Prime News Ghana

Airtel Money Wallet holders to enjoy interest on funds starting September

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Airtel Money, a subsidiary brand of Airtel Ghana has announced its readiness to engage partner banks in paying interests earned by customers on their Airtel Money wallets effective 11th September 2016.

The Bank of Ghana issued the guidelines for E-Money Issuers (EMI) in Ghana (2015) to regulate Mobile Money operations in the country. The EMI guidelines directs banks to pay interest on pooled E-value deposits to Telecom operators who will pay these out to eligible customers.

Airtel Ghana’s Head of Corporate Sales, Edmund Barwuah noted “we are excited that the Bank of Ghana has given the green light for us to pay interest accrued on the pooled E-money float for eligible customers effective the second week of September.

“Together with our partner banks, interest earned for the first half of the year will be paid to customers in two tranches with the first payments made by 11th September covering the period January to March and the second payments made by 18th September covering April to June 2016. As with normal practice, interests are computed on a daily basis and will be paid to customers per quarter or as directed by the Bank of Ghana”.

Explaining how the interest will be disbursement, he said “working with our partner banks, eligible customers will receive notification detailing interests earned on their Airtel Money wallet balances and the funds will be immediately credited to their wallets. The communication and the first payments covering January to March should reach eligible customers by 11th September and subsequent payments will follow the same procedure. This is indeed an exciting time to be an Airtel Money customer”.