MTN Mobile Money Ltd (MoMo) has marked a significant milestone, celebrating 15 years of revolutionizing Ghana’s financial technology with a grand awards ceremony honoring its esteemed partners.
The event, a culmination of the anniversary activities, brought together stakeholders from across the country to commemorate a shared vision that began with the launch of the innovative mobile money service.
From its humble beginnings with the catchy phrase “minsaka,” MTN MoMo has evolved into a financial powerhouse, championing financial inclusion and redefining the way Ghanaians transact. The evening was dedicated to recognizing the immense contributions of partners who have played a pivotal role in building the MoMo brand and driving the vision of a cashless society forward.
Reflections on 15 Years of Progress
Mr. Haruna Shaibu, CEO of Mobile Money Limited, reflected on the remarkable 15-year journey of mobile money in Ghana during a commemorative event. He acknowledged the presence of key stakeholders, including representatives from the Bank of Ghana, the FinTech and Innovation Office, the Ghana Revenue Authority, and other state institutions.
Also present were members of Mobile Money Limited’s board and MTN Ghana’s leadership, notably CEO Stephen Blewett, a passionate advocate for mobile money. The celebration aimed to honor the contributions of various stakeholders to the growth of mobile money and the broader FinTech industry in Ghana.
Expressing gratitude, Mr. Shaibu, on behalf of Mobile Money Limited and MTN Ghana, thanked stakeholders for their unwavering support, particularly the millions of Ghanaians who rely on mobile money for daily transactions and essential services. He emphasized that their patronage has been the cornerstone of the business’s success and the reason for this celebration. He also extended heartfelt thanks to the Bank of Ghana for embracing what might have seemed like a bold idea 15 years ago and for introducing forward-thinking policies that have significantly advanced financial and digital inclusion in Ghana.
To our partners, what would we have done without you? Our bank and non-bank partners, you’ve been awesome. We started this journey with nine partner banks, and today, we have nearly all banks operating on this platform. And thank you for making this possible. Thank you our vibrant FinTech community. It’s amazing the journey some of them have been through starting off from vast service providers and quickly realizing the opportunity authentic and jumping on and driving and orchestrating all the innovation that we see happening on our platform. I also want to take this opportunity to appreciate our agents, merchants who believed in us, initially had some doubts, but saw the value and also supported this business through a difficult time, as well as the great times today, and I believe that we have a bright future with them into the future.”
Mr. Haruna Shaibu expressed deep gratitude to the staff of Mobile Money Limited for their invaluable contributions, highlighting their dedication and passion in ensuring customers understood the service. He particularly acknowledged the pioneering staff, including Mr. Bruno Akapa, the first General Manager for Mobile Money, whose efforts laid the foundation for the service’s success. Reflecting on the initial challenges, he admitted that the concept of mobile money seemed abstract and unexciting at first, even to the team, but the commitment of the early staff turned it into a transformative reality.
You know, at the time, we were busy growing our ultra-low-cost handset drive to get a lot of Ghanaians connected, to use basic services such as voice call and SMS, and to think about, you know, orchestrating financial services on a Mobile phone was quite an abstract concept. I think it got home as Bruno became that ambassador who kept at it, pursuing and engaging different stakeholders to get this product off the ground…”
Mr. Haruna Shaibu highlighted the introduction of a pioneering multi-bank partnership model under the leadership of Bruno Akapa, the first General Manager of Mobile Money Ltd. Unlike most African deployments that relied on single-bank collaborations, this unique approach reflected MTN’s strong commitment to a partnership-driven philosophy. He emphasized that building sustainable, long-term relationships remains central to the company’s strategy for business evolution and growth.
Mr. Shaibu acknowledged the challenging beginnings of the journey, describing the initial phase as slow and extremely difficult. Introducing a groundbreaking technology that disrupted traditional methods of using money required a significant effort to educate customers unfamiliar with the processes and benefits. Innovative customer engagement strategies were employed to build trust and encourage adoption. He emphasized that what eventually became a widely used service had to be nurtured over time, with MTN’s leadership playing a critical role in supporting this gradual transformation.
Reflecting on the first six years, Mr. Shaibu highlighted the importance of sustained investment and a vision of financial inclusion, which were pivotal to the business’s resilience and eventual success. The early years were marked by a commitment to seeing the venture mature, despite the initial hurdles. Today, MTN’s story is one of triumph, demonstrating the power of perseverance and innovation in shaping a revolutionary service.
Transforming Ghana’s Economy and FinTech Industry
Reflecting on this milestone, Mr. Shaibu expressed gratitude for the unwavering support of customers and partners who have propelled the service into becoming a transformative force in Ghana’s economy and the FinTech landscape. “After 15 years, we are happy to say we have co-created and contributed significantly to Ghana’s economy, as well as building a resilient FinTech industry,” Mr. Shaibu stated. He highlighted the visible benefits of MoMo, citing its profound ripple effects on daily transactions and retail operations.
