The outgoing Chief Executive of the MTN Ghana, Selorm Adadevoh, has insisted that the company does not have any immediate plan of establishing a bank through its mobile money business.
“I get this question a lot, but as at today, I want to assure you that this is not on the table”, he told George Wiafe on PM EXPRESS BUSINESS EDITION on February 15, 2024.
According to him, MTN is rather committed to working with commercial banks to deliver financial services to its subscribers.
“MTN is committed to working with the commercial banks to expand the fintech eco system”, he reiterated.
Responding to a question of pushing for MTN Bank upon assumption of his new role as Chief Commercial Officer of the group, Mr. Adadevoh said he had no answer to that.
MTN and establishing a fintech “Bank” in Ghana
News of MTN Ghana pushing to become a bank has been around for a while. The telecom’s operator was seen by some observers putting some machines which looked like ATM in strategic locations but were later removed.
MTN’s dominance in the mobile money space has witnessed some significant growth.
The Bank of Ghana in regulating the mobile money space directed telecom operators to separate the mobile money from the main telecommunications work.
This led to the embellishment of the MTN Mobile Money Limited to supervise its operations.
The Bank of Ghana data puts total value of mobile money transactions for last year at more than GH¢1 trillion and it’s believed that the MTN platform accounts for more than half of the transactions.
According to the Bank of Ghana, the total number of registered mobile money accounts is at 817,000 by the end of 2023.
These developments have led to some argument that MTN is preparing the grounds to become a fully fledge financial institution.
However, Mr. Adadevoh maintained his outfit is still committed to working with the banks to extend financial services to the public.
MTN and impact of Artificial intelligence AI
There are concerns that the full deployment of Artificial Intelligence (AI) could result in loss of jobs at MTN.
Mr. Adadevoh, however contended that assertion explaining that the situation will be different in Ghana’s case.
He is of the view that it will be prudent to look at the benefits of AI to quality service and network expansion.
“We all have a responsibility to work hard to adapt to the situation to ensure that we stay in business and not lose out and that is what it is” He added
Mr. Adadevoh added that even though AI will affect some kinds of jobs, the point must be made that it will equally create more jobs.
“Artificial Intelligence will affect some types of Jobs, but it will also create some kinds of jobs”.