Business News Tue, 30 Apr 2019

MTN pays 17 million cedis as interests on mobile money

MTN Ghana has commenced payment of 17.1 million cedis to 10,630, 175 customers as interest earned for the first quarter of 2019.

The payments commenced on Sunday [April 28, 2019].

A statement from MTN to Citi Business News said the 2019 first quarter payments brings to over 156.2 million cedis in interest paid to Mobile Money customers from inception of interest payment in 2016 to March 2019.

MTN’s payment, however, comes a week after the scheduled date of interest payments announced by the Bank of Ghana.

According to MTN, the payments are being done in collaboration with the 17 partner banks of MTN Mobile Money.

Commenting on the interest payment for quarter one 2019, the General Manager for MTN Mobile Financial Services, Eli Hini said, “MTN’s consistent honoring of interest payments attest to our commitment in ensuring that customers of MTN Mobile Money enjoy the full benefits of the service.”

Mr. Hini urged all Mobile Money subscribers to cultivate the habit of keeping money in their wallets for their daily transactions whilst enjoying interest instead of keeping cash with its associated risk.

“Keeping money in your wallet helps you to accrue more interest,” he added.

The Bank of Ghana approved the payment of interest on mobile money transactions in September 2016 in line with provisions of the Electronic Money Guidelines.

Source: citibusinessnews.com