Tag Archives: Momo

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My mom asked me to become an artist when I was 3 years old – Kofi Kinaata

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Celebrated Ghanaian musician Kofi Kinaata has revealed that when he was just 3 years old, his mother encouraged him to become a musician when he grew up.

Speaking on Power Entertainment on Power979fm and TV XYZ with Agyemang Prempeh,  Kofi Kinaata disclosed that his mother was a music lover who could sing well and compose her own songs. He attributes his talent to her influence. Despite being a good footballer, he always kept his mother’s wish in mind.

“When I was 3 years old, my mom told me she wanted me to be a musician when I grew up. She said she really loves music, so I always had that in mind. Though I used to be a good footballer, I had it in mind that I would be an artist,” he said.

“My mom has a good voice; she can really compose music. I got that trait from her,” he added.

Busines, News

Here are the new Momo balance & transaction limits

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The Bank of Ghana (BoG) has announced an upward revision of balance and transaction limits for customers’ mobile money wallets, with changes set to take effect from March 1, 2024.

According to a statement released by the Ghana Chamber of Telecommunications, this adjustment aligns with the growing volume of transactional activities and evolving customer requirements.

Under the revised limits, daily transaction caps have been raised across different tiers of mobile money accounts. The minimum account, previously capped at GH¢2,000, will now have a limit of GH¢3,000, while medium accounts, previously set at GH¢10,000, will see their limits increased to GH¢15,000.

Similarly, the threshold for enhanced accounts, previously at GH¢15,000, has been elevated to GH¢25,000 per day. Maximum account limits have also been adjusted upwards, with the minimum account limit rising from GH¢3,000 to GH¢5,000, medium account limits increasing from GH¢25,000 to GH¢40,000, and enhanced account limits climbing from GH¢50,000 to GH¢75,000.

In terms of monthly transaction limits, the minimum account, previously capped at GH¢6,000, will now have a limit of GH¢10,000. However, there are no changes to the monthly transaction limits for medium and enhanced accounts.

Customers seeking clarification on these changes are advised to contact customer service representatives at the respective mobile money service providers across the country, as stated in the announcement.

Read the entire release below;

FOR IMMEDIATE RELEASE

MOBILE MONEY WALLETS – UPWARD REVISION OF CUSTOMER BALANCE AND TRANSACTION LIMITS

Accra, February 27, 2024 – The Ghana Chamber of Telecommunications presents its warm compliments to all customers of its members, the Dedicated Electronic Money Issuers in Ghana.

We would like to use this opportunity to communicate the upward revision of the balance and transaction limits of customer wallets as approved by the Bank of Ghana.

This would take effect from March 1, 2024. This development is in line with increasing trends of transactional activities and evolving customer needs.

Below is a breakdown of the review of daily transactions limits;

1. A minimum KYC Account which initially had a limit of ¢2,000 has been upgraded to ¢3,000.

2. A medium KYC Account with a current limit of ¢10,000 has been increased to ¢15,000.

3. An enhanced KYC Account with a ¢15,000 threshold has been reviewed to ¢25,000.

Below is a breakdown of the review of Maximum Account Balance limits;

1. A minimum KYC Account which initially had a limit of ¢3,000 has been reviewed to ¢5,000.

2. A medium KYC Accounts with a current limit of ¢25,000 has been increased to ¢40,000.

3. An enhanced KYC Accounts with a ¢50,000 threshold has been reviewed upwards to ¢75,000.

Below is a breakdown of the review of monthly transactions limits;

1. A minimum KYC Account which initially had a limit of ¢6,000 has been reviewed to ¢10,000.

2. A medium KYC Account which had no limits on the value of monthly transactions, remains unchanged.

3. An enhanced KYC Account which had no limits on the value of monthly transactions, remains unchanged.

Kindly reach out to the personnel of our members at any of their customer service centers across the country, for any clarification you may need.

About the Ghana Chamber of Telecommunications

The Ghana Chamber of Telecommunication is an industry association and a private initiative by the mobile network operators in Ghana.

We are an advocacy institution established to help direct telecommunications policy, legislation and regulation, and pursue research towards the development of telecommunications industry.

As the voice of the mobile operators and tower companies in Ghana, we work through direct engagements with government (institutions), civil society, key stakeholders and consumers to shape the mobile ecosystem and maximize the socio-economic benefits of mobile in Ghana. The Chamber was registered in 2010 and inaugurated in 2011.

 

Source: Graphic

Busines, News

ISSER calls for dialogue over MoMo compensation impasse

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The Institute of Statistical, Social and Economic Research (ISSER) has expressed worry that if the impasse between electronic money, popularly known as mobile money (MoMo) operators and their agents, is not resolved it will adversely affect financial inclusion significantly.

The policy research institution of the University of Ghana maintained that MoMo agents had become one of the most important drivers of financial inclusion in the country and the disagreement over compensation and threats to restrict withdrawals had the potential to derail the gains made so far.

ISSER, therefore, called for stakeholder dialogue to address the challenges leading to the impasse between the parties, stressing that evidence-based discussion would help find a fair and sustainable compensation model for MoMo agents without jeopardising financial inclusion.

