Ghana: MoMo Cash-out Transaction Directive Best for Customers- CEO

Eli Hini, CEO of MobileMoney Limited

Accra, Ghana//-Eli Hini, the Chief Executive Officer (CEO) of MobileMoney Limited, the MTN Ghana subsidiary responsible for mobile financial services in the country is emphatic that the enforcement of the Mobile Money (MoMo) cash-out transaction directive is the best for their customers.

Mr Hini who said this in a virtual media encounter today ahead of the start of the directive on 2nd April 202, maintained: “We are doing this enforcement for the best interest of our customers”.

The company whose platform on the MTN network is said to be the country’s mobile money market is enforcing existence requirement due to the rising MoMo fraud in the West African country.

“So from tomorrow, all MoMo agents are required to select the ID type and enter the ID card number presented by the customer before the transaction can be completed.

Without a valid ID card, MoMo transactions cannot be processed.  Customers are expected to present any of the following ID cards -Ghana Card, Driving License, Passport, Voter’s ID, and NHIS. Also, SSNIT card is permissible for cash-out transaction(s). But it can’t be used for SIM registration”, he stated.

“We are not tying customers to any particular valid ID card they used to register their MoMo accounts. Any valid physical ID card is allowed for the cash-out transaction for now. Maybe in future, we will accept digital ID cards”, Mr Hini added.

Touch on emergency cash-out transactions, he pointed out that some fraudsters in the past used that trick to defraud money from agents. But Mr Hini assured that they are putting in place measures to ensure that emergency cash-out obligations are honoured.

He categorically stated that the abominable used of proxy for cash-out transaction(s) is further outlawed by the directive. In his words: “For now, proxy withdrawal is not acceptable. Unless the proxy gives us a letter or medical bill to prove that the person that he or she is fronting for, before we can allow the transaction(s)”.

Instructively, MobileMoney Limited continues to spearhead innovations and initiatives that facilitate the growth of the mobile financial services sector which provides customers with fast, simple, convenient, secure and affordable way of transferring money, making payments and doing other transactions using just a mobile phone.

It is the largest Mobile Money service provider in the country with over 14 million active users on its Mobile Money platform and with over thousands of active agents across the country.

Today, there are about six major categories of financial transactions on the MTN MoMo platform under which there are other sub – services.

On MoMo today, customers are not just sending and receiving money or paying bills, MoMo is now used for Saving, Investing, Payments, Shopping, Insurance and Loan acquisition.

The company has also partnered with several organizations to rollout key social empowerment projects over the decade including helping digitize the Agriculture Value Chain through mAgric, POS in partnership with several banks and scaling up female participation within the MoMo merchant space.

 African Eye Report

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