered on it yet must ensure they do so.
He said one of the objectives of MTN Mobile Money is to make life easy for everyone, and so far, feedbacks from the public have suggested that the service is living up to expectation.
“It has been very helpful and made life so easy. Let us ensure that we follow simple rules that guard the service to ensure that our transactions remain safe always,” he stated.
The General Manager of Mobile Financial Services at MTN, Eli Hini, said as pioneers and leaders of Mobile financial services in Ghana, MTN has not relented in its efforts to continually educate Ghanaians on the benefits that the mobile money service provides within the financial ecosystem.
“Today, technology is changing everything including the way humans interact with each other and with their environment. Technological advancement is providing new opportunities for transacting business across the world which makes the theme for this year’s Mobile Money Month very timely and appropriate,” he stated.
The theme for this year’s celebration is ‘Digitizing Payments in Ghana – The Role of Mobile Money’, and according to Hini, the focus on digital payments is due to the potential it has to help drive financial inclusion and push the country to another level in the agenda of driving towards a cashless economy.
“MTN started discussions on using mobile money to drive the cashless agenda in Ghana’s economy a few years back. We facilitated the public discussions and in so doing realized that there was the need for more education to allow people to familiarize themselves with the technology before going completely cashless.
“In monitoring global trends, research has shown that globally the number of adults who have accounts through either a financial institution or mobile money increased from 62 percent to 69 per cent between 2014 and 2017. In sub-Saharan Africa it increased from 54 percent to 63 percent within the same period. In Ghana today, mobile money,…has become a household name and it’s accepted by almost all persons, from traders to SMEs to corporate organizations. The recent progress has been driven generally by digital payments, a new generation of financial services accessed through mobile phones and the internet,” he stated.
According to him, the time has come for a second look at the mode of payments in Ghana and give some serious attention to digital payments as it is one major means to reduce corruption and save money on printing hard currency.
“There are a lot of payments made in this country for various reasons. We have payment from government to people, businesses to people and vice versa. It is about time that all forms of payments are digitized to enable us reap the benefits as a country. Digitized payments will go a long way to benefit the individual, institutions and the economy in general. It will help for easy tracking of revenues made by institutions (big or small), reduce corruption, save money used in printing currency and improve overall efficiency in doing business,” he stated.
He lauded the recent move by the government to make all of its payments electronically as announced by Vice President Dr. Mahamudu Bawumia.
“It is a welcoming news to MTN because we have positioned ourselves well in the mobile financial services sector and invested in technology that will make all of these possible. With our over 9 million active subscriber’s, 100,000 agents, over 50,000 merchants across the country and 17 partner banks we are well positioned to lead the digital agenda for all forms of payments in Ghana.
“We have also introduced payment options which are user friendly. We make mention of the Near Field Contact (NFC) which we call the ‘MoMo Tap To Pay Service’, QR Code option which we call Scan to Pay’ and the wallet payment options. Apart from all these payment options, MTN has a number of companies who receive their payments on our platform examples being, DSTV, ECG, Ghana Water, Star Times and host of others.
“We can further expand the platform for digital payments to all aspects of our daily transactions. If all government payments will be made through electronic means, we can expand this further by making the payment of all goods and services via MTN MoMo. We want a situation whereby all forms of payment is made via mobile money,” Hini stated.
He urged all individuals and businesses in Ghana to keep money on their MoMo wallet and also use it in their day to day financial transactions because “our track record with payments cannot be over emphasized”.
“Following the issuance of the E-Money Issuers Guidelines, the Bank of Ghana approved the payment of interest to Mobile Money subscribers in September 2016, MTN has made quarterly interest payments to all active MoMo subscribers. A total of GH₵98.9 million has been paid to customers as at the end of July 2018.
“When you receive any form of payment, there will be no need to cash out your money because, the seamstress, the barber, the trotro mate, the tomatoes seller, the plumber, the mason and all others now understand the concept and most of them are willing to receive payments through MoMo. We believe that with digital payments through MoMo, we will be gradually increasing financial inclusion and ultimately have a cashless economy,” he noted.
MTN MoMo is safe and secure. It is also ISO certified.
Activities, lined up for the Month include promotions for customers to win interesting prizes. There would are also other activities, including a stakeholder forum to discuss ‘The Implications of Additional Taxes on Mobile Money Transactions’. There will also be an engagement with Mobile Money agents, merchants and partners of MTN. All intended to intensify the education and awareness on digital payments in Ghana.
Source: Jeorge Wilson Kingson || ghananewsonline.com.gh