Mobile money offers 15 million cedis interest to customers

Mobile Operators in the electronic money business are paying  interests totalling ¢15.6  million to over 15million customers across  the country for the first half of 2016.The e-­‐ money issuers–Airtel   Money, MTN Mobile Money,Tigo Cash and Vodafone Cash are complying     with   the   Electronic     Money     Issuers   Guidelines   issued   in July 2015 by the Central Bank.        

“The onset of interest payments for mobile money customers is an exciting milestone for mobile operators and customers.It underscores the mobile industry’s commitment to delivering  convenient and life-­‐enhancing financial services to consumers,” said Mr. Kwaku Sakyi-Addo (CEO of the Telecoms Chamber).He expressed appreciation to  the Bank of Ghana for approving the payments of accrued interests to mobile money e-cash.    

The accrued interest to be paid by mobile money operators is the daily electronic cash, which is aggregated over a month and then a quarter. The interests will be paid in two installments reflecting payments for each of the first two quarters of 2016. Customers will be notified with dates for third quarter payments following reviews and further   directives from the Central Bank.    

Mobile Operators have partner banks with whom the cash generated by customers are lodged in a float,which attracts interest. The Central Bank requires the partner banks to pay between 1.5 to 7% interests   per annum to mobile operators who in turn are obliged to pay 80 percent of the   interest received to The remaining 20 percent is retained by the mobile operator to  drive further financial inclusion, customer   acquisition   activities. This is a win-­win-win for the customers,partner banks and the e-money issuers.The partner banks would continue to benefit from a relatively stable,large and growing deposit balance,the e-money issuers/providers would benefit from retaining up to 20 percent of  the interest and customers would benefit by earning at least 80 percent of the interest. This  milestone would provide an incentive for all players to support the  growth of mobile money.  

About the Ghana Chamber of Telecommunications    

The Ghana Chamber of Telecommunications, works through direct engagements with government,civil society,key stakeholders, consumers  and its global partners to shape the mobile ecosystem and maximize the socio-economic benefits of mobile in Ghana.    

For more information,please visit the Chamber website at  Follow the Chamber on Facebook:@Ghana Chamber of Telecommunications    


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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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