Digitalized Payments Would Reduce Corruption – MTN

Simon Amoh, the Western Regional Senior Manager for South-West of MTN, has said there is the need for government to digitalize all forms of payments to reduce corruption in the country.

He said this would help track revenues made by institutions and save costs used in printing currencies.

Launching the Western Regional 2018 edition of MTN’s Mobile Money Month in Tarkwa, Mr Amoh expressed joy that government has taken the needed steps to make all its payments electronically.

He said this is the preferred option and MTN has positioned itself strategically in the mobile financial services sector and invested in technology that would make this possible.

Mr Amoh said with more than 7.9 million active subscribers, 16 partner banks and thousands of agents across the country, they were well prepared to lead the digital agenda for all forms of payments in the country.

He said following the issuance of the electronic money issuers guidelines, Bank of Ghana has approved the payment of interest to mobile money subscribers in September 2016.

Mr Amoh said MTN has made quarterly interest payments to all active mobile subscribers to a total of GH¢98.9 million.

Touching on the theme “Digitizing payments in Ghana-The role of mobile money”, the Regional Senior Manager said technological advancement has provided new opportunities for transacting business across the world and this has made this year’s mobile money month timely and appropriate.

“We chose to focus on digital payments because of the potential it has to help drive financial inclusion to push us to another level in driving the cashless economic agenda,” he said.

Mr Amoh said the MTN started discussions on using mobile money to handle the cashless agenda in Ghana’s economy a few years ago.

He said they facilitated public discussions on the agenda and in so doing realized that there is the need for more education to allow people to acquaint themselves with the technology.

In Ghana today, mobile money, popularly known as MOMO, has become a household name and accepted by almost all participating in any meaningful endeavour, the regional manager said.

He said the recent progress has been managed by digital payments, a new generation of financial services accessed through mobile money phones and the Internet.

Mr Mohammed Yakubu, the Area Sales Manager for South-West of MTN, explained that the month of August was adopted by MTN in 2012 to educate it’s customers and Ghanaians on the need to appreciate Mobile Money as a means of undertaking basic financial transactions, such as money transfer, purchase of airtime and payment of goods and services.

He said over the years, they have seen a rapid development and acceptance of mobile financial service accompanied by a tremendous growth in financial literacy in the informal sector.

Mr Yakubu said the current volume of mobile money transactions has reached GH¢312.93 million and valued at GH¢2.35 billion transactions as at March this year, per the figures released by the Bank of Ghana.

“We can only say that MoMo is well on its way to play a critical role in Ghana’s economy, particularly in ensuing financial inclusion and ‘cash-lite’ transactions”.

He said the MTN would intensify it’s education on the use of mobile money for all forms of payments.

Mr Yakubu said fostering inclusive digital financial services remains an important aspect of MTN’s strategy for the next 5 years.

Other activities scheduled for the month include a forum for stakeholders on the implications of additional taxes on mobile money transactions.

The company would also engage mobile money merchants and their staff in activities meant to strengthen the education and awareness on digital payments

Source: GNA