Central to this success, Mr. Shaibu emphasized, are the customers. “Our customers are at the center of what we do. We want to re-emphasize their contribution to this business by believing and trusting in the service over the last 15 years. And we want to say a big thank you to them.”
As part of the “MoMo at 15” celebration, MTN Ghana has rolled out a series of customer-centric initiatives to deepen engagement and appreciation. These include neighborhood and market center interactions, customer promotions, and educational campaigns aimed at empowering users with knowledge to safeguard themselves against fraud.
The next phase of our evolution is even more interesting as we reflect on our journey so far, it is opportunity to also articulate our ambition for the next decade. The Ghanaian fintech industry is on the verge of an explosive growth and I, hope you believe in that, given the robust infrastructure and policy framework that are in place and also being contemplated, we believe we are on the verge of an even stronger evolution of this industry. It is a fact that despite all the great prize that we’ve achieved, the level of service penetration in critical areas in the financial ecosystem is still very low.”
The celebration also underscores MTN’s commitment to expanding financial inclusion by onboarding more users into the MoMo ecosystem. Acknowledging the challenges posed by fraud, Mr. Shaibu noted the importance of partnerships with relevant stakeholders to uphold the integrity of the platform.
The 2024 MoMo Awards
The 2024 MTN MoMo Awards marked a grand celebration of 15 years of mobile money (MoMo) operations in Ghana, recognizing the extraordinary contributions of individuals, companies, and institutions that have propelled mobile money to its current heights. This milestone event highlighted innovation, partnership, and commitment to financial inclusion, showcasing the transformative impact of mobile money on Ghana’s economy.
Honoring Excellence in FinTech
The FinTech category emerged as a standout feature of the awards, underlining the pivotal role financial technology plays in enhancing mobile money services. This year’s honorees showcased the transformative impact of innovation in the FinTech space, redefining how businesses, governments, and individuals engage with digital financial services. The recognition in this category celebrated organizations that have significantly contributed to the growth and efficiency of the mobile money ecosystem.
Insano FinTech took the center stage by earning the inaugural FinTech Partner of the Year (B2B) award, underscoring its exceptional role in fostering impactful business-to-business collaborations. appsNmobile distinguished itself with the Most Innovative FinTech Partner award, lauded for its groundbreaking solutions that have redefined the mobile money user experience. Hubtel solidified its dominance in government financial solutions, winning FinTech Partner of the Year (Government) for its seamless payment process innovations. Similarly, BluPenguin was commended for its vital role in merchant partnerships, receiving the FinTech Partner of the Year (Merchants) award.
Hubtel further demonstrated its industry leadership by claiming the prestigious title of Overall Best FinTech Company. This accolade cemented its reputation as a trailblazer in mobile money solutions, reflecting its consistent contributions to advancing Ghana’s digital financial landscape.
Recognizing Product Innovations
The product category of the awards celebrated companies that introduced groundbreaking solutions, showcasing their ability to transform the mobile money ecosystem. These innovations highlighted the evolving nature of the financial landscape, emphasizing inclusivity, efficiency, and enhanced user experiences. Each honoree demonstrated excellence in addressing key challenges within the industry, driving accessibility and fostering growth.
Letshego Savings and Loans emerged as a notable winner, earning recognition as the Bank Partner of the Year (Lending) for seamlessly integrating lending solutions into the MoMo ecosystem. Jumo, celebrated as the FinTech Partner of the Year, played a pivotal role in transforming lending with MTN’s Quick Loan product, which has revolutionized credit accessibility. IT Consortium further distinguished itself by redefining remittance services, ensuring convenience and ease of use for users, a feat that earned it the Remittance Partner of the Year award.
Agent Flex, an innovative product developed by Tyra and FAB, received accolades as the Most Innovative Product of the Year. This pioneering solution has empowered agents within the MoMo industry, bolstering operational efficiency and enhancing the service delivery chain.
Special Recognition Awards
A highlight of the evening was the celebration of individuals whose contributions have profoundly shaped the evolution of mobile money in Ghana. Madam Rita Tetteh, honored as the Original MoMo Icon, stood out for her pivotal role as the face of MTN MoMo in its early days. Her appearance in the groundbreaking commercial played a critical part in fostering widespread adoption of mobile money services. In recognition of her lasting impact, she received a plaque and a cash prize, symbolizing her enduring legacy in Ghana’s financial technology narrative.
Equally notable was the recognition of Mr. Archie Hesse, CEO of Ghana Interbank Payment and Settlement Systems (GhIPSS), as the FinTech Champion of the Decade. His unwavering dedication to advancing financial technology has left an indelible mark on the industry. Reflecting on the journey of mobile money, Mr. Hesse recalled the initial skepticism surrounding the concept in 2008, expressing pride and gratitude for witnessing its remarkable transformation. His leadership has been instrumental in bridging the gap between traditional banking and mobile money, solidifying his place as a visionary in Ghana’s digital financial evolution.
