[ 2016-09-15 ]

Vodafone pays mobile money customers almost GHc0.5million
Vodafone Ghana has announced that it is paying
close to half a million Ghana cedis as interest
payments to its customers.

The amount is significant, especially as Vodafone
Cash, the telecom company’s Mobile Money
service, started operating less than a year ago in
Ghana.

The decision to pay interest emanates from new
guidelines on Dedicated Electronic Money Issuers
(DEMI) from the Central Bank, which directs banks
to pay interest on floats from mobile money
platforms to telecom companies, out of which 80%
is mandated as interest payment to mobile money
customers.

The latest development means that customers will
earn between 1.5% and 7% interest on their
deposits. The payments are in two tranches –
September 11, 2016 is designed for 2016 first
quarter payments, whiles second quarter payments
are due on September 18, 2016.

At the end of September 2016, Vodafone would have
paid a total of GHS465,000 to over 280,000
customers across the country.

Commenting, Martison Obeng-Agyei, Head of Vodafone
Cash said:

“This is a landmark move by the Central Bank
for all mobile money operators in the country. It
is very significant because customers can now have
some dividend based on their level of transactions
on the platform. For us at Vodafone, we are happy
with the reception of our global money platform,
which is evident from the number of customers we
have acquired in less than a year of operations.
We are confident that going forward, we will
become very significant in this space in the
country.”

Vodafone Cash was launched nine months ago and
thrives on the M-PESA platform, which has a global
reputation for delivering the best and convenient
user experience and reliability.

Source - Vodafone Ghana

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