We woke up on Friday, April 27 2018 that telecommunications giants, MTN have plans of rolling out Mobile Money ATMs. These machines, if introduced could take deposits and dispense cash for its mobile money business.
According to reports, the plan is to ensure that customers find it easy to withdraw and deposit cash just like bank ATMs.
Many agents were reported to be worried about the new development. According to them, this could put them out of business. However, an alleged response from the Bank of Ghana (BoG) suggests that people should not be worried about losing their jobs– at least, not yet.
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According to JoyBusiness, MTN had to suspend the move, even on a pilot basis. This is because they have not secured the necessary regulatory approvals. Sources say even though the regulator is willing to approve the service, it wants to be carried out in a way that would not result in MTN operating as a fully fledged bank.
Aside that, the regulators are concerned about the number of people who will lose their jobs because of the development as Mobile Money employs more than 150,000 persons at the moment.
Lastly, the Payment and Settlement bill, which will seek to address issues like this, is yet to receive parliamentary approval. Therefore, it is likely that it might take a while before MTN can introduce the full service to aid its mobile money business.
So if you are concerned about the introduction of MTN mobile money ATMs, don’t worry yet. It may take a while to come to fruition.
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