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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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Centralised national identification system needed to address momo loan defaults – MTN advocates

byMichael Ogbodu
August 13, 2020
in TECHNOLOGY, Top Stories
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Mobile Money Service provider, MTN Ghana says a centralised national identification system is crucial in addressing the challenge of nonpayment of loans collected by some of its customers.

According to the company, some unscrupulous persons register more than one SIM card to take advantage of MTN’s momo service without paying their loans.

Speaking at the MoMo Stakeholder workshop, General Manager of MTN’s Mobile Money Limited, Eli Hini, says this threatens the sustainability of their operations and can only be addressed with a unified identification system that would prevent individuals from having various ID cards.

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“The whole idea is to provide access to funds when you need it  and if you do not pay back  it also affects  the next loan to another  person. On our side part of the intervention is to try and zero down further to the  customer identification and that is where we believe  that once we can  get to that point  where the customer  is known as is without all the multiplier  ID platforms that we have, we would be able to further  enhance  the efficiency of the system”, he said.

On his part, Head of Fintech and Innovations at the Bank of Ghana, Kwame Oppong said efforts are being made to nib the issue in the bud.

“It is important for us as a regulator, service providers and all third parties in between from donors to NGO to provide the education for consumers to understand the services that they are using because often as much as we are trying to address the issues of financial inclusion you could have a secondary situation where a consumer of a financial service could wind up abusing the opportunity and access a financial service to destroy their own ability to access credit later.

So I think already the digital lending that is occurring is feeding into some credit bureaus and that is why I sounded that caution because today if you borrow and you do not pay back you will see the consequence of it when you go to another lender to seek a loan. So its already happening,” he explained.

Mobile money penetration in the country is growing rapidly as the economy is seeing increasing growth in terms of agents and customers, since its introduction in 2008 by telecom giant MTN.

The total value of Mobile money transactions in Ghana continues to rise as it increased from GH₵23.4 billion recorded in March 2019 to GH₵33.8 within the same period in 2020. This indicates a more than 30 percent increase.

Another service being rendered on the mobile money platform is the giving of soft loans to customers. But the introduction of this facility hasn’t being without challenges as Telco’s like MTN grabble with the challenge of non-payment of loans by debtors.

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