Mobile financial services company, MTN Mobile Money Limited has announced the introduction of an additional security feature that allows its mobile money agents to verify the identity of customers who come to do ‘cash out’ transactions. This added feature comes on the back of an earlier decision requiring agents to demand valid ID cards before …
A total of GH¢571.8 billion (US$99.67 billion) worth of mobile money transactions took place in the year 2020 alone, Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi has revealed. This reaffirms the statue of MoMo as the biggest platform for payments in Ghana after cash and well ahead of cheques and all …
Digital payments are attracting growing interest, and eye-popping numbers abound, as demonstrated by the US payment processor Stripe’s recent $95 billion valuation. Why all the excitement, and why now? At one level, the reason is straightforward: digital payments allow buyers to pay sellers without physical currency changing hands. Though the technology has been around for …
MTN MobileMoney Limited has assured its customers that the implementation of the directive to present ID cards during MoMo transactions will not adversely affect the smooth and swift nature of the service. At a virtual media forum, CEO of MobileMoney Limited, Eli Hini explained that the exercise will be seamless and will not unnecessarily distort …
The Bank of Ghana (BoG) has launched a regulatory and innovation sandbox pilot. According to the Bank in a release, the launch took place on Thursday, February 25, 2021. The release indicated that the launch was in collaboration with EMTECH Service LLC. “This is in line with its commitment to evolve an enabling and inclusive …
In our world today, and particularly in recent times, we are constantly reminded of the basic economic problem – scarcity of resources. The problem stems, not from the absence of resources but from its uneven distribution. As such, the role of financial intermediation, which attempts to equilibrate the demand and supply of funds in the …
According to data from the Bank of Ghana, the total value of mobile money transactions far exceeded the value of cheque transactions, by GH¢389 billion in 2020. The value of MoMo transactions was estimated at GH¢569 billion in the 2020 fiscal year, that of cheques was about GH¢180 billion at the close of the trading …
The latest report from the Ghana Interbank Payment & Settlement Systems (GhIPSS) showed that the country recorded GH¢254 billion digital transactions in 2020. This represents a 16 percent increase compared to the value of GH¢219 billion in 2019. As of the end of 2020, a total of 77 million transactions were processed across all platforms, …
The General Manager of Mobile Money Limited, Eli Hene, has told Goldstreet Business that MTN Ghana has decided to extend the intended date on which MoMo users will be required to present a valid national ID for mobile money transactions. He said the implementation date has been moved from February 1, 2021, to April 1st 2021. According to …
Effective February 1, 2021, users of MTN MoMo will be required to present a valid national ID card for transactions at a MoMo agent point. Ghana Card, Driving License, passport, voter’s ID, SSNIT ID, NHIS are the valid Identification cards sanctioned to be used for transactions by MTN Ghana. According to the telecom giant “when …