MTN Ghana Commences Payment of Q1 Customer’s Mobile Money Interest

MTN Nigeria has been in the news lately. The Securities Exchange Commission has finally approved their application to list on the Nigerian Stock Exchange. Last week, we reported that they listed about 20.3 billion ordinary shares at 0.02 kobo per share.

Now that they have met all requirements, the listing by way of introduction is expected to happen next week.

MTN Ghana, on the other hand, has begun interest payment on mobile money app for the first quarter of 2019. A total of $3.33 million will be shared among the 10.6 million mobile money customers. Over the last three years, MTN Ghana has paid a total interest of $30.389 million in their last three years of operating the mobile money.

They have partnered with 17 banks to pay the mobile money interest. MTN Ghana started making payments on April 28th, 2019. Speaking about the first quarter payments, the General Manager for MTN Mobile Financial Services, Eli Hini urged subscribers to make loading their mobile money wallet a habit. He said that using the wallet offers more interest rates compared to just saving money in a domicile account.

In Africa, about 1.1 million people are financially excluded. Many companies are engaging in modern financial technologies to enable the unserved population to embrace financial services. The interest payment is a good way to encourage subscribers to invest in financial securities.

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