MTN Ghana denies plans to establish a bank, emphasizes commitment to collaboration with commercial banks

Selorm Adadevoh, the outgoing Chief Executive of MTN Ghana, has categorically stated that the company currently has no immediate plans to establish a bank through its mobile money business. Addressing speculations during an interview on PM EXPRESS BUSINESS EDITION on February 15, 2024, Adadevoh emphasized MTN's commitment to collaborating with commercial banks to deliver financial services to its subscribers.

“I get this question a lot, but as of today, I want to assure you that this is not on the table,” Adadevoh clarified. He reiterated MTN's dedication to working with commercial banks to expand the fintech ecosystem.

Responding to inquiries about the possibility of MTN establishing a bank in the future, especially after assuming his new role as Chief Commercial Officer of the group, Adadevoh stated that he currently had no answer to such a proposition.

MTN's potential foray into banking has been a subject of discussion, with observers noting the installation and subsequent removal of machines resembling ATMs at strategic locations. Despite its dominant position in the mobile money space, Adadevoh affirms MTN's commitment to collaboration with banks rather than establishing a standalone financial institution.

The Bank of Ghana, in a move to regulate the mobile money space, directed telecom operators to separate mobile money operations from their primary telecommunications functions. This led to the establishment of MTN Mobile Money Limited to oversee its mobile money operations.

The Bank of Ghana reported that the total value of mobile money transactions in the country exceeded GH¢1 trillion in the previous year, with MTN's platform accounting for a significant portion of these transactions. The total number of registered mobile money accounts reached 817,000 by the end of 2023.

Addressing concerns about the impact of Artificial Intelligence (AI) on employment at MTN, Adadevoh disputed claims of job losses, asserting that AI deployment would bring benefits such as enhanced service quality and network expansion. He highlighted the responsibility to adapt to the changing landscape and underscored that AI, while affecting certain jobs, would also create new employment opportunities.