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Tag Archives: mobile money

Telcos not taking over banks with interoperability

telecom mobile money

Telecom industry players have insisted they are not taking the place of banks even with the launch of the mobile money interoperability. The telecom operators however believe the new system should help reduce the number of people not captured within the banking population. The comment also comes three days to the official launch of the mobile money interoperability. The mobile ...

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Mobile money boosts MTN’s 2018 first quarter growth

Group Vice President for Southern and East Africa and Ghana, Ebenezer Asante

MTN Ghana has recorded a 29.3 % increase in revenue for the first quarter of 2018. This growth has largely been driven by increased data and mobile money subscription for the telecoms giant. For the first three months of this year, MTN recorded more than fifty percent rise in revenue from the sale of data. In addition, the telecom company’s ...

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MTN introduces self service kiosks for mobile money

MTN self kiosk

Customers of MTN’s mobile money services should in the coming months be able to carry out their transactions at the new self service kiosks to be introduced by the company. The new model means that customers will not necessarily have to visit designated vending points to transact money transfer business. It is however unclear how this will affect the number ...

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VAT on mobile phones to distort mobile money if … – Economist

Tax

Economist, Dr. Ebo Turkson has impressed on government to be cautious with its new taxes on mobile phones as it could distort efforts at driving a cashless economy. He argues that the move could restrict access to mobile money use which dwells largely on mobile phone ownership. The Mobile Phone Dealers Association is protesting the imposition of 17.5% VAT on ...

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Three banks to begin their own version of mobile money

Mobile-Money transaction

At least three banks are set to commence the issuing of electronic money which will allow customers transfer money on a virtual platform. According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. Citi Business News understands that this development is likely to impact competition ...

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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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