Ghana’s leading telecommunications company, MTN Ghana, has successfully launched the 10th anniversary its Mobile Money (MoMo) service in Accra.

Since its inception, MTN MoMo has impacted the lives of millions of Ghanaians across the country.

MTN Ghana officially, launched the service on July 21st, 2009 with the Governor of the Bank of Ghana of Ghana at the time Paul Acquah and with Bruno Akpaka our first General Manager.

From less than 100,000 after 6months of launch, MoMo’s registered subscriber numbers have reached the 14 million milestones over the 10 year period. Currently, MoMo agents are around 124, 000 and over 5000 mobile canvassers.

By the end of quarter one of 2019, the company recorded 411million transactions on the MoMo platform.

The service has also promoted financial growth immensely. Between 2016 and 2018 they made GH¢ 139million cedis Interest Payments to over 10 million customers.

The General Manager of MTN MoMo, Mr. Eli Hini, made this known during the launching ceremony in Accra.

Highlighting on the immense economic impacts that the service has offered to the general public over the last 10 years, Mr. Eli Hini, noted that, beyond financial inclusion, the introduction of Mobile Money into the Ghanaian payment system has created employment for thousands of people.

According to him, MTN Ghana expected MoMo to be the preferred payment channel to do any financial transactions in the future.

He noted that customers have used the service for getting loans, payment of pensions, insurance, and general financial transactions.

In addition, we are Digitizing the Agric Value chain, Scaling up female participation in MoMo Merchants and driving inflow of foreign currency through the remittance service-In the first quarter of this year we enabled the receipt of $90m of remittances.

The Mobile Money Payments Interoperability System, which makes mobile money accounts interoperable with bank accounts, has further deepened the impact of Mobile Money in Ghana.

One of the key drivers of the growth of MoMo is the institution of Mobile Money month in August with the “cashless” society agenda. This certainly helped in deepening the knowledge and usage of the service.

MTN Ghana is still committed to seeing that Ghana goes Cashless with Mobile Money. However, Mr. Hini observed some challenges with MoMo, notable among them being a fraud.

The General Manager has therefore encouraged MoMo users to be more security conscious He indicated that the management of MTN Ghana would work to improve upon security of the service.

According to him, as part of the celebration, the telecom giant is offering for grab, several amazing prizes to its customers. Notable among the prizes are 10 cars, Samsung televisions and smartphones.

At the event was held in a gran-style over 25 MoMo customers were selected randomly and each rewarded with Gh¢ 500.

The company also seized the opportunity to unveil a new logo for the MTN MoMo at 10.

Source: Isaac Kofi Dzokpo/newsghana.com

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