Mobile Telecommunications Network (MTN) Mobile Money, an arm of South African telecommunications company MTN Group, reportedly has partnered with Mobile Financial Services (MFS) Africa, a for-profit firm based in Mauritius, to launch KwikAdvance in Ghana. KwikAdvance allows MTN Mobile Money users to request advances of up to 40 percent of the amount due in their next paycheck. KwikAdvance users are required to repay the advances, with an undisclosed amount of interest, within 30 days.
As of 2013, it is reported that 93 percent of Ghanaians have access to mobile phones, and approximately 90 percent of business transitions remain cash-based. According to Ghana’s National Communication Authority, a government agency in charge of regulating communication services, there are approximately 11.9 million MTN customers in Ghana, representing 45 percent of the mobile phone market. As of December 31, 2011, MTN reports total assets of ZAR 181 billion (USD 19.6 billion), with approximately 165 million subscribers in 21 countries in Africa and the Middle East. MFS operates in 14 countries in Africa as of 2013.
By Brian LeBlanc, Research Associate
About Mobile Telecommunications Network (MTN) Established in South Africa in 1994, Mobile Telecommunications Network (MTN) Group is a multinational telecommunications provider that provides cellular telephone service. MTN GROUP also operates Mobile Money, a financial services platform that can be used on cellular devices. As of December 31, 2011, MTN reports total assets of ZAR 181 billion (USD 19.6 billion), with approximately 165 million subscribers in 21 countries in Africa and the Middle East.
About Mobile Financial Services Africa (MFS)
Established in Mauritius in 2009, Mobile Financial Services (MFS) Africa is a for-profit firm that offers money transfer services, savings, insurance, consumer credit information services and online payment processing. MFS operates in 14 countries in Africa as of 2013.
Sources and Additional Information:
Making Finance Work in Africa article, http://www.mfw4a.org/news/news-details/7/mfs-africa-and-mtn-launch-kwikadvance-service-in-ghana.html
National Communications Authority press release, http://www.nca.org.gh/40/105/Market-Share-Statistics.html
MicroCapital story, April 27, 2012, “MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria,” https://www.microcapital.org/microcapital-brief-mtn-stanbic-ibtc-bank-partner-to-provide-mobile-money-services-in-nigeria/
MicroCapital story, March 29, 2012, “MICROCAPITAL BRIEF: Western Union, MTN Launch Mobile Money Transfer Service in Uganda,” https://www.microcapital.org/microcapital-brief-western-union-mtn-launch-mobile-money-transfer-service-in-uganda/
MicroCapital story, November 29, 2011, “MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda,” https://www.microcapital.org/microcapital-brief-mobile-telecommunications-network-mtn-to-offer-mobile-prepaid-product-from-visa-in-nigeria-and-uganda/
MicroCapital Universe Profile: Mobile Telecommunications Network (MTN) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mobile+Telecommunications+Network+%28MTN%29
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