Mr Serame Taukobong, Chief Executive Officer of MTN, has said that the future of mobile money in Ghana was bright and that the quest to achieve a cashless society was not far from being achieved.

He said MTN was focused on the objective of making mobile money the leading mode of payments in Ghana, adding that the growing popularity of the Mobile money brand was an indication that the service has become the generic name for almost all mobile phones powered financial service in the country.

Mr Taukobong said this at the launch of the 2014 and third mobile money month celebration on Wednesday in Accra. He said the celebration marked five years since MTN introduced a cash management service unto the Ghanaian market targeted at the unbanked to give them the opportunity to transfer money to friends and loved ones using the mobile phone.

He said since its inception, there were over one million active MTN mobile money customers as well as over 6.5 million transactions recorded on a monthly basis. “MTN Ghana is also ranked second on the list of mobile money operations within the MTN group. MTN mobile money has been launched in 15 operations within MTN group and with a total customer base of 18 million,” he said.

He said apart from the money transfer and airtime top up, MTN had designed more relevant services on the platform aimed at giving the customer more convenience on the network.

The services include the bill payment options system for subscribers to be able to pay their DSTV and ECG bills and school fees as well as partnering some retail shops both local and abroad, and some restaurants to give patrons the opportunity to make payments via the mobile money service.

Mr Taukobong said partnership was being pursued with insurance companies, educational institutions and organisations to ensure that their transactions were done through MTN mobile money.

“We are also targeting SME’s, especially the Micro Finance Companies to enable their customers receive their loan disbursements and repayments through their mobile money wallets”, he added.

He said the mobile money service contributed significantly to the economic growth of the country, adding that apart from the convenience it creates for individual customers, it was also a cheaper and safer way of transferring money to loved ones and associates.

He said the mobile money service had also become a major source of employment and a source of income for many people. “We currently have recorded over ten thousand Ghanaians who serve as merchants in all districts, towns and villages across the country,” he said.

Mr Taukobong urged all customers to break from the traditional methods of undertaking cash transactions and explore the advantages that technology presents and appealed to people to register for the mobile money service and sign up to all the services available to enjoy the convenience it brings.