MTN Mobile Money Launches Cashless Market Initiative

MTN Mobile Money Limited has officially launched its “Cashless Market” initiative, aimed at promoting a cashless economy by enabling trading and transactions without the use of physical cash.

This groundbreaking initiative is a collaborative effort between MTN, banks, small and medium enterprises (SMEs), the fintech community, and the Bank of Ghana.

Speaking at the launch at the Tetteh Quarshie Interchange in Accra, Sylvia Otuo-Acheampong, the Chief Officer of Mobile Financial Services, expressed her enthusiasm for the initiative. The event which is currently ongoing also seeks to demonstrate how a cashless society can function efficiently using mobile money.

She highlighted how mobile money has matured to the point where it can support a fully cashless system, allowing customers and merchants to conduct transactions seamlessly without handling cash.

“This is the first edition of the Cashless Market, and we are thrilled to have all ecosystem partners on board to support this project. The goal is to help Ghana transition into a cashless economy, similar to what we see in countries that are big on card payments,” she said.

MTN Mobile Money’s leadership is focused on ensuring consumer education and protection from fraud; emphasizing that the key to reducing fraud lies in educating consumers about safe transaction practices.

She encouraged users to remain vigilant, avoid sharing personal identification numbers (PINs), and be cautious of suspicious calls that aim to defraud them. The company continues to work closely with security agencies to clamp down on fraudulent activities.

The Cashless Market initiative, part of MTN’s 15th-anniversary celebrations, will run for three days and aims to encourage the use of mobile money for all transactions.

The company has introduced a new mobile app to enhance the customer experience, allowing users to view statements, set up recurring payments, and enjoy more features.

MTN has also launched a “Refer-a-Friend” program, rewarding users with free data when they invite others to download and use the app.

Sylvia Otuo-Acheampong also expressed her gratitude to all partners, and the SMEs participating in the Cashless Market. She encouraged customers to embrace mobile money and enjoy the convenience, speed, and security it offers.

Looking ahead, MTN plans to expand the Cashless Market initiative to other regions based on the success of this inaugural edition, bringing financial inclusion to more Ghanaians and promoting the adoption of digital financial services across the country.

The event was held in partnership with GCB, Access Bank, Hubtel, miLife Insurance, Chango, Republic Bank (Ghana) PLC, and ITCONSORTIUM.