Telecommunication company MTN has refuted rumours it may shut down its Mobile Money (MoMo) service in Ghana.

In a statement in response to the social media speculation about the MoMo service shut down, MTN replied that “it has no intention whatsoever to shut down its services and as a matter of fact, is incapable of doing so as per its regulatory and contractual agreements.”

“MTN MoMo is not a centralised service being operated of the MTN Group level,” the statement said

Read the full statement below:

MTN MoMo remains committed to serving Ghanaians

MTN Ghana has noted with grave concern a message being shared on social media asking about what clients will do in the event of a shutdown of the MTN MoMo Service.

MTN Ghana wishes to state categorically that;

1. It has no intention whatsoever to shut down its services and as a matter of fact, is incapable of doing so as per its regulatory and contractual agreements.

2. MTN MoMo is not a centralised service being operated of the MTN Group level.

3. Customers’ funds are safely lodged with our 18 partner banks in Ghana.

4. MTN MoMo has operated in Ghana for the past 10 years and the track record of its growth and commitment to the Ghanaian market is evident.

Further to these, MTN Ghana would like to state that, through the pioneering of MTN MoMo it has contributed significantly to driving the cash-lite economy agenda and as such remains committed to the over 100,000 Ghanaians it indirectly employs through an ecosystem of merchants and agents.

MTN Mobile Money Service is the first mobile money service to have been launched in Ghana and the first to have received the ISO/IEC 27001:2013 certification.

MTN Ghana has demonstrated its committed to the people of Ghana. Having successfully listed on the Ghana Stock Exchange as a Public Company in 2018,