Telcos start payment of interests on mobile money for 2019

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Users of mobile money services of the various telecommunication companies should be receiving interests on their wallets for the first quarter of 2019, by the end of this week.

It comes on the back of the publication of the interest payment calendar by the Bank of Ghana.

The payment calendar for interests on mobile money for this year spans April 2019 to January 2020.

Per the calendar, the first quarter payments for 2019 were expected to be carried out by Sunday April 21.

However checks by Citi Business News indicate that some telcos have commenced while others are yet to effect payments.

For instance, customers of Vodafone cash have been given messages indicating the payment of interests covering January to March 2019.

But Citi Business News understands that customers of MTN should start receiving their interests from this weekend as the telecom operator is constrained by the date issued by the Bank of Ghana.

It is unclear what has become of customers of AirtelTigo.

Interest rates for this time are pegged at about four percent.

The payment of interests on mobile money commenced in 2016 in line with the provisions of the  Electronic Money Issuers Guidelines issued by the Bank of Ghana in July 2015.

As at the time, customers with active accounts benefitted from interest payments which ranged between 11/2 and 7 percent.

Figures from the Bank of Ghana show that as at the end of 2018, the total volume of mobile money transactions went up by 48.18% from the preceding year ; to record 1,454,470,801.

Meanwhile the value of transactions reached 223.2 billion cedis after recording a growth of 43.2 percent.


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