MTN Ghana MTN customers to earn interest on mobile money

Ebenezer Asante, CEO MTN Ghana said modalities with partner banks are being finalised, including how much interest should be paid, and the criteria for qualification to earn an interest.

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Mobile Money customers of MTN Ghana will earn interest on their deposits should talks with partner banks yield the desired results, Ebenezer Asante, CEO MTN Ghana said at the company's annual media forum.

He said modalities with partner banks are being finalised, including how much interest should be paid, and the criteria for qualification to earn an interest.

He added that the mobile money business is regulated by the Bank of Ghana to ensure that customers' interest are safeguarded, especially in the wake of the microfiance scandal that rocked the country last year.

In addition, Asante said MTN has acquired ISO 27001 certification for its mobile money transaction platform, the only company to achieve that feat in Ghana, to give confidence to the service subscribers.

There are currently about six million MTN mobile money users.

MTN remains market leader and has even increased their dominance form 16 million to 16.25 million  between November 2015 to December 2015, according to data from National Communication Authority's mobile Voice and mobile data market report.

The South African company commands 43.45% in voice calls and 47.89% in data subscriptions of  the market in Ghana.

The company is planning to enlist on the stock market as part of processes to localise 35 percent of its shares.

“The 4G licence comes with a localisation condition, and we are looking at various options to localise about 35 percent of our business in Ghana – and the stock market will be one of the options. But is it going to be the most favoured option looking at the time we have to do the listing? I don’t know. But as and when we are ready with the full details, we will share how we will go about the localisation condition,” Asante said.

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