Tag: mobile money
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MTN dispels rumours it is shutting down mobile money service
Telecommunication company MTN has denied rumours it is shutting down its Mobile Money (MoMo) service in Ghana. MTN said it is incapable of doing so per its regulatory and contractual agreements. “MTN MoMo is not a centralized service being operated at the MTN Group level. Customers’ funds are safely lodged with our 18 partner banks…
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Mobile money records growth as cheques witness drop in patronage – BoG report
The total value of mobile money transactions for the first six months of this year reached 140.2 billion cedis, up from the 104.6 billion cedis recorded in the same period in 2018. Data released by the Bank of Ghana shows that this represents a 34 percent rise in the value of transactions recorded for the…
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BoG considers raising limit on mobile money transactions
The Bank of Ghana has said it is considering suggestions made by operators of mobile money companies for the upward adjustment in the maximum transaction an individual can undertake in a day. The Electronic Money Issuer (EMI) guidelines issued by the BoG categorises customers e-money accounts into three groups which defined their maximum daily and…
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MTN, stakeholders urge BoG to steer growth of mobile financial services
MTN Ghana, in collaboration with stakeholders, has called on the Bank of Ghana (BoG) to put together regulations that would promote growth in the area of mobile financial services. Eli Hini, the General Manager of Mobile Financial Services, MTN Ghana, made the call on Wednesday at the second stakeholders’ conference organised by MTN in Accra…
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Telecom consumers scared CST could derail cash-lite agenda
Some stakeholders in the telecommunication sector have raised concerns that the increase in the communication service tax could thwart the government’s efforts to promote an economy less reliant on cash. While speaking at the Second MOMO@10 Stakeholder Forum which is on the theme “the role of regulation in sustaining the growth of Mobile Financial Services…
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MTN Nigeria is about to become a bank
The fledgling mobile money market in Nigeria is about to get a major shake-up. MTN Nigeria, the country’s largest telecoms operator, has been granted a “super-agent” license which allows it to set up an agent network through which it can provide financial services. It’s the first step in MTN’s plans to finally roll out mobile money…
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Suppliers of input for cocoa farmers to be paid via mobile money
Suppliers of inputs for cocoa farmers will soon be able to receive payment for their services via mobile money. According to the General Manager for Mobile Financial Services at MTN, Eli Hini, the move should facilitate swift payments and help drive the government’s cash-lite agenda. Presently, some buyers of cocoa beans are enrolled on the…
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Bank of Ghana lines up minimum capital requirements for MoMo companies
The Bank of Ghana has indicated that it will soon announce a new minimum capital requirement for institutions that want to enter the business of mobile money operations. The central bank added that existing mobile money companies and other organisations already offering the service will be given some time to meet the new requirement while…
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Mobile Money interoperability records more than 4.4 million transactions
Mobile Money Interoperability (MMI) recorded more than 4.4 million transactions in its first year of operation. Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year. MMI or seamless cross mobile money network…
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MTN MoMo marks decade of financial inclusion with over 14 million subscribers
The leading mobile financial services operator in Ghana, MTN Mobile Money Limited, has launched its 10th anniversary to celebrate the huge success it has chalked over the past 10 years in driving financial inclusion especially amongst the unbanked population in Ghana. Recounting the MTN Mobile Money journey during the launch of the 10th-anniversary celebrations held…