Thanks to the Bank of Ghana, telecom operators now pay interest to their customers that utilise their mobile money service for financial transactions. For this year, the Bank of Ghana has just released the schedules for the payment of the interests, accrued from the mobile money transactions to mobile money users in the country.
On every mobile money wallet, the guidelines from the Bank of Ghana instruct an interest level between 1.5 percent and 7 percent to be paid.
Mobile Money interest payment schedules for 2019
The interests are scheduled to be paid quarterly. Here are the 2019 accrued interest payment dates.
|First Quarter||Sunday, April 21, 2019|
|Second Quarter||Sunday, July 21, 2019|
|Third Quarter||Sunday, October 20, 2019|
|Fourth Quarter||Sunday, January 19, 2020|
The Bank of Ghana introduced the interest payment for Mobile Money (MoMo) wallet holders with the introduction of its Dedicated Electronic Money Issuers (DEMI) Guidelines.
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The Dedicated Electronic Money Issuers Guidelines allow banks to pay interest on cash flow from the mobile money platforms to the network operators. In turn, the network operators pay 80% of that interest out to their mobile money customers.
According to report from the Bank of Ghana, the total volume of MoMo transactions, as of the end of 2018, moved up. Transactions increased by 48.18% from the previous year to a total of 1,454,470,801.
Also, a 43 percent increase in transactions contributed to a total amount of GH₵223.2 billion.
If your interest hasn’t been paid to your wallet, you’d need to wait for a few days. In the meanwhile, I commend you get to know these tips to pay off credit card debt in a hurry.