MTN MoMo marks decade of financial inclusion with over 14 million subscribers

The leading mobile financial services operator in Ghana, MTN Mobile Money Limited, has launched its 10th anniversary to celebrate the huge success it has chalked over the past 10 years in driving financial inclusion especially amongst the unbanked population in Ghana.

Recounting the MTN Mobile Money journey during the launch of the 10th-anniversary celebrations held at the Madina Market in Accra, the General Manager for MTN Mobile Financial Services of MTN, Eli Hini said with less than 100,000 subscribers after 6 months of launch, the company’s current registered subscriber numbers have reached 14million over the 10 year period.

“We started with 9 partner banks and now working closely with 18 partner banks and counting. Our agents are approximately 124, 000.  By the end of quarter one of 2019, we recorded 411 million transactions on the MoMo platform, which is an indication that people have now become more conversant with using MoMo to undertake various transactions,” he said.

He noted that MTN Mobile Money has seen this massive growth as a result of making the platform an enabler of a diverse range of business engagements. MTN Mobile Money, he said, enables customers to undertake financial transactions with their banks, pay for pensions, purchase treasury bills, savings, and pay for insurance subscriptions.

“Through MoMo, we are digitizing the Agric Value Chain, scaling female participation in MoMo Merchants and driving in-flows of foreign currency through the MoMo remittance service”, he added.

The MTN MoMo @10 anniversary is being celebrated under the theme “MoMo@10 Making Life Simple”.  A number of activities have been lined up for the celebrations including a consumer promotion which will give away 10 cars from June to August 2019.

Other activities are a float through the principal streets in the regional capitals across the country to deepen awareness of the benefits of the MoMo service and also educate people on how to protect their wallets from fraudsters.

In addition to the above activations, there will be social investment projects targeted at economically empowering persons with disabilities across the country as well as the construction of a Forensics Lab for the Ghana Police Service. Others include Stakeholder Fora to discuss teething issues in the Mobile Financial Sector and awards for MTN MoMo merchants.

The 10th anniversary celebrations will be used as a period to deepen financial inclusion through constant awareness creation of the benefits using the mobile phone as a convenient tool for financial transactions.

The launch of MTN MoMo at 10 event was attended by the CEO and management of MTN, the General Secretary of the Madina chiefs, representatives of the La Nkwantanang Chief, a representative of – La Nkwantanang Madina Municipal District, Madina Zonal Council Chairman, Assembly Man, Madina Market Queens and MTN MoMo partners from aYo, JUMO Ghana (Quick Loan), IT Consortium and representatives from the 18 partner banks.

MTN Mobile Money was launched in July 2009 to provide ease of undertaking financial transaction on the phone.  Launched with 2 main services i.e., Money Transfer and Airtime Purchase, the MoMo platform has evolved providing 6 major categories of financial transactions including money transfers, payments, investments and banking options. The service currently provides employment for 129,000 people across the country.