*MTN MOBILE MONEY PAYS INTEREST ON WALLET TO SET A PACE
The telecommunication industry has become one of the most significant contributors to the Gross Domestic Product (GDP) of the Ghanaian economy since its introduction to the Ghanaian market years ago.
Its usefulness across the economic, social and political fiber of the country cannot be over-emphasised.
Statistics shows that the sector grew by 18.8% in the second quarter of 2016, and shows prospects of even growing further. The industry has become the linkage which ensures smooth economic and social life in Ghana.
Changing socio-economic dynamics have necessitated stake holders advocating for a cashless economy, and one means by which the country can become a cashless hub is through the Mobile Money service, which the telecommunication industries have spearheaded to near excellence.
It is at the backdrop of this, that the MTN brand has astounded itself with pace-setting exemplarity in its Mobile Money Service since its launch in 2009 as the first mobile money service in Ghana.
The service, which was designed with the Branchless Banking Guidelines, is relatively cheaper alternative to conventional branch-based banking.
The service has matured through hard work, effective collaborative regulation and growing awareness and desire by the general populace to reduce risks associated with cash handling and also benefit from convenience and accessibility of their funds.
The service over the years till date has driven financial inclusion, financial intergrity, enhanced customer protection and reduced costs and risks of handling cash; in spite of the numerous challenges the service was faced with, from the beginning of its operations in Ghana.
It is therefore another thumps up, and a boost to the success of the service as the Bank of Ghana has given clearance for the telecommunication companies to award interests on wallet held within a period of time, currently quarterly.
MTN in their usual leadership fashion has set the pace by paying interests on wallets of customers for two quarters consecutively.
Speaking in an interview with newslinegh, Mr. Eli Hini, the General Manager for MTN Mobile Money confirmed that the telecommunication company has paid interests on wallets for customers in the wake of the green light from the Bank of Ghana for all the telecommunication companies to pay interest on wallets, something that has been on the road-map for some time now.
Stakeholders have expressed delight at this, and predict astronomical increase in the interest and customer base of the service.
Speaking to a cross section of the general public, customers and prospective one expressed satisfaction and delight at the levels of interests received from the telecommunication companies, especially MTN, since most were of the view that monies received were far better than interests paid on savings in the conventional banks.
MTN Mobile Money service currently boasts of over six (6) million customers and about forty six thousand (46,000) merchants across the country.
With experts proposing industrial revolution as the way to go, in Ghana’s quest to develop, this phenomenon is good for a healthy growth in the country’s Gross Domestic Product (GDP), needed to drive this industrial revolution.
It is therefore incumbent on sector policy, monitoring and regulatory bodies to support the telecommunication companies to sustain this great initiative.
Story by Frederick E. Aggrey