Monthly growth in transfers hits double figures
MTN Mobile Money has become the fastest growing method of receiving WorldRemit international money transfers in Ghana.
The number of transfers received on mobile accounts is growing by 13% per month on average, as Ghanaians abroad discover the convenience of sending instantly to MTN Mobile Money.
Countries sending the most money to Ghana include the United Kingdom, USA and Australia.
WorldRemit is the global leader in international transfers to Mobile Money, with connections to 32 services in 24 countries across Europe, Africa and Asia.
The increased use of Mobile Money in remittances is also driving a new phenomenon – ‘micro remittances’, where people send smaller amounts, more often.
Mobile Money is most commonly used for transfers of less than 300 Cedi, with the average WordRemit sender transferring around three times per month.
“Ghanaians are taking advantage of low-fee, instant mobile transfers to send money for specific purposes, right when it is needed. In the past, people often sent a single lump sum, once a month. Today, with MTN Mobile Money, they can help with unexpected bills or family expenses whenever they arise,” said Alix Murphy, Senior Mobile Analyst at WorldRemit.
“Instant messaging also has a role to play in driving these type of micro-remittances. Ghanaians are constantly talking to their family and friends abroad and many of those discussions are about their personal finances,” added Ms Murphy.
Speaking about the partnership, Eli Hini, General Manager, Mobile Financial Service at MTN said: “The ability to instantly receive international remittances from around the world is another reason why Ghanaians are increasingly using MTN Mobile Money to address their day-to-day financial needs.
“WorldRemit’s service extends the usefulness of mobile money beyond our borders to reach the entire global Ghanaian community. With more than 40,000 of our agent points and more than 600 Partner bank ATMs across Ghana, the service can be enjoyed by all MTN Mobile Money customers. It is instant, totally secured and very convenient.”
WorldRemit was established in 2010 and sends more than 400,000 transfers worldwide every month. A third of WorldRemit money transfers are received via Mobile Money.
The company began offering transfers to MTN Mobile Money in Ghana in January 2013.
Mobile Money technology is seen as a major factor in extending financial services to people who have not previously had access. In Ghana, about 70% of adults are either unbanked or underbanked(1), whereas 91% have access to a mobile phone(2).
- 100,000+ transfers on WorldRemit are sent to Mobile Money accounts every month, equivalent to a third of all money transfers. More than 50% of all transfers to Africa are currently received as Mobile Money.
- Nearly 100 million individual Mobile Money accounts can be reached as part of WorldRemit’s network of partnerships with leading Mobile Money providers
- 32 Mobile Money services in 24 countries across Europe, Africa and Asia are connected to WorldRemit – from Armenia to Zimbabwe.
MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly and Pay As You Go Services. The company has committed itself to delivering reliable and innovative services that provide value for subscribers in Ghana’s telecommunications market. MTN has continuously invested in expanding and modernizing its network since its entry into Ghana in 2006.Total investments from 2006-2015 are about US$2.512 billion. MTN has the widest 2G coverage across the length and breadth of Ghana. The company has also built three modern Switch and Data centres to deliver stable, reliable, efficient and robust Telecom and Data Services to customers.
Launched in 1994, MTN is a global telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The countries are: Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN”.
WorldRemit is changing the way people send money. It’s easy – just open the app or visit the website – no more agents.
- Transfers to most countries are instant – send money like an instant message.
- More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
- Available in more than 50 countries and 125+ destinations.
- Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
- WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015.
WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand.