MTN Ghana, a member of the MTN Group, a mobile telecommunication service provider based in South Africa, recently launched its latest financial services product, MTN Mobile Money, in Cape Coast, Ghana. The service offers basic banking functions such as transferring funds, withdrawing funds and paying bills without requiring subscribers to have a bank account. The MTN Mobile Money is supported by African banks such as ECObank, Stanbic Bank, Zenith Bank, GT Bank and Cal Bank. MTN Group’s total assets at December 31, 2009 are ZAR 156 billion (USD 20.8 billion).

By Jennifer Shevock, Research Associate

About MTN Group:
The MTN Group is a South African telecommunications company providing services throughout the African continent. Total assets at December 31, 2009 are ZAR 156 billion (USD 20.8 billion).

Sources and Additional Resources:
“MTN launches Mobile Money Transfer in Cape Coast” June 30, 2010. http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=185213

http://www.mtn.com/ProductsServices/MTNMobileMoney/MTNMoneyAbout.aspx

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