Business News of Sunday, 11 September 2016Source: adomonline.comTelcos start mobile money interest payment todayFile photoBeginning from today Sunday, September 11, 2016, all mobile money wallet holders on the various telecoms networks in the country will start earning interest on the balance in their wallets from the first half of the year. Telcos are expected to pay out an estimated GHS12.2million among mobile money customers in the first two tranches. This is in line with the new BoG's Dedicated Electronic Money Issuers (DEMI) Guidelines, which enjoins banks to pay interest on cash flow from the mobile money platforms to the telcos, so that the telcos can pay out 80% of that interest to their mobile money customers. The the new guidelines means the license now goes to the telcos so it is now telco-led, and each of the telcos has therefore established separate semi-autonomous companies to ran their mobile money services. The Bank of Ghana’s Payment Systems Department revealed that mobile money transactions in Ghana reached GHS679.17million as at the end of June 2016, and it is expected to grow even further.

Source: GhanaWeb September 11, 2016 08:03 UTC