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Mobile Money in Ghana Telcos to begin interest payments to mobile money subscribers

Some telecommunication companies are concluding moves to pay interests to their various subscribers once the Bank of Ghana directs on how the payments must be done.

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Mobile Money

Mobile Money subscribers can now expect interests on their mobile money deposits as telecommunication companies will soon begin to pay interests to mobile money subscribers as banks take steps to pay interests to the telcos.

Some telecommunication companies are concluding moves to pay interests to their various subscribers once the Bank of Ghana directs on how the payments must be done.

CEO of MTN,  Ebenezer Asante Twum says the market leader is ready to pay retrospective interests to subscribers once the Bank of Ghana gives the green light.

READ MORE: Airtel Ghana Telco launches Ghana's mobile-based loan service, 'Bosea'

“We are now engaging the banks to finalize interest payments for onward transfers to customers. The Bank of Ghana  will also have a big say, just as they asked us to get ISO certifications for our electronic platforms.”

There is an ensuing controversy over how the interest payments should be done and whether the telcos are the ones to make the payments.

Whereas banks want to pay the 100% of monies directly to customers, the telcos are insisting that, per the dictates of the Bank of Ghana, 80% of the interest must be paid to the subscribers while 20% is paid to telcos for operational cost.

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