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Bank of Ghana Mobile Money users to earn interest on deposit

The announcement comes as mobile money transactions in the country reached a total of 679.17 million Ghana Cedis.

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The move would have to be approved by the Bank of Ghana to see the light of day. play

The move would have to be approved by the Bank of Ghana to see the light of day.

Mobile Money users in the country will by the end of this year earn interest between 1.5% to 7% on their deposit, Deputy head of payment system at the Bank of Ghana Mrs Clarica Kudawor has hinted.

“Considering the interest on flows, yes we would soon give them the green light. Hopefully, by the end of the year, they can start paying,” Mrs Kudawor said.

The move would have to be approved by the Bank of Ghana to see the light of day.

She made the disclosure at a stakeholders meeting in Accra organised by leading telecommunications giant, MTN.

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The announcement comes as mobile money transactions in the country reached a total of 679.17 million Ghana Cedis.

This figure represents a 20% growth for the mid-year figure, compared to the 547.96 million Ghana Cedis recorded for the end of 2015.

Mrs Kudawor also noted that “the central bank will continue to dialogue with the industry so as to strengthen the regulatory framework, supervisory practices and check abuses.”

According to her, there should bb  e transparency on the part of the mobile money operators for consumers to benefit from the interest.

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