Mobile Telecommunications Network (MTN) Ghana, the Ghanaian arm of South Africa-based MTN, reportedly has partnered with several unspecified microfinance institutions (MFIs) in Ghana to allow the MFIs’ customers to use the MTN Mobile Money service to make loan payments. MTN Mobile Money is also partnered with Ghana’s Ministry for Gender, Children and Social Protection, the government agency charged with promoting social equality and the rights of children, to provide funds to beneficiaries of the Livelihood Empowerment Against Poverty (LEAP) Program, an initiative that makes cash and microinsurance available to households deemed “extremely poor.” Serame Taukobong, the CEO of MTN Ghana, reportedly stated that he is, “confident that a cashless society [in Ghana] is not far off.”
According to Mr Taukobong, MTN Ghana has approximately 1 million customers that effect 6.5 million transactions per month [1]. MTN Mobile Money is partnered with 10 banks in Ghana [2]. As of July 2013, MTN reports approximately 120 million subscribers in 21 countries in Africa and the Middle East.
By Benjamin Krupp, Research Associate
About Mobile Telecommunications Network
Established in South Africa in 1994, Mobile Telecommunications Network Group (MTN) is a multinational telecommunications provider that offers voice and data communication services to individuals and businesses. MTN also operates Mobile Money, a money-transfer service that can be used on cellular devices. MTN reported total revenue of ZAR 135 billion (USD 13 billion) and total assets of USD 21 billion as of 2013. Mobile Money is partnered with 10 banks in Ghana. As of July 2013, MTN reports approximately 120 million subscribers in 21 countries in Africa and the Middle East.
Sources and Additional Resources
[1] IT News Africa: Ghana: MTN Partnering with Microfinance Companies
[2] MTN: About Mobile Money
MicroCapital, August 13, 2014: Bank of Ghana Demands Photos of Owners of Microfinance Institutions to Deter Theft of Deposits
MicroCapital, July 12, 2014: Bank of Ghana Decides Not to Limit Number of Microfinance License, May Raise Capital Requirements
MicroCapital, January 2, 2011: Microfinance Opportunities (MFO), MasterCard Foundation Announce Branchless Banking Partnership with MTN Ghana, Mobile Transactions of Zambia
MicroCapital Universe Profile: Mobile Telecommunications Network (MTN)
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