Published On: Tue, May 17th, 2016

Ghanaian diaspora embraces Mobile Money

Ismail Ahmed (1) - CEOACCRA, (CAJ News) – MTN Mobile Money has reported a marked increase in the number of Ghanaians receiving WorldRemit international money transfers in Ghana.

The offering has become the fastest growing method of receiving money with the number of transfers received on mobile accounts is growing by 13 percent per month on average, as Ghanaians abroad discover the convenience of sending instantly to the platform.

Countries sending the most money to Ghana include the United Kingdom, USA and Australia.

Mobile Money is most commonly used for transfers of less than 300 Cedi (about US$77,60), with the average WordRemit sender transferring around three times per month.

“Ghanaians are taking advantage of low-fee, instant mobile transfers to send money for specific purposes, right when it is needed. In the past, people often sent a single lump sum, once a month. Today, with MTN Mobile Money, they can help with unexpected bills or family expenses whenever they arise,” said Alix Murphy, Senior Mobile Analyst at WorldRemit.

“Instant messaging also has a role to play in driving these type of micro-remittances. Ghanaians are constantly talking to their family and friends abroad and many of those discussions are about their personal finances,” added Murphy.

Eli Hini, General Manager, Mobile Financial Service at MTN, said the ability to instantly receive international remittances from around the world is another reason Ghanaians were increasingly using MTN Mobile Money.

“WorldRemit’s service extends the usefulness of mobile money beyond our borders to reach the entire global Ghanaian community. With more than 40,000 of our agent points and more than 600 partner bank ATMs across Ghana, the service can be enjoyed by all MTN Mobile Money customers. It is instant, totally secured and very convenient.”

WorldRemit was established in 2010 and sends more than 400 000 transfers worldwide every month. A third of WorldRemit money transfers are received via Mobile Money.

It began offering transfers to MTN Mobile Money in Ghana in January 2013.

Mobile Money technology is seen as a major factor in extending financial services to people who have not previously had access. In Ghana, about 70 percent of adults are either unbanked or underbanked whereas 91 percent have access to a mobile phone.

Ghanaians living overseas send more than US$2 billion home every year, according to the World Bank.

CAJ News

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