MMFL expands to 45 products, engages customers at forum -

By ELVIS DARKO, Accra

MobileMoney FinTech LTD (MMFL) has expanded its Mobile Money (MoMo) platform beyond payments and transfers to offer more than 45 products and services spanning loans, savings, investments, pensions, insurance and international remittances.

Yaw Saifah, Senior Manager for BankTech at MMFL, said the expansion reflected changing customer needs and feedback, with the platform increasingly serving as a channel for a wider range of financial services.

Speaking at the company’s MoMo customer engagement forum, he said the services were designed to provide individuals, agents and businesses with options to manage their finances, obtain credit, build savings, invest and prepare for retirement.

The payment services include merchant transactions through the Ghana Quick Response Code (GHQR), which enables customers to pay by scanning a code instead of manually entering a merchant’s number. Customers can also use MoMo to pay electricity and water bills, DStv and GOtv subscriptions, school fees and selected government service charges, including passport-related payments.

On credit, Mr Saifah cited Qwikloan, Car Loan, Express Loan, Busy Loan, Fund Loan, Smart Loan, Extra Cash, Easy Cash and MoBus.

MoBus, he explained, allows eligible customers to complete transactions when their wallet balances are insufficient, subject to the applicable terms and credit limits. For example, a customer with GH¢45 who needs to send GH¢50 could use the facility to cover the shortfall if eligible, with the amount advanced recovered under the repayment arrangements.

The platform also provides financing options for agents and merchants. Agent Flex, offered in partnership with First Atlantic Bank, helps agents supplement their transaction float, while Mi Sika Merchant Loan and First Credit Merchant Loan provide business financing through partnerships with Irishman Savings and Loans and First Bank Ghana, respectively.

Savings, investments and pensions

Mr Saifah said MoMo’s savings products include Yellow Save, Sika Save and Pesachusu, which allow customers to set aside money towards personal and household financial goals.

Investment options include Group For Me, the IC Liquidity Fund from IC Asset Management, Treasury Bills and products associated with Tessa Capital, including Tessa Treasury Trust and the Future Fund.

He urged customers to understand the terms, risks, liquidity conditions and potential returns of investment products before committing their money.

The platform also offers pension products through Universal Pension Trustees and People’s Pension Trust. Mr Saifah said these arrangements provided opportunities for retirement planning, including for self-employed people and workers in the informal sector who might not have regular monthly incomes.

He said customers needed to distinguish between savings intended for immediate expenses and funds set aside for retirement, while choosing products that suited their financial circumstances.

Insurance and international transfers

The insurance portfolio covers life, health, short-duration and business protection products offered through various partners. Products identified in the presentation included Allianz for Life, Prudential Life, MetLife, MyWealth and Impact Life, as well as health cover, short-term insurance and a Business Protection Plan through Coronation Insurance.

Mr Saifah said the products could provide financial protection against specified events, subject to each policy’s terms and conditions. He encouraged customers to understand the coverage, premiums and exclusions before signing up.

MoMo also enables customers to receive international remittances through supported providers. Its outbound transfer service allows customers to send money from Ghana to Nigeria, while the company explores opportunities to extend the service to other countries.

Customers can access available products through the MoMo app or by dialling *170#. Mr Saifah advised them to seek information from the relevant providers before making financial commitments.

Customers urged to protect their wallets

Mr Saifah stressed the importance of safeguarding MoMo accounts as the platform expands into additional financial services.

He urged customers never to disclose their PINs or other security credentials and to remain cautious when responding to suspicious requests for personal information.

The product presentation formed part of MMFL’s wider customer engagement efforts, which bring customers and partners together to discuss service experiences and identify areas for improvement.

The engagement also formed part of MTN Ghana’s 30th anniversary activities under the theme, Connecting People, Enabling Progress. The company said the initiative was intended to strengthen customer relationships and use feedback to improve the delivery of its services.