Celebrating Partners: Government, Corporate, and Technology
The awards celebrated the vital partnerships that have driven the success of MTN MoMo, highlighting the collaborative efforts of government, corporate, and technology stakeholders. These partnerships have been instrumental in enhancing accessibility and efficiency within the MoMo ecosystem, transforming the way Ghanaians engage with financial services. By integrating mobile money solutions into everyday transactions, these partners have played a crucial role in fostering financial inclusion and convenience.
Among the honorees, the Electricity Company of Ghana (ECG) was recognized as the Government Partner of the Year for its seamless integration of MoMo into electricity bill payments, making the process more accessible to customers.
Keith Ghana Limited earned distinction as the Corporate Partner of the Year for its significant contributions to the expansion of MoMo services, ensuring wider reach and adoption. Ericsson Technology, celebrated as the Technology Partner of the Year, was commended for its innovative contributions, providing the backbone of cutting-edge solutions that support the MoMo platform.
Industry Achievements
The MoMo Awards highlighted remarkable industry achievements that have shaped the mobile money landscape, celebrating key players whose contributions have driven growth and innovation. Recognizing the importance of a collaborative ecosystem, the awards underscored efforts that have enabled interoperability, strengthened agent networks, and fostered financial inclusion. These honorees have collectively advanced the mobile money agenda, enhancing accessibility and reliability for users across Ghana.
GhIPSS earned acclaim for its pivotal role in expanding the FinTech ecosystem by enabling interoperability and promoting seamless digital payments. Supporting this growth, associations like the Mobile Money Agents Association of Ghana (MOMAG) and the Money Agents Association of Ghana (MoMA) were jointly honored for their vital contributions to sustaining agent operations and ensuring service availability. The Bank of Ghana also stood out for its progressive regulatory framework, which has provided a solid foundation for innovation and financial inclusion.
Agent and Merchant Awards
Acknowledging the efforts of agents and merchants who serve as the backbone of the MoMo ecosystem, two key awards were presented: Ike Bediako emerged as the Overall Best Agent for 2024, earning recognition for his exceptional service and commitment to excellence. His dedication was rewarded with a motorbike, symbolizing his vital role in enhancing MoMo accessibility. Similarly, China Mall was honored as the Overall Best Merchant for its outstanding performance and significant contributions to the MoMo ecosystem.
The recognition, which included a plaque and a cash award, highlighted the merchant’s impact in promoting seamless digital transactions. These awards exemplify the importance of collaboration at all levels in sustaining the mobile money success story.
Climaxing 15 Years of Mobile Money
The MoMo Awards 2024 served as an evidence to the remarkable strides Ghana has made in financial inclusion through mobile money. From its inception, MoMo was a novel concept, unfamiliar to many, yet today it stands as a cornerstone of Ghana’s financial ecosystem.
This journey was made possible by the visionaries, partners, and innovators who embraced the potential of mobile money, transforming it into a vehicle for economic empowerment. As MTN MoMo celebrates 15 years, the awards ceremony not only reflected on past achievements but also set the stage for a future of continued innovation and inclusivity.
Congratulations to all the winners and stakeholders who have contributed to this incredible journey. Here’s to many more years of mobile money success!
Pioneering Leadership in Mobile Money
The success of mobile money in Ghana would not have been possible without the visionary leadership and unwavering commitment of key individuals and institutions. These pioneers laid the foundation for what has become a transformative financial tool, driving economic empowerment and inclusion across the nation.
Madam Rita Tetteh, celebrated as the Original MoMo Icon, played a significant role in introducing mobile money to Ghanaians. Her appearance in the first MTN MoMo commercial made the concept relatable, reaching people in their homes, workplaces, and recreational spaces. This initial spark of awareness catalyzed the rapid adoption of mobile money services across the country.
Similarly, Mr. Archie Hesse, CEO of GhIPSS, stands out as a cornerstone of the ecosystem’s development. His vision for integrating payment systems and creating interoperability has significantly enhanced the functionality and reach of mobile money. Mr. Hesse’s acknowledgment as the FinTech Champion of the Decade highlights his critical role in shaping the landscape and driving innovation.
Institutions like the Bank of Ghana have also demonstrated exemplary leadership. Recognized for Progressive Regulation and Financial Inclusion, the Bank of Ghana has been instrumental in crafting policies that encourage innovation while safeguarding user interests. This regulatory foresight has enabled mobile money to flourish as a reliable and secure financial platform.
These leaders and their pioneering efforts have turned mobile money from a concept into a reality that impacts millions of lives daily. Their contributions underscore the importance of visionary leadership in fostering transformative technologies that redefine financial systems. As Ghana celebrates 15 years of mobile money, their legacy serves as a reminder of the power of innovation combined with dedicated leadership.