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MTN Ghana records GH¢56b in mobile money transactions for 2016

MTN Ghana recorded about GH¢56 billion in mobile money transaction volume in 2016, the telecommunications company has announced.

The company also recorded a transaction value of about GH¢23 billion in the same year.

“This does not mean MTN made GH¢23 billion from mobile money transactions.This is just the transaction value, we only get the small portion as fees we charge for transactions,” Mr Ebenezer Twum Asante, Chief Executive Officer (CEO), of MTN-Ghana explained during an editors and stakeholders meeting held March 13, 2017.

Mr Asante noted that MTN now has. 8.5 million subscribers on the mobile money platform, 57,000 active agents and 16 partner banks.

The company says it will launch a mobile contract initiative where customers can buy mobile phones and make payments in bits through mobile money.

With this initiative, customers could get the latest phones without paying an upfront fee as it is being done in other countries.

“This initiative will be done through the mobile money platform because with that you can have the customer’s details and would be able to deduce and know the customer and the type of phone that will suit their lifestyle,” he said.

He said the success of 2016 was not achieved without challenges though, as the company experienced currency depreciation, over taxation, unpredictable cost, high and escalating costs, and price competition among others.

He reiterated MTN’s commitment to dealing with scams with a lot of public service communication and consumer education.

By Pamela Ofori-Boatng

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