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Tag Archives: mobile money

Mobile money attacks: Vendors appeal for protection

Mobile-Money transaction

The increasing number of armed robbery attacks on mobile money merchants has reached an alarming rate, calling for new security measures to curb the canker. The latest victim is a 31-year old Mobile Money operator who was shot dead by some unknown assailants in the Afigya Kwabre District of the Ashanti Region. Current figure show that mobile money agents increased ...

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Mobile money value hits 156 billion cedis

Mobile-Money transaction

The total value of mobile money transactions in Ghana hit 155.8 billion cedis in 2017. This is almost double the 78.5 billion cedis recorded in the preceding year (2016). This translates into about 99 percent rise in the value of transactions for the period. According to the Bank of Ghana, the volume of mobile money transactions also witnessed an eighty ...

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GhIPSS shifts mobile money interoperability to February 2018

Archie Hesse - CEO of GhIPSS

The Ghana Interbank Payment and Settlement Systems (GhIPSS), has rescheduled the implementation of the mobile money interoperability to next month (February, 2018). This comes after missing the initial November 2017 deadline. The CEO of GhIPSS, Mr. Archie Hesse who disclosed this new date to Citi Business News said the necessary processes for all the service providers, that is, banks and ...

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Telecom operators kick against tax on mobile money

Mobile-Money transaction

Telecom operators have strongly opposed any attempt by the government to tax mobile money services in the country. They argue that the move will be shooting down government’s efforts at achieving a cashlite economy. The Head of Mobile Money at MTN Ghana, Eli Hini speaking to Citi Business News on the matter said, “I think for the customer, it is ...

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Sibton Switch defends GH¢4.6 bn BoG contract

bank-of-ghana pic

Sibton Switch Systems has defended the 4. 6 billion cedis cost for the establishment of an interoperable platform for mobile money transactions in Ghana. According to the company, the quality and extent of services provided for by the platform, guaranteed its selection by the Bank of Ghana. “It’s a long term infrastructure; it’s a retail payment system that does not ...

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Finance Ministry forwards new mobile money law to AG’s office

mobile money gh-800x450

The Finance Ministry has hinted to Citi Business News it will soon present the new Payment Services Regulation to the Attorney General (AG)’s Department for further scrutiny. The Payment Services Regulation is to replace the Electronic Money Issuers (EMI) Guidelines which currently regulates electronic financial services in the country. “Truly there is a new set of regulation that has to ...

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Telcos want mobile money limits increased

Mobile-Money transaction

Telecommunication companies are impressing on the Bank of Ghana to review the maximum amount for mobile financial service transactions in the country. The telcos argue that they are sometimes constrained over the current 5000 cedis maximum and therefore would appreciate an upward push. The suggestion also follows a new regulation on mobile financial services that the central bank has developed ...

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BoG to release new guidelines on mobile financial services

Dr. Asiama, Deputy Governor, BoG

The Bank of Ghana is to soon come out with revised regulations on Ghana’s mobile financial service sector. It follows what the central bank views as the significant contribution of the current Electronic Money Issuers Guidelines passed in 2015. According to the Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah, the revised rules will attract more customers ...

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Less hustle in 2nd quarter interest payment – Telcos

telecom mobile money

Telecom operators have told Citi Business News there have been less challenges with the payment of second quarter interests on mobile money accounts. The second tranche of interest payments, begun on Sunday, September 18, 2016; a week after the first tranche of payments. Some customers had expressed varied concerns over the apparent delay in payments for the first quarter. Some ...

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Tigo begins payment of ‘Tigo cash’ interests

Tara Squire -Tigo Ghana - Chief Commercial Officer

Telecommunications Network, Tigo Ghana today commenced payment of interests on mobile money wallet to customers. According to Tigo, 65,000 customers have so far received interest on their Tigo Cash. A total of over GHc1.2million is expected to be paid to all Tigo Cash users by the end of the first and second quarter payment windows. Speaking to Citi Business News on ...

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