Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic. By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets. This compares to …
The use of cheques to make payment could witness further decline in volume, following the addition of the Automated Clearing House Direct Credit, Near Real Time payment channel. This is because the Near Real Time (NRT) payment channel offers a better and quicker alternative to cheques. The Chief Executive of GhIPSS, Archie Hesse in an …
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has powered the Zenith Bank (Ghana) Limited to roll out the Eazypay GH Dual Card to boost electronic transactions. The GH Dual Card which combines the e-zwich and Gh-Link functions will serve as a 3D secure authentication that provides additional security for payments made with the Gh-link …
The Ghana Interbank Payments and Settlement Systems (GhIPSS), a subsidiary of the Bank of Ghana, has introduced a Near Real Time (NRT) Automated Clearing House (ACH) Direct Credit platform that allows Corporate Institutions to make bulk payments much faster. The service, being rendered in collaboration with the banks, is designed to enhance the efficiency of …
Mobile Money vendors have bemoaned the current armed robbery attacks targeted at them. According to these vendors, their safety is no longer guaranteed as they have become a target for robbery. Each passing day, they hear of a member being robbed in broad daylight. The complains follows a 26-year-old mobile money vendor who was shot …
The Ministry of Gender, Children and Social Protection (MGCSP) is considering paying the Livelihood Empowerment Against Poverty (LEAP) beneficiaries through mobile money to ease the stress of receiving their cash. Mrs Cynthia Mamle Morrison, the sector Minister made this known when she supervised payment to 120 LEAP beneficiaries at Nyakrom in the Agona West District …
The Bank of Ghana (BoG) has served notice that a number of financial institutions are falling victim to a new method being adopted by fraudsters to dupe banks and other financial institutions. The central bank said it therefore raising awareness among the institutions and Ghanaians in general in order to prevent the recurrence. An alert …
Hand in hand, banks and Financial Technology (FinTech) firms can speed up efforts to digitise the economy and drive financial inclusion, as well as create endless opportunities; but only if they can work as partners and not rivals, an expert has said. According to Sebastian Yalley, Chief Executive Officer of Accelerex Ghana – a FinTech …
A software for purchasing and monitoring cocoa electronically is set to help drive the cash-lite agenda for financial inclusion in the country. Popularly called CocoaAsempa, the software has enhanced financial intermediation and inclusion amongst farmers and farmer groups. There has indeed been some level of success with the mobile money platforms. They have provided successful …
MobileMoney Limited has extended the fee waiver on MoMo on-net transfers up to GH¢100 daily till September 30, 2020. The extension of the MTN and Bank of Ghana COVID-19 initiative gives opportunity to MoMo customers to continue sending money transfer value up to GH¢100 daily to MoMo wallets for free. However, transactions on interoperability will …