MTN MoMo Remains Committed To Serve Ghanaians

Mr. Eli Hini

Accra 9th September 2019. MTN Ghana has noted with grave concern an audio and text messages circulating on social media requesting MoMo users to withdraw their money due to an imminent shutdown of the MTN MoMo Service which is as a result of disturbances in South Africa and Nigeria.

MTN Ghana wishes to clarify the following claims made in the audio and text messages;

1. MTN Ghana /MTN MoMo Ltd has no intention to shut down its services and as a matter of fact, MTN is incapable of doing so as per its regulatory and contractual agreements.
2. MTN MoMo is not a centralised service being operated at the MTN Group level (South Africa or even Nigeria).
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.
5. The CEO of MTN Ghana, Mr Selorm Adadevoh and General Manager Mobile Financial Services, are still at post and have not vacated their positions.
6. The burning of MTN service centres is an incident that took place in Nigeria and not Ghana.

Addressing the issues raised in the audio and text message, the Acting General Manager of MTN Mobile Financial Services, Mr. Abdul Majeed Rufai urged MoMo customers to remain calm and also ignore the messages making rounds as they are completely false and without basis.

He said, “After 10 years of driving financial inclusion through various initiatives to support the cashless economy agenda, MTN MoMo has established itself as a trusted Mobile Financial partner with over 14 million subscribers and providing indirect employment for over 120,000 people as its agents and merchants across the country”.

He added that customers have no cause to panic as their funds are secured and lodged with 18 partner banks who are in very good standing according to the Central Bank. He said, “Customers funds are very safe on the MoMo platform and there is no need to withdraw money and send them to the banks again as all financial transactions can be done on the MoMo platform”, he added.

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 commitment to the people of Ghana, having successfully listed on the Ghana Stock Exchange as a Public Company in 2018.

MTN MoMo was launched in July 2009 to provide ease of undertaking financial transaction on the phone. Launched with two main services i.e. Money Transfer and Airtime Purchase, the MoMo platform has six major categories of financial transactions under which varying services are provided including pensions, insurance, savings, microloans, international remittances, and banking options.

The MTN MoMo innovation is arguably the most successful innovation in the history of financial services in Ghana. Since the introduction of mobile money in 2009, the service has grown to become the foremost payment system in the country.

About MTN Ghana/Mobile Money Ltd

MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly, Pay As You Go Services and Mobile Financial services. MobileMoney Ltd is a subsidiary of MTN Ghana responsible for Mobile Financial Services. Launched in 2009 with less than 100,000 MTN MoMo has 14 million registered subscribers. MTN MoMo works with 18 partner banks and more than 124, 000 agents across the country. By the end of quarter one of 2019, 411million transactions had been done on the MoMo platform. Between 2016 and 2018 a sum of GHS 139million cedis was paid as Interest to over 10 million customers. For further information, visit www.mtn.com.gh.