Mtn Remains Committed To the Payment of Interest on Mobile Money

MTN Ghana makes reference to the bulk sms which the company sent to its Mobile Money Customers requesting for those who do not wish to receive interest to opt out.

The decision was arrived at after a number customers strongly expressed their displeasure with the automatic payment of interest by MTN to its customers. MTN has been made to understand that based on Islamic teachings as stated in several verses in the Quran, Muslims are not allowed to take interest. It is for this reason that MTN is offering these customers an opportunity to opt out of the interest payment. By dialling *595* and following some basic steps, subscribers who do not wish to receive interest can be exempted from subsequent payments.

The payment of interest to MTN Mobile Money customers is in line with the EMI Guidelines issued by the Bank of Ghana in July 2015 and this decision does not in any way affect MTN’s commitment to the payment of interests. MTN remains committed to the Bank of Ghana regulations and continues to take stringent measures to adhere to them. Since September 2016 when the Bank of Ghana finally gave approval for the payment of interest, MTN has paid over 45 million ghana cedis to its Mobile Money customers and currently in the process of paying the first quarter interest for 2017 in line with the Bank of Ghana calendar for interest payment.

In as much as MTN remains compliant with the Bank of Ghana Regulations, the company also respects the wishes and religious beliefs of its customers and will not continue to offend them by paying interests to them if they wish to opt out.

MTN has already engaged the Regulator, Bank of Ghana to agree on what to do with the retained interests from those who decide to opt out. As soon as a decision is reached we will communicate to customers.

MTN Ghana wishes to assure its cherished customers and the general public that it remains committed to delivering bold new digital services to its valued customers.


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