Interest Payment on Mobile Money Wallets to Begin on Sept. 11 in Ghana
Mobile telecom operators with mobile money service have clinched a deal with their partner banks for them to pay interest on customers’ balances in their wallets.
This follows a Bank of Ghana (BoG) approval for mobile money operators to negotiate interest rates on the electronic money balances and pass on part to their eligible subscribers, starting from September 11.
According to the central bank, the total interest accrued on the float as of June 2016 reached GH¢15.19 million. The interests would be calculated daily but paid quarterly.
The payments are to take retrospective effect, beginning January 2016. Consequently, interest payment for the first quarter of 2016 is to be effected on September 11, with the second quarter payment due on September,18.
Mobile money subscribers (customers) are entitled to at least 80 per cent or GH¢12.15 million of the total float balances to be distributed in line with paragraph 10(5) of the E-Money Issuers Guidelines (2015).