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MTN committed to payment of interest on Mobile Money

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MTN Ghana has clarified that its decision to give customers an opportunity to opt out of interest payment on Mobile Money was as a result of feedback it got that in Islamic teachings, Muslims are not allowed to take interest.

“The decision was arrived at after a number customers strongly expressed their displeasure with the automatic payment of interest by MTN to its customers,” a statement copied to Citi Business News said .

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

“It is for this reason that MTN is offering these customers an opportunity to opt out of the interest payment,” it added.

It stated that by dialling *595* 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 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. Since September 2016when the Bank of Ghana finally gave approval for the payment of interest, MTN has paid over 45 million Ghana cedis to its Mobile Money customers and currently in the process of paying the first quarter interest for 2017 in line with the Bank of Ghana calendar for interest payment.

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 themif they wish to opt out.

MTN has already engaged the Regulator, Bank of Ghana 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.

MTN Ghana wishes to assure its cherished customers and the general public that it remains committed to delivering bold new digital services to its valued customers.

By: citibusinessnews.com/Ghana

 

Ghana Business News