We have no plans to open a bank – MTN Ghana

MTN Ghana has rubbished rumours suggesting that the telecommunication network (MTN) is about to secure a banking license to operate a bank in the country.

The report says MTN is taking customers of the Ghanaian banking sector thereby collapsing the prospects of the banks in Ghana.

Ten years ago MTN Ghana introduced a mobile money service in the country to enable people to make financial transactions using their cellphones and bringing them entertainment and online shopping through investments in mobile platforms, apps and online ventures.

This service by MTN Ghana has brought great relief to the Ghanaian public as most people have saved themselves from travelling with bulky sums of money to their destinations and also the conveniences brought to them as one can make payments at any time and any place without restrictions. Due to these, there were reports that MTN Ghana is about to secure a banking license to operate its bank to support the mobile money service in the country.

But speaking at the MTN Northern Regional Media Engagement in Tamale, the Corporate Services Executive for MTN Mr. Sam Koranteng said MTN do not have any plans to apply for a banking license.
“We are not competing with the banks and have no plans to secure a banking license. We have about 18 partner banks in the country so I repeat, we are not competing with the banks.” Mr. Koranteng explained

He said their mobile money service is a service that complements the banks’ activities especially at places where there are no physical structured banks.

Mr. Koranteng sited that, in terms of Automated Teller Machines also known as ATM, MTN has integrated 422 ATMs to the MTN mobile money so an individual can push and pull money from his or her account.

The MTN media engagement is a forum organized by MTN Ghana and the media partners to share with them their success stories, challenges and what they intend to do in the coming days.

The Deputy Northern Regional Chairman of the Ghana Journalists Association Mr. Yakubu Abdul-Majeed thanked MTN for always engaging with the media and giving them the platform to ask relevant questions that bother the people of the North.

By: Prince Kwame Tamkloe

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