ALP Seminar 2019
FinTech

MTN Ghana Targets 20 Million Mobile Money Subscribers by 2022

MTN Ghana has set itself an ambitious target to attract 20 million customers on its Mobile Money service by the next three years. Currently, the company has more than 14 million customers who have subscribed to the company’s mobile money service.

The General Manager of MTN Mobile Financial Services Limited, Eli Hini who disclosed this in an interview with the media after the launch of the 10th anniversary celebration of MTN Mobile Money, said the objective of the company was to get every customer of MTN to register for the Mobile Money service.

The move, he said, was part of the digital agenda of government to promote a cash-lite economy where all money transactions were done electronically. “We are looking forward to a future where Momo will be an acceptable mode of receipt and payment of all government transactions and every form of financial transaction,” he said.

To this end, Mr Hini said the company in the coming years would focus on education to enrol more people on the Mobile Money service.

He also said the MTN Mobile Financial Services Limited in the coming years was going to deal with the fraud menace to promote trust in the MTN Mobile Money service.

Hini said the Mobile Money technological innovation MTN Ghana introduced 10 years ago had helped to make life comfortable and simple for most people in the country.

He said the MTN Mobile Money service had helped to promote financial inclusion and aided those without access to financial services to access financial service.

Hini said in the first quarter of 2019 alone, about 411 million transactions had been recorded on the MTN Mobile Money platform.

“From less than 100,000 after six months of launch, our registered subscriber numbers have reached the 14 million milestone over the 10-year period. We started with nine partner banks and now working closely with 18 partner banks,” he said.

Hini said MTN Mobile Money had about 124,000 agents across the country and between 2016 and 2018, about GH¢139 million had been paid as interest to about 10 million customers accessing the Mobile Money service.

Hini commended all the stakeholders who have helped made the Mobile Money service successful.