African operator MTN Ghana has launched its Mobile Money service in Ghana. The service allows mobile owners to store and transfer money, and pay for goods, without needing a bank account. The service joins Mobile Money implementations in Uganda and Nigeria. Interestingly, you don’t need to be an MTN customer to access certain functions of the service… or even own a mobile.
Mobile Money is partnered with with nine different banks. The service is also available on-line, or through authorised MTN Mobile Money merchants. Through these merchants, non-MTN customers can transfer or receive money, without needing their own phone.
From the release:
Mr. Brett Goschen, MTN Ghana CEO, said: “The introduction of MTN Mobile Money which is convenient, accessible, safe and easy demonstrates the company’s commitment to bring world class mobile services to subscribers in all parts of the country. The secured system and processes conforms to best practices in the industry and highly regulated by relevant authorities.”
What we think?
I’m interested in the functions of this service that don’t require an actual phone. If your financial service allows people to walk into an authorised location and perform transactions, then how long is it until you start implementing actual banking services? Mobile Money could in time simply become Money.
The product is fantastic. It should be marketed actively so the non-formal sector can use it. They constitute the majority in Ghana and many of them can use the product as their bank as many of them have no Bank Accounts and to pay their children’s school fees, send money to them etc etc.