MTN offers customers opportunity to opt out of Mobile Money interest payment

Ghana’s Leading Telecommunications Giant, MTN Ghana has relinquished power to its cherished mobile money customers to unsubscribe interest on their deposits.

The decision was arrived at after a number of customers strongly expressed their displeasure with the automatic payment of interest by MTN to its customers.

The company has been made to understand that based on Islamic teachings as stated in several verses in the Quran, Muslims are not allowed to take interest.

It is for this reason that MTN is offering these customers an opportunity to opt out of the interest payment.

Earlier on MTN Ghana makes reference to the bulk sms which the company sent to its Mobile Money Customers requesting for those who do not wish to receive interest to opt out.

This can be done by dialling *595* and following some basic steps, subscribers who do not wish to receive interest can be exempted from subsequent payments.

The payment of interest to MTN Mobile Money customers is in line with the EMI Guidelines issued by the Bank of Ghana in July 2015 and this decision does not in any way affect MTN’s commitment to the payment of interests.

MTN remains committed to the Bank of Ghana regulations and continues to take stringent measures to adhere to them.

Since September 2016 when the Bank of Ghana finally gave approval for the payment of interest, MTN has paid over 45 million Ghana cedis to its Mobile Money customers and currently in the process of paying the first quarter interest for 2017 in line with the Bank of Ghana calendar for interest payment.

In as much as MTN remains compliant with the Bank of Ghana Regulations, the company also respects the wishes and religious beliefs of its customers and will not continue to offend them by paying interests to them if they wish to opt out.

MTN has already engaged the Regulator, Bank of Ghana to agree on what to do with the retained interests from those who decide to opt out. As soon as a decision is reached we will communicate to customers.

MTN Ghana wishes to assure its cherished customers and the general public that it remains committed to delivering bold new digital services to its valued customers.

MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly and Pay As You Go Services.

The company has committed itself to delivering reliable and innovative services that provide value for subscribers in Ghana’s telecommunications market.

Since its entry into Ghana in 2006, MTN has continuously invested in expanding and modernizing its network in order to offer superior services to a broad expanse of the nation.

Total network investments from 2006-2016 are about US$3.472 billion. MTN has the widest network coverage across Ghana.

With the recent commercial launch of 4G LTE services, MTN became the only mobile operator providing 4G services in all regional capitals and large cities. The company has also built three modern switch and data centres to deliver stable, reliable, efficient and robust Telecom and Data Services to customers.