The research institution also called on the regulator to intervene as a referee to bring the two parties to the negotiating table, given the scale and extensive potential of the operation of agents on the livelihoods and welfare of consumers, ISSER said in a statement issued in Accra.

“We encourage all parties to be guided and informed by evidence in negotiations to ensure equity and fairness in the structuring of compensation and value sharing between MoMo providers and their agents.

“Negotiated outcomes should aim to keep agents in business without jeopardising gains made in financial inclusion,” ISSER through its new research initiative, Retail Finance Distribution (ReFinD) research, said.

The context

The Mobile Money Agents Association of Ghana in a release on November 30, announced a decision to restrict withdrawals to a maximum of GH¢1,000 per transaction for a month.

It noted that there was possibility for further action if no favourable adjustment was made to their compensation by the telecommunication companies.

The release by ISSER also indicated that the parties should take into consideration the cost of operation for agents, the pricing mechanisms of the providers and agents, and the profitability and security of agents among others.

“Stakeholders could also consider the compensation structure across peer markets within Africa and Asia to serve as benchmarks.

To this end, ISSER, through its Retail Finance Distribution (ReFinD) research initiative, is committed to serve as a research partner to support the process.”

The release stated that mobile money had become the lead driver of financial inclusion in the country – accounting for about two-thirds of Ghana’s remarkable achievement of 95 per cent financial inclusion rate, according to the Ghana Financial Sector 2021 Demand Side Survey.

The mobile money agents have remained the wheels for extending the reach of MoMo across the country.

It highlights that MoMo agents represent the closest formal financial service provider to consumers across the country, with 92 per cent and 76 per cent of adults reaching a MoMo agent in less than 30 minutes in the urban and rural areas, respectively.

Hence, MoMo agents have become integral to the financial inclusion architecture of the country.

Therefore, any change to their operations will impact the country’s financial inclusion progress.

Demand

ISSER understands that the recent industrial action hinges on a demand for fair compensation for a sustainable business case by the agents.

Under the current compensation structure, a flat fee of GH¢10 is deducted from transactions of GH¢1,000 and above.

The GH¢10 is then shared between the agent (40 per cent) and the MoMo provider (60 per cent).

Thus, a transaction of GH¢5,000 will earn the MoMo agent a commission of GH¢4 under the old model.

With this new action by the agents, a withdrawal of GH¢5,000 will earn the agents GH¢20 since the customer has to make five withdrawals of GH¢1,000 each to receive the desired GH¢5,000.

However, this will cost the customer GH¢50, an increase of GH¢40 from the old rates.

ISSER is of the view that a unilateral action has the potential to derail the gains made in financial inclusion and the development of a cash-lite economy.

Impact

ISSER in the release acknowledged the concern of MoMo agents for an improvement in compensation.

It cautioned that the current unilateral action could be detrimental to gains made in financial inclusion and the transition to a cash-lite economy.

In the medium to long term, the sharp increase in the cost of withdrawal will drive customers away and inadvertently reduce the profitability of agents.

“We call on all stakeholders to resort to evidence-based dialogue for a fair compensation model that will not jeopardise gains made in financial inclusion,” it said.

 

Source: Graphic

Busines, News

New restriction on MOMO transaction could derail digitization of Micro, Small and Medium Sized Enterprises- ISSER

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The Institute of Statistics, Social, and Economic Research has indicated that the new restriction on mobile money (MOMO) transactions could derail the digitization of micro, small, and medium-sized enterprises and progress in the cash-lite economy.

In a press statement copied to the Ghana News Agency, the Institute acknowledged that the proposed rate would have a minimal impact on small-value transactions.

However, ISSER noted that the move would adversely impact micro, small, and medium enterprises that rely on MoMo for their financial transactions.

“Worthy of attention is the potential impact on micro and small enterprises, especially traders and farmers within the agricultural value chains concentrated in rural areas. For these segments, especially traders and transporters of foodstuffs who rely on MoMo to address security concerns with carrying cash across the country, an increase in cost is likely to be transferred to consumers,” the statement said.

This move, the institute said, could be a trigger for both food and non-food inflation.
The institute raised concern that beyond the move to restrict MoMo transactions, the developing social media-driven e-commerce ecosystem, which relies on MoMo for payment, would also see the transfer of the revised charges to consumers.

“As service providers on the various e-commerce platforms will pass on the charges to consumers in the form of increased prices of goods and services,” the statement said.

In a joint statement copied to the media, MOMO agents around Ghana said they would implement a temporary measure that limits cash withdrawals to GHS 1,000 per transaction from December 1.
ISSER said that the potential impact of the restrictions might be significant, particularly for neglected and last-mile populations.

“On average, 76 percent of mobile money agents are within 30 minutes of consumers in rural areas. On the other hand, it takes 2 hours for over 50 percent of rural dwellers to reach an ATM, with only about 40 percent being able to reach a bank or microfinance in two hours,” the statement said.
This situation ISSER said that many MoMo users in rural areas, where ATMs, banks, and microfinance institutions were not an option, would be confronted with the option of either enduring the high transaction costs or resorting to cash.

 

 

 

Source: GNA