MTN mobile money subscriber base over 2.5 million

Accra, Aug. 14, GNA - Mr Eric Nsarkoh, MTN Sales and Distribution Executive, says MTN mobile money service can boast of a subscriber base of more than 2.5 million and monthly transaction volumes in excess of GH ₵ 6.5 million.

He said at the Group level, the company has recorded an outstanding level of success.

Mr Nsarkoh made this known at the Mobile money stakeholder's conference on the theme: 'Expanding cashless payments in Ghana through Mobile wallet transaction,' in Accra.

He said the company, currently has a total Mobile Money customer base of 18 million and monthly transaction volume of 50 million.

He said with the low numbers in terms of the banked in Ghana, only 4.5 million bank accounts, the service Money provided a huge opportunity to compliment the restricted number of bank branches in the country.

'There are currently over 10,000 MTN Mobile Money agents within the five years of operation as compared to 892 bank branches and 1,296 ATMs nationwide,' he said.

The Sales and Distribution Executive said the service had significantly complemented the efforts of traditional banks and gave customers the opportunity to enjoy services from thousands of agents involved in the chain.

He said policy change and support for existing cashless transaction providers would encourage active participation and innovation within the sector and help to enhance adoption and expand usage.

He called for tax holidays and other related subsidies and reliefs to be extended to mobile financial services in order to encourage usage and drive the cashless agenda forward.

He said in order to effectively promote services and enhance user experience; further investments into technological infrastructure must be made by stakeholders including the government.

'Much investment has been made by the service providers to enhance security on the electronic wallet platforms to improve user confidence,' Mr Nsarkoh added.

Mr Clarence Blay, Deputy Chief at the National Payment Regulatory System at the Bank of Ghana, commended MTN Ghana for their efforts to promote cashless transaction in the economy.

He said the Bank of Ghana would continue to provide the space for the service to strive, since it conforms to the Bank's payment system development strategy.

He assured the company of the Bank's readiness to provide regulation for operators in the industry for business to thrive.

GNA