-To Promote a Cashless Economy
Mobile Money Limited, a department of MTN Ghana together with its partners have launched the MTN Cashless Market Initiative to promote a cashless economy.
It aims to foster collaboration with ecosystem players to demonstrate the benefits of reducing the use of cash among Small and Medium Enterprises (SMEs) and expand access to financial services, including loans, insurance, and investments.
The initiative will also create, test, and see how consumers and sellers alike can trade seamlessly using cashless services like Mobile Money Services without any restrictions or challenges.
However, Chief Product and Services Officer, at Mobile Money Limited, Mrs Sylvia Otuo-Acheampong, speaking at the launch, said it is to promote ongoing efforts to educate customers on security and fraud prevention while promoting the use of the ‘My Momo App’.
The ‘My Momo App’, she said, has matured enough to become the automatic account of individuals, thus, it could be used to transact businesses and make payments across the country.
Meanwhile, she explained further that the initiative formed part of their efforts to drive financial inclusion promote a cashless economy, and celebrate MTN Mobile Money’s 15th anniversary.
“This is an attempt with our partners to really demonstrate what it means to run a cashless economy where trading and transactions are conducted without physical cash,” she added.
She said Ghana could leverage mobile money to achieve financial inclusion, noting people are currently using their mobile money wallets to access loans, insurance, and buy Treasury bills.
Mrs Otuo-Acheampong said these variables are necessary for achieving financial inclusion and incorporating the unbanked population into the financial ecosystems.
She advised individuals to be extra vigilant in sharing important details of their mobile money wallet and accounts, especially with their passwords.
The Chief Product and Services Officer encouraged Ghanaians to embrace the cashless economy to engender financial inclusion in the county.
