Mobile Telecommunications Network (MTN) says it has considered reducing its prices paid as charges within the Mobile Money space to attract more users and promote digital payments adoption in Ghana.
With about 14 million active Mobile Money users as of June this year, MTN’s Mobile Money Limited strategy is to adopt more innovative ways of pricing that safeguard the businesses and help the company grow some more volumes of the 22.1 million active Mobile Money users.
Madam Silvia Otuo Acheampong, Head, of Products and Services, Mobile Money Limited, MTN, said: “We actually have not changed our pricing for a very long time but we know it has to be reduced because the demand is high. We were discussing our strategy for next year, and one thing that kept coming through was reviewing our pricing.”
She said this at the MoMo Stakeholders Forum organized by Mobile Money Limited under the theme: “Addressing Barriers to Digital Payments Adoption in Ghana, where key actors like the banks, Fintech, Mobile Network Operators (MNOs), and Bank of Ghana speak the same ‘language’ in ending the barriers.
Madam Otuo Acheampong, who spoke on behalf of Mr. Shaibu Haruna, the CEO of Mobile Money Limited, said they would soon engage their customers in due course and let them know of the dynamic pricing coming on board, adding that it would be in the interest of all parties.
She said cost had been a barrier to digital payments adoption because nobody wanted to incur cost for doing something that had become a lifestyle and called on Fintech, and MNOs to work and collaborate to reduce cost and enable digital experience and digital service for the customer.
“Consistent partnership is central to any ecosystem and we the key players must constantly collaborate to bridge the gap in the digital financial space, fight fraud, and promote education so we don’t have different agenda being pushed by different partners,” she said.
It had been mentioned that some customers had not developed an interest in exploring the digital financial space because of things like fraud and complications associated with going digital.
Mr Kwame Oppong, Director, Fintech & Innovation, Bank of Ghana, in his presentation on how to create an effective and efficient ecosystem, stated some five key policy pillars that industry actors must uphold.
He said there must be simplified onboarding in their transactions where they improve access to basic services, engage in consumer education, and consumer recourse mechanisms to build trust.
“Ensure data privacy and protection to secure consumers and conduct market supervision to ensure safety,” he added.
Mr Achie Hesse, Chief Executive Officer, of Ghana Interbank Payments and Settlement System (GhiPSS), urged the stakeholders to concentrate more on segments of the population that were not within the digital space and address their payment needs.
“You can develop all the various AI, technologies but if you don’t go down and ask who am I addressing, nothing would happen. There should be incentives to convince the informal sector to move away from the cash system to digital payments.”
The MTN Mobile Money Limited has about 150, 000 merchants that actively accept mobile money, 280, 000 agents in active business, and hopes to sustain a 20 percent year-on-year growth.