MTN Ghana Celebrates 15 Years of MoMo Existence

MTN Mobile Money (MoMo) recently marked its 15th anniversary with a grand event. One of the celebratory launch took place in the capital of the Volta Region, Ho. Shaibu Haruna, the CEO of Mobile Money Limited, delivered a speech emphasizing the significant milestones as well as the positive effects of MoMo on financial inclusion in Ghana. A decade and a half ago, financial services in Ghana left a chunk of the population, especially those in rural areas, excluded from the advantages provided by the formal banking system. Rather financial services were a luxury primarily enjoyed by a select few.

MoMo was conceived from a vision to make financial services accessible to all and empower communities through the use of mobile technology. The theme for this year’s celebration is ‘Empowering Communities – Celebrating 15 years of Progressive Financial & Digital Inclusion,’ and it encompasses the core of what MoMo signifies, Mr. Haruna stated. MoMo has transformed from a basic notion of facilitating mobile money transfers into an essential aspect of daily life for countless Ghanaians. He also pointed out that Ghana is now among the fastest-growing markets in Africa for digital payments, a testament to the convenience and security MoMo provides.

MoMo has transformed from a simple mobile money transfer facilitator to an integral part of millions of Ghanaians’ lives; MoMo no longer solely focuses on sending money and making payments but now, it offers a diverse range of financial services, such as loans, insurance, international remittances, and investments. This has contributed to economic growth and community development in the long run. The MoMo initiative has facilitated access to vital services like education and healthcare, and also to the access of government services, including tax and fee payments.

He expressed gratitude towards regulatory bodies, financial institutions, technology partners, agents, merchants, and other stakeholders who have worked alongside MoMo over the years. “Together, we have tackled challenges, captured opportunities, and fostered innovation,” Haruna said.

Mr. Haruna also tackled ongoing challenges. He underscored the ongoing coverage gaps in rural regions and the persistent threat of fraud, both of which continue to obstruct MoMo’s goal of financial inclusion. New products such as loan offerings and an enhanced MyMoMo app are soon to be included. He also revealed upcoming events during the MoMo@15 celebrations, encompassing market launches, promotional campaigns, skills training for SMEs, and an awards night to honor exceptional stakeholders.

The launch in Ho signifies the start of a series of celebratory activities nationwide, solidifying MTN MoMo’s role as a pioneer in financial inclusion and digital innovation in Ghana. These initiatives aim to bridge the gap for vast segments of the population, especially in rural areas, who have been excluded from the advantages of the formal banking system.