Mobile Money User Reportedly Receives Over GH¢4,700 in Interest From MTN Ghana

• A MoMo user reportedly earned GH₵4,782.28 in interest from MTN after leaving over GH₵39,000 untouched in their wallet for more than a year
• The interest payout sparked massive reactions online as many Ghanaians questioned why they hadn’t received similar commissions before
• MTN's mobile money savings feature offers 12% annual interest on unused funds, positioning it as a pseudo-savings account

A mobile money (MoMo) user has received a windfall of over GH₵4,000 in interest from the telecommunications giant, MTN Ghana.

A screenshot shared on Facebook by telecommunications expert Barnabas Nii Laryea indicated that the MoMo user was paid GH₵4,782.28.

Although Mr Laryea shared the screenshot, it is unclear if the MoMo account from which the interest was paid belongs to him.

"Obi MoMo Interest. Ɛyɛ obi focused monthly salary....Don't let yua heart break. Focus on yua focus ɛbɛfa," he wrote.

How the MTN mobile money service works

The interest was earned through MTN's mobile money savings or investment feature, which allows users to grow their funds while keeping them accessible.

MTN Ghana reportedly offers an interest rate of 12% per annum on unused funds in mobile money accounts.

This interest applies to money left untouched in the account, making it a viable option for users to earn returns on idle funds.

The mobile money service effectively acts as a pseudo-savings account.

This means that the MoMo account shared by Mr Laryea had an amount of GH₵39,935.67 for more than a year without any withdrawals, earning GH₵4,782.28 in interest.

Aside from serving as a pseudo-savings account, the MoMo service provides a range of features, including easy fund transfers to other MTN users or non-users, payment of utility bills, school fees, airtime top-ups, and other expenses.

MTN Ghana in December 2024 announced that it had 17.2 million active mobile money users in the country.

Customers can opt out of MTN interest payments

MTN Ghana, in 2017, announced a new measure that allowed mobile money customers to unsubscribe from receiving interest on their deposits.

The move came in response to concerns raised by some customers who opposed the decision to receive interest on the money in their mobile wallets.

These customers argued that, in accordance with Islamic teachings, Muslims are not allowed to accept interest, hence the need to opt out of interest payments.

Persons who now desire to be exempted from receiving interest payments can dial *595# to block the payment.

MTN remains committed to paying MoMo interest

The company also assured customers of its commitment to adhere to Bank of Ghana regulations and obtain approval for the payment of interest on Mobile Money wallets.

The former General Manager for MTN Mobile Financial Services in 2019 Eli Hini, appealed to customers to keep money in their wallets for daily transactions while enjoying interest, instead of holding physical cash with its associated risks.

He also cautioned MTN Mobile Money subscribers to remain vigilant and watch out for fraudsters.

Ghanaians react to MTN's MoMo interest payout

Following the post made by Barnabas Nii Laryea, many Ghanaians on social media flocked to the comment section to share their views.

@Dziafa Innocent said:

"The day you guys go withdraw all your MoMo monies, ebi Bullion Vans go transport it oo. Yiee."

@Aduba Timothy said:

"Hold on a minute—Is MTN being selective, or how did they actually pay out their commissions? Between January and March alone, I handled transactions worth over GHS100,000, yet I haven’t received a single commission from them. What kind of nonsense is this?!"

@Gilberto Silver commented:

"And I'm here checking my balance to see if a few coins have been added to it."

@Ofosuhene Dominic Kwaku Ohemeng said:

"People really save money in MoMo wallet paaa ooo wow."

Mobile money transactions hit GH₵1.775 trillion

Meanwhile, Yen.com.gh reported earlier that mobile money transactions in Ghana had hit GH₵1.775 trillion in the first eight months of 2024.

This was contained in the September 2024 Summary of Economic and Financial Data released by the Bank of Ghana.

The report also indicated that as of August 2024, there were 70.5 million mobile money accounts in Ghana, of which 22.8 million were considered active.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh