Pulse.com.gh logo
Go


Mobile Money MTN to offer loans to customers

According to Eli Hini, MTN’s general manager for mobile financial services, the latest addition, which is expected to be rolled out in 2017, is especially targeted at Ghana’s small and medium scale enterprises (SMEs).

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Customers of MTN’s Mobile Money service would soon be able to access loans from the company.

According to Eli Hini, MTN’s general manager for mobile financial services, the latest addition, which is expected to be rolled out in 2017, is especially targeted at Ghana’s small and medium scale enterprises (SMEs).

READ ALSO: Telcos to begin interest payments to mobile money subscribers

“We have micro-lending which is one of our undertakings for 2017. A lot of micro credits that people can access for short to medium term”, he said.

READ ALSO: Mobile money transactions see 20% growth in mid 2016

“Don’t forget our economy is largely made up of SMEs so these SMEs will be able to have such avenues to do short term borrowing and pay back because they will be able to manage their KYC [know your customer] information much better that way and the banks can have access to these data which they can use for validation to these funds that they give out.”

Competitors, Airtel had earlier started a similar scheme but had to halted it in order to meet demands by regulators.

READ ALSO: New regulations: BoG issues new Mobile Money guidelines

In July 2015, the Bank of Ghana published two new regulatory guidelines for mobile money operators and the mobile networks began to pay interests on deposit is earlier this year.

Mobile money transactions in Ghana have reached a total of 679.17 million cedis in August 2016. This figure represents a 20 percent growth for the mid-year figure, compared to the 547.96 million cedis recorded for the end of 2015.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Roshi Motman AirtelTigo CEO resignsbullet
2 Ghana Politics Akufo-Addo fires Lands Commission bossbullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Economy Bawumia must stop misleading Ghanaians over cedi...bullet
5 MTN Ghana Selorm Adadevoh is MTN Ghana’s new CEObullet
6 Shirley Frimpong-Manso and Ken Attoh owe The Royal Bankbullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 Economy Of Ghana No profit because of cedi depreciation...bullet
10 First National Bank Ghana launches first-ever cash...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Money Alert Meet Africa's richest womanbullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 Support Finance minister buys Kantanka carbullet
8 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 Entrepreneurship How to be resourceful as an entrepreneurbullet

Business