The Bank of Ghana has released the schedule for the payment of accrued mobile money interest to customers.
The 2019 quarterly accrued interest payment dates are as follows:
First Quarter – Sunday, 21 April 2019
Second Quarter – Sunday 21 July 2019
Third Quarter – Sunday, 20 October 2019
Fourth Quarter – Sunday, 19 January 2020
The interest payment to Mobile Money (MoMo) wallet holders came into being thanks to the Bank of Ghana’s Dedicated Electronic Money Issuers (DEMI) Guidelines which allows banks to pay interest on cash flow from the mobile money platforms to the network operators, who, in turn, pay out 80% of that interest to their mobile money customers.
The Guidelines approved an interest level of between 1.5 per cent and 7 per cent to be paid on a wallet.
According to the central bank, as of the end of 2018, the total volume of MoMo transactions soared by 48.18% from the preceding year to hit 1,454,470,801 while a 43 per cent increase in transactions contributed to the total GHS223.2 billion recorded.
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