Tag: mobile money
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MTN introduces self service kiosks for mobile money
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…
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VAT on mobile phones to distort mobile money if … – Economist
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…
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Three banks to begin their own version of mobile money
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…
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Mobile money attacks: Vendors appeal for protection
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…
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Mobile money value hits 156 billion cedis
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…
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GhIPSS shifts mobile money interoperability to February 2018
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…
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Telecom operators kick against tax on mobile money
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…
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Sibton Switch defends GH¢4.6 bn BoG contract
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…
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Finance Ministry forwards new mobile money law to AG’s office
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…
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Telcos want mobile money limits increased
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…