18.5 Million Subscribers Patronize MTN Mobile Money per Month in Ghana

Money Transfer

Telecommunications giant, MTN Ghana has announced that 18.5 million volumes of transactions are recorded through its MTN Mobile Money in a month, as against more than five million in 2014.
Out of that figure (18.5 million), over 4.8 million are registered on the service this year -2015, while over two million were registered on the service last year. These came to light at the launch of MTN Mobile Money Month in Accra. These figures, the publication learnt, are higher than the monthly transactions of some of the commercial banks operating in the country.
 
Some industry watchers say that the growth of mobile money services threatens microfinance firms and the banks as well. However, the Senior Commercial Manager of Sales and Distribution at MTN Ghana, Eli Hini argued: "The growth of Mobile Money rather complements the business of microfinance/banks because it provides tools/solutions to enhance their offerings/services. "Customers are now able to receive their loan disbursements into their Mobile Money wallets wherever they are and are able to make loan repayments without visiting the branch", he added. Speaking at the launch, the General Manager of Capital Project Group at MTN Ghana, William Tettey emphasised that in an effort to bring mobile money services to the doorsteps of subscribers, the mobile operator had had partnered a number of local banks, including Access Bank, Agricultural Development Bank (ADB), Cal Bank, Ecobank, Fidelity, GT Bank, Universal Merchant Bank, Stanbic, UBA and Zenith. MTN Ghana, which is the largest telecom network, is available across Ghana in all the Metropolitan, Municipal and District Assemblies (MMDAs) and key villages and towns in the country, so as the mobile money or mobile banking platform. It is available in all the over 77 MTN service centres and 19,500 mobile money merchants doted across the country.
Source: The Chronicle 10th August 2015