Telecommunications giant, MTN Ghana has announced that more than five million subscribers are transacting businesses through the MTN Mobile Money in a month.
Out of that figure over two million are registered on the platform, officials of the telecom service provider told
These figures the
Some industry watchers say that the growth of mobile money services threatens microfinance firms and the banks as well.
However the Senior Commercial Manager of Sales and Distribution at MTN Ghana,
"Customers are now able to receive their loan disbursements into their Mobile Money wallets wherever they are and are able to make loan repayments without visiting the branch", he added.
In an effort to bring mobile money service to the doorsteps of subscribers, MTN Ghana's
MTN Ghana which is the largest telecom network is available across
It is available in all the 77 MTN service centres and connects stores doted across the country. The mobile money services are also available at the partner banks mentioned above, Hini emphasised.
The operation of the MTN Mobile Money has been authorised by the
Touching on the differences between MTN Mobile Money and the other two competing mobile money service providers,
"In addition, we are the first to launch, and market leaders in the industry. Otherwise, the concept is the same - mobile wallets," he added.
He expects mobile money, in the next five years, to change the payment landscape in
"The plan is already ongoing, using various platforms including the media to educate MTN and other subscribers about the numerous benefits of using mobile money," he said. Mobile banking which MTN Ghana and two others are offering to Ghanaians is one such example where digital services, via the mobile phone, have moved beyond urban centres to peripheral surroundings and beyond, with significant uptake and usage in rural areas. Such areas in Sub-Saharan Africa including
The Regional Head of Ericsson Sub-Saharan Africa, Fredrik Jejdling stressed: "Mobile banking has provided consumers with cheaper access to their finances due to a reduced need to travel and the lower overall cost of using a mobile phone for financial transactions". The large number of people in Sub-Saharan Africa who do not have bank accounts suggests that mobile phones may be the only way that many people will be able to access financial services. There is strong interest in mobile financial services in Sub-Saharan Africa. 58 percent of mobile users in the region show an interest in using mobile banking and mobile wallets in future, according to
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