{"id":406,"date":"2018-07-24T20:21:39","date_gmt":"2018-07-24T18:21:39","guid":{"rendered":"http:\/\/www.jongore.com\/blog\/?p=406"},"modified":"2018-07-24T20:24:57","modified_gmt":"2018-07-24T18:24:57","slug":"406","status":"publish","type":"post","link":"https:\/\/www.jongore.com\/blog\/fintech\/406\/","title":{"rendered":"MTN Ghana: The Greatest Mobile Money Success Story"},"content":{"rendered":"<p>I am working in Accra, Ghana right now, and will be here for 5 days.\u00a0 JUMO works with MTN Ghana on a financial services product called QWIKLOAN, which is in my opinion one of the greatest mobile money products ever launched.\u00a0 Yah I said it M-Shwari&#8230;\u00a0 But the reason QWIKLOAN has been a massive success is that MTN Ghana put in the hard work building the mobile money ecosystem.\u00a0 \u00a0After the introduction of the E-Money issuers guidelines by the Bank of Ghana in July 2015, MTN Ghana management put together a five-tier plan to drive customer activity in their expanding ecosystem.\u00a0 They realized that growth in accounts didn&#8217;t mean the success of the ecosystem;\u00a0rather, that retention and activity would be the key metrics that decided long-term revenue.\u00a0 Below are their growth and the five-tier plan from the <a href=\"https:\/\/www.gsma.com\/mobilefordevelopment\/wp-content\/uploads\/2018\/05\/GSMA_2017_State_of_the_Industry_Report_on_Mobile_Money_Full_Report.pdf\">GSMA report.\u00a0<\/a><\/p>\n<p><a href=\"http:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-407\" src=\"http:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo.png\" alt=\"\" width=\"952\" height=\"443\" srcset=\"https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo.png 952w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-300x140.png 300w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-768x357.png 768w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-700x326.png 700w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-520x242.png 520w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-360x168.png 360w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-250x116.png 250w, https:\/\/www.jongore.com\/blog\/wp-content\/uploads\/2018\/07\/MTN_Ghana_MoMo-100x47.png 100w\" sizes=\"auto, (max-width: 952px) 100vw, 952px\" \/><\/a><\/p>\n<blockquote>\n<ul>\n<li>\u00a0<strong>Education:<\/strong> An early and continued focus on ensuring every customer was shown how to conduct a transaction when registering and then conducted one on their own in the presence of an agent.<\/li>\n<li><strong>Customer and agent incentives:<\/strong> Customers were monitored and incentivised\u00a0to continue transacting via mobile money with frequent public holiday promotions (e.g. over Independence Day). For agents, incentives tied to customer activity enticed them to encourage customer transactions. For example, agents received remuneration for the second and third transaction a new customer made within their first month of registering.<\/li>\n<li><strong>Increased engagement<\/strong>: Door-to-door information sharing and use of community activators who spread awareness of the potential benefits of mobile money.<\/li>\n<li><strong>Immediate mobile money registration:<\/strong> When a customer registers as an MTN Ghana customer, they are instantaneously registered as an MTN Ghana mobile money customer.<\/li>\n<li><strong>Increased investment:<\/strong> For example, proactive investment in agent visibility, training and increasing the number of agents in the field.\u00a0\u00a0Building partnerships with banks, merchants (e.g. satellite TV and utility providers), small and medium-sized enterprises (SMEs) and microfinance institutions (MFIs) was also critical to MTN Ghana\u2019s success, and would not have been possible without CEO and senior-level buy-in and support. Additionally, customers are responding to the opportunity to earn interest by keeping more funds in their mobile money accounts and performing more digital transactions.<\/li>\n<\/ul>\n<\/blockquote>\n<p>MTN Ghana haven&#8217;t pulled back on this strategy, and I can see this plan emphasised across their office in posters and the interactions I have there.\u00a0 I&#8217;m proud to be partnered with a company that built an ecosystem that has changed millions of peoples lives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am working in Accra, Ghana right now, and will be here for 5 days.\u00a0 JUMO works with MTN Ghana on a financial services product called QWIKLOAN, which is in my opinion one of the greatest mobile money products ever launched.\u00a0 Yah I said it M-Shwari&#8230;\u00a0 But the reason QWIKLOAN has been a massive success [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-406","post","type-post","status-publish","format-standard","hentry","category-fintech"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/comments?post=406"}],"version-history":[{"count":3,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":410,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/406\/revisions\/410"}],"wp:attachment":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/media?parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/categories?post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/tags?post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}