MTN Ghana debunks claims that it is shutting down its Mobile Money service

MTN Ghana has revealed that it has no intention of shutting down its mobile money service after being hit with panic withdrawals from customers on Sunday, September 8, 2019.

Mr Selorm Adadevoh, MTN Ghana CEO
  • MTN Ghana said it is not shutting down its mobile money service.
  • This comes after some news went viral on social media speculating that the company is shutting down the service.
  • The company said it is incapable of doing so, as per its regulatory and contractual agreements.
  • This comes after some speculations went viral on social media revealing that the company was shutting down its mobile money services.

MTN said contrary to social media speculations, it is “as a matter of fact incapable of doing so, as per its regulatory and contractual agreements.”

“MTN MoMo has operated in Ghana for the past 10 years and the track record of its growth and commitment to the Ghanaian market is evident,” it said.

The telecommunication network made this known in a statement it released.

Below is the full statement:

MTN MoMo remains committed to serving Ghanaians

MTN Ghana has noted with grave concern a message being shared on social media asking about what clients will do in the event of a shutdown of the MTN MoMo Service.

1. It has no intention whatsoever to shut down its services and as a matter of fact, is incapable of doing so, as per its regulatory and contractual agreements.

2. MTN MoMo is not a centralised service being operated of the MTN Group level.

3. Customers' funds are safely lodged with our 18 partner banks in Ghana.

4. MTN MoMo has operated in Ghana for the past 10 years and the track record of its growth and commitment to the Ghanaian market is evident.

Further to these, MTN Ghana would like to state that, through the pioneering of MTN MoMo it has contributed significantly to driving the cash-lite economy agenda and as such remains committed to the over 100,000 Ghanaians it indirectly employs through an ecosystem of merchants and agents.

MTN Mobile Money Service is the first mobile money service to have been launched in Ghana and the first to have received the ISO/IEC 27001:2013 certification.

MTN Ghana has demonstrated its committed to the people of Ghana. Having successfully listed on the Ghana Stock Exchange as a Public Company in 2018.

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