MTN Awards Top Partners In 15 Years Momo Experience

MTN Mobile Money Limited (MoMo) has marked a significant milestone, celebrating 15 years of revolutionizing Ghana’s financial landscape with a grand awards ceremony honoring its esteemed partners.

The event, a culmination of the anniversary activities, brought together stakeholders from across the country to commemorate a shared vision that began with the launch of the innovative mobile money service.

From its humble beginnings with the catchy phrase “minsaka oo,” MTN MoMo has evolved into a financial powerhouse, championing financial inclusion and redefining the way Ghanaians transact.

The evening was dedicated to recognizing the immense contributions of partners who have played a pivotal role in building the MoMo brand and driving the vision of a cashless society forward.

Reflection

Mr. Haruna Shaibu, CEO of Mobile Money Limited, reflected on the transformative 15-year journey of mobile money in Ghana, highlighting the presence of key stakeholders such as representatives from the Bank of Ghana, the FinTech and Innovation Office, the Ghana Revenue Authority, and other state institutions.

He expressed gratitude on behalf of the board and management of Mobile Money Limited and MTN Ghana, acknowledging the pivotal role of regulators, especially the Bank of Ghana, whose progressive policies enabled the exponential growth of financial and digital inclusion.

Mr. Shaibu also praised the millions of Ghanaians who use the service daily, underscoring their importance to the success of the platform.

In celebrating the achievements, Mr. Shaibu recognized the invaluable contributions of Mobile Money’s partners, from the initial nine partner banks to the current collaboration with almost all banks in Ghana. He commended the vibrant FinTech community for driving innovation and the agents and merchants for their resilience and support, even during challenging times.

Special appreciation was extended to the staff, whose dedication and passion have been instrumental in building the MoMo brand. He also honored the pioneering team, particularly Mr. Bruno Akapa, the first General Manager, who championed the idea of mobile money despite its abstract concept at inception, paving the way for what has now become a cornerstone of Ghana’s financial ecosystem.

“Let me share a very small story about our mobile money journey in MTN. As you know, 15 years ago, we embarked on a journey. We were unsure about the destination. However, we had envisioned a future where every Ghanaian across the length and breadth of our country could access financial services with ease and convenience through the power of the mobile phone. This was at a time where mobile penetration was still brewing with limited penetration of smartphones.

“Ladies and gentlemen, after much deliberation with technology expert then and of course, industry regulators and very critical stakeholders of our business, we launched mobile money service in 2009. We took a lot of inspiration from the experiences in other deployments in East Africa, specifically in Safaricom. But before then, we had to test the system and as captured in our records, the very first successful mobile money transaction was done by a staff of MTN then on the 25th of September, 2008, at 3:51pm. This was the very first mobile money transaction. We, of course, officially launched the service on July 21 2009 by the governor of Bank of Ghana at the time, Dr Paul Akon” he noted.

Mr. Haruna Shaibu highlighted the introduction of a pioneering multi-bank partnership model under the leadership of Bruno Akapa, the first General Manager of Mobile Money Ltd., unlike most African deployments that relied on single-bank collaborations.

Mr. Shaibu emphasized that building sustainable, long-term relationships remains central to the company’s strategy for business evolution and growth.

“We hit the ground running with a catchy commercial, and it caught the attention of most Ghanaians with a phrase minsaka oo. And in the spirit of our partnership, we also have our lovely mother whose baby mobile money is 15 years old here today with us as well,” he said.

Challenges

Mr. Haruna Shaibu acknowledged the challenging early years of Mobile Money’s introduction, describing it as a slow and difficult journey that required a shift from traditional methods of handling money. The service represented not just a technological breakthrough but a disruption of conventional financial practices, leading to initial customer unfamiliarity.

“To overcome this, we had to use different methods of engaging customers and convincing them to try and begin to use these services. What was to become a service for everyday use had to be nurtured gradually, and we want to also appreciate the leadership of MTN for supporting us through that journey. The first six years was about investment and about seeing the vision of inclusion and keeping that investment until it matures, the resilience of this business is incredible. Thank you very much. MTN, a story today is different.”