Bank of Ghana authorizes telcos to pay interest on e-cash

by | Sep 7, 2016 | Business | 0 comments

The Bank of Ghana has authorised telecommunications companies operating e-cash services on their platform to pay interest to their respective customers. This means subscribers with registered electronic wallets on MTN, Tigo, Airtel and Vodafone platform will be earning an interest on cash saved on their electronic wallets.

According to central bank, interest earned during the first quarter of 2016 must be paid on 11th September 2016, while interest for the second quarter is paid on 18th September 2016. Interest distribution for quarters three and four will be communicated to customers in due course.

This development comes as a good news to most electronic wallet subscribers as it encourgaes them to save and transact business the more using their mobile wallet.

Meanwhile the General Manager for MTN’s Mobile Financial Services, Mr. Eli Hini  in a statement released in Accra has welcome the call by the central bank and revealed how excited his outfit is about the  move. “We are extremely excited that the Bank of Ghana has finally approved the payment of accrued interest on mobile money e-cash, MTN Ghana is committed to implementing innovative projects to bring about improvement in the lives of all Ghanaians” he said.

“This new development in the mobile money sector is a major breakthrough that will enhance the value proposition of MTN Mobile Money Service. It will also enable us to foster better collaboration with partner banks that will lead to developing additional innovative products for the enhancement of the mobile financial sector in Ghana” he added.

The Chief Eexcutive Officer for Tigo Ghana, Ms. Roshi Motman has also applauded the new directive from the central bank and noted that it is the next step in the evolution of mobile money. “We are really excited to be announcing interest payments to our customers in Ghana. We have championed this before in other countries and have a lot of experience in interest distribution and payments. This is the next step in the evolution of mobile money” 

She added that Tigo will continue to leverage on technology to provide a world class financial service to Ghanaians especially the unbanked. To this end Tigo Cash is investing in building a resilient platform and also enhancing its products.

Source:  Ghana | TheCitizensGhana.com | Nana Appiah Acquaye

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