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Ghana to require mobile money licence for non-banks

2015-07-09 11:16:00| Telecompaper Headlines

(Telecompaper) Ghana's central bank (BoG) has introduced a new set of guidelines for telecommunication companies engaged in mobile money services. They will have up to six months to establish a separate business entity to handle their electronic money services. Under the guidelines, which became effective on 06 July, non-banks that have previously been offering mobile financial services in partnership with banks must apply within six months of the guidelines coming into effect for a licence, in order to conform to the new framework. The objective of the latest guidelines, the Bank of Ghana said, is to "ensure that electronic money is only provided by a financial institutions regulated under the Banking Act, or duly licenced non-bank entities which are engaged solely in the business of e-money and activities related or incidental to the business of e-money, and which are regulated and supervised by the Bank of Ghana". Three of the six mobile operators in Ghana - MTN, Airtel and Tigo - are involved in the mobile money business, which has grown from a transaction value of GHS 2.4 billion in 2013 to GHS 11.6 billion last year. The new regulation will mean that MTN, Tigo, and Airtel have a 06 January 2016 deadline to conform to the BoG's requirements.

Tags: money mobile require ghana

Vodafone, MTN interconnect mobile money services

2015-04-21 02:00:00| Total Telecom industry news

M-Pesa, MTN Mobile Money customers in seven East African markets able to carry out transfers between the two services.

Tags: services money mobile vodafone

Verifone Mobile Money and MTN Announce Agreement to Deliver Retail Payment Device to MTN Mobile Money Customers

2015-03-26 11:31:14| Industrial Newsroom - All News for Today

AUCKLAND, New Zealand and DUBAI, United Arab Emirates Verifone Mobile Money and MTN Group, today announced an agreement to deliver retail payment devices to merchants across 16 of MTN's operating countries. The solution will enable customers to pay for goods and services using their mobile phone and MTN Mobile...

Tags: money mobile agreement customers