BoG releases MoMo interest payment schedule

The Bank of Ghana has released the schedule for the payment of accrued mobile money interest to customers.

The 2019 quarterly accrued interest payment dates are as follows:

First Quarter – Sunday, 21 April 2019

Second Quarter – Sunday 21 July 2019

Third Quarter – Sunday, 20 October 2019

Fourth Quarter – Sunday, 19 January 2020

The interest payment to Mobile Money (MoMo) wallet holders came into being thanks to the Bank of Ghana’s Dedicated Electronic Money Issuers (DEMI) Guidelines which allows banks to pay interest on cash flow from the mobile money platforms to the network operators, who, in turn, pay out 80% of that interest to their mobile money customers.

The Guidelines approve an interest level of between 1.5 per cent and 7 per cent to be paid on a wallet.