The outgoing Chief Executive of MTN Ghana, Selorm Adadevoh, has denied any plans of establishing a bank through its mobile money business. Adadevoh assured that the company is committed to working with commercial banks to deliver financial services to its subscribers, dispelling rumors of MTN’s intention to become a bank.
The Bank of Ghana has directed telecom operators to separate mobile money from their main telecommunications work, which led to the establishment of MTN Mobile Money Limited to supervise its operations. The total value of mobile money transactions in Ghana last year was more than GH¢1 trillion, with MTN’s platform accounting for more than half of the transactions. The total number of registered mobile money accounts is at 817,000 by the end of 2023.
There have been speculations that MTN is preparing to become a fully-fledged financial institution, but Adadevoh reiterated the company’s commitment to working with banks to extend financial services to the public.
Additionally, there are concerns about the impact of Artificial Intelligence (AI) on jobs at MTN. Adadevoh contended that AI will result in the creation of more jobs and emphasized the need to adapt to the situation to ensure that businesses do not lose out.
In conclusion, despite ongoing speculations, MTN Ghana’s focus remains on collaboration with commercial banks to expand the fintech ecosystem and deliver quality services to its subscribers.
