MTN Ghana in collaboration with Fidelity Bank has introduced another mobile money innovation that allows customers to send money directly from their MTN mobile wallets into a Fidelity account for savings.
The innovative product dubbed "MTN Yello Save", comes as a feature in MTN Mobile Money App in the Google Play Story, which could be downloaded on the customer's phone and used to select a bank and create an account into which one could transfer money from his or her mobile wallet for savings.
The service is also available on *170#.
This new product comes on the back of the introduction of the Electronic Money Issuers (EMI) by the Bank of Ghana to enable telcos and banks to collaborate stronger and deliver value to mobile money customers.
It was the same guidelines that enabled telcos to now give quarterly interest on the balance in customers' mobile wallets, which begun late last year.
Indeed since the introduction of the EMI Guidelines, MTN has also collaborated with Ecobank Ghana to enable its mobile money customers to use their mobile wallets to buy government treasury bills via Ecobank.
Chief Executive of MTN Ghana, Ebenezer Twum Asante said the partnership between telcos and the banks has been "very very good" so far because it is really pushing Ghana toward realizing its financial technology (FinTech), financial inclusion, and the ultimate cash-lite society agenda.
He said the Yello Save Account is designed to give subscribers a convenient way to save and earn interest of up to 12% per annum.
"We believe it is a good way to mobilize funds and help people cultivate the habit of savings, no matter how little they have to save," he said adding that "this also mean you can save you coins without having to walk to a banking hall and join long queues."
The MTN Ghana Boss is confident that with the over 8 million MTN MoMo subscribers and over 58,000 agents across the country, the MTN Yello Save platform will become an import avenue for subscribers to get the benefit of savings.
He, therefore, called on Ghanaians in the informal sector to look at the track record of MTN in paying a total of GHC34,343,000 as quarterly interest to mobile money customers in 2016, and the TBILL4ALL service launched last year with Ecobank, and take advantage of MTN Yello Save.
Managing Director of the Fidelity Bank Ghana Limited, Jim Baiden said the bank decided to partner MTN Ghana to bring the ‘‘MTN Yellow Save’’ because Mobile Money has succeeded in reaching the masses and drive the financial inclusion agenda stronger than the banks.
He believes ‘‘MTN Yellow Save’’ will empower Ghanaians to save and change their fortunes and attain financial security for themselves and their families.
‘‘We are proud to partner with MTN, the leading mobile money service provider, to create a product that will provide a growing number of mobile money users a saving product that they can open instantly and build their savings," he said.