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NEWS YOU CAN TRUST I **TUESDAY 08 JANUARY 2019 I VOL. 15, NO 219 I N300
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Mobile money is no rocket science, Ghana shows Nigeria
Transactions hit 68% of GDP, 97.50% of total volume of non-cash retail payments Teleology Holdings withdraws Mobile money accounts outstrip bank accounts, but banks get a piece of the pie from the 9mobile project
CALEB OJEWALE
T
he utilisation of mobile money in Ghana has become so ubiquitous the average Nigerian who visits would marvel at its pervasiveness in everyday life. To the Ghanaian, however, it no longer has a wow effect as it is just a part of daily life. From purchasing treasury bills, Initial Public Offerings (IPOs), health insurance, to even the basic money transfers and digital service payments, mobile money in Ghana has gone beyond just achieving financial inclusion. It has also immensely redefined consumerism and flow of money within the $47-billion economy. At the end of 2017, mobile money transactions in the country hit $32 billion, according to data from the Bank of Ghana, representing 68 percent of the country’s GDP. Users not only get to deposit and withdraw via mobile money, but there is also provision for interest accruals, between 1.5 percent and 7 percent, as approved by Ghana’s central bank and subject to whatever each telecommunications company can negotiate with each
partner bank. Currently, three telecommunications companies (AirtelTigo, MTN, and Vodafone) facilitate mobile money in Ghana. The mobile money system is bridging the gap between the banked and the under-banked
population while providing convenience in transactions. Interactions during a recent visit by BusinessDay to the country showed mobile money has literally been a lifesaver for many Ghanaians,
Continues on page 38
... Unhappy with digression from original business plan by local shareholders ... Teleology Nigeria Limited to drop the ‘Teleology’ brand name JUMOKE AKIYODE-LAWANSON
T
eleology Holdings has withdrawn from further participation in the 9mobile project, BusinessDay has learnt. Teleology Holdings is a special purpose vehicle comprised of telecom industry veterans and led by pioneer chief executive officer of MTN Nigeria, Adrian Wood. Sources close to the 9mobile organisation told that Teleology Holdings had become increasContinues on page 38
Inside Abdul Samad Rabiu (r), chairman, BUA Group/CCNN, with Tong Laigou, president, CBMI, during the signing ceremony for the construction of a new 3 million MTPA BUA Kalambaina (CCNN) line 2 in Sokoto State.
Kim, World Bank president, resigns after 6yrs in office P. 2