Apart from our traditional banks, Mobile Money services are the best and advanced ways to save money and make transactions in Ghana.
The introduction of Mobile Money and Mobile banking systems have reduced the stress and the hurdle we spend in our banks today.
I can’t remember the last time I visited the bank. With the Mobile Money service in Ghana, especially the MTN Mobile Money (MOMO), I can deposit funds into my Bank account using my mobile phone.
Mobile money was first launched in Ghana in 2009 by MTN Ghana, and today Ghana is one of the most mature mobile money markets outside East Africa.
According to a report on Ghanaweb, the Value of MoMo transactions increase by 150% between April 2020 and April 2021.
The total value of mobile money transactions in Ghana increased by more than 150 percent between April 2020 and April 2021, according to the Bank of Ghana’s (BoG) May 2021 Summary of Economic and Financial data.
Although there are many cons in using mobile money in Ghana, such as the rise of fraudulent activities in MTN Mobile money, many people in Ghana have gained so much interest in this FinTech world.
As of January 2021, 38.9 percent of the population aged 15 years and older had a mobile money account in Ghana. The share of mobile money users increased over the previous three years but decreased slightly in 2021 from 39 percent in 2020.
Mobile money operators, mainly the MTN Mobile Money, Vodacash, and Airtel Tigo Cash, together with other banks like the Fidelity Bank, Ecobank, Ghana Commercial Bank (GCB), and others have made the financial service in Ghana easy. “Just Momo it” has become the slogan in Ghana regarding mobile money transactions in the marketplace.
What Is Mobile Money?
Mobile money is a mobile payments system based on accounts held by a mobile operator and accessible from subscribers’ mobile phones.
Mobile money is a service that allows its subscribers to save, receive, and transfer money in a secure electronic account that is linked to their mobile phone numbers.
With a mobile money account, you have a head-up on all your money, just like you have in your bank account.
Mobile money works as a local bank account, but you don’t need to join a queue as it is done in the traditional banking system. With mobile money, you can receive and transfer money among your friends and family with ease.
A mobile money account holder can buy items online or shop from their local store using mobile money as a mode of payment.
Again, students can also pay their school fees using the mobile money service. There are so many great opportunities for using mobile money.
What Is MTN Mobile Money?
MTN Mobile Money is a fast, simple, convenient, secure, and affordable way of transferring money, making payments, and doing other transactions using your mobile phone.
Importance Of Having MTN Mobile Money Account
MTN Mobile money has become one of the best FinTech (Financial Technology) innovations to improve our financial lives.
Gone are the days when one had to send money through post mail which sometimes took longer days before arriving at the receiver’s destination.
Mobile money services have made lives easier and have cut down the time we spent in our traditional banking system. Many banks in Ghana are embracing the use of mobile money in their services for customer satisfaction.
With a mobile money account, one can perform the following:
- Receive and store money
- Send money to any MTN mobile phone user – registered or not.
- Send money to mobile phone users on other local networks.
- Withdraw cash at any authorized MTN Mobile Money agent
- Top-up MTN airtime
- Pay bills
- Buy and pay for insurance
- Pay employee salaries, airline tickets, school fees, and other goods and services
How Does MTN Mobile Money Work In Ghana
MTN Mobile money stores your money in a secure electronic account linked only to your MTN mobile phone number. So, your registered mobile money number now becomes your electronic bank account.
Therefore, anytime you want to request money from someone through mobile money, make sure you provide the correct phone number to the person.
MTN Mobile Money Terminologies
Merchant/Agent: It refers to any individual or legal person who MTN Ghana accepts upon registration to assist in the following:
I. Registration of customers for MTN Mobile money service.
ii. Who performs cash-in and cash-out services.
iii. Institution or company that used mobile money platform to receive payment for goods and services.
Mobile Money Customer: It refers to an individual who has opened a personal account or non-commercial electronic account (e-account) with MTN mobile money limited to access mobile money services such as receiving or transferring money, cash in, and cash out, savings, paying bills, etc.
Mobile Money Wallet: A mobile wallet is known as mobile money, a type of payment service through which businesses and individuals can receive and send money via mobile devices.
Partner Bank: It refers to an institution duly authorized to conduct the banking business and has partnered with mobile money limited to provide a direct link between customer’s Bank and Mobile money account.
List Of Countries Using Mobile Money
- The Democratic Republic of the Congo
- Ivory Coast
- Sierra Leone
- South Africa