MTN, the mobile telecommunication network, is urging the public to stay vigilant to protect themselves from falling prey to mobile money fraud, a problem that has been plaguing many subscribers in recent years. Scammers cunningly pose as representatives of mobile telecom companies, tricking unsuspecting individuals into believing them and ultimately defrauding them. Despite numerous instances … Read more
Accra, July 11, 2023 – In a significant move to combat cybercrime and protect the rights of individuals seeking financial assistance through digital lending apps, the Cyber Security Authority, in collaboration with the Bank of Ghana and the Economic and Organized Crime Office (EOCO), has successfully conducted a joint operation leading to the arrest of … Read more
The Coalition of Individual Bondholders Groups, consisting of the Individual Bondholders Association of Ghana (IBHAG) and Individual Bondholders’ Forum (IBF), has announced plans to picket the Ministry of Finance from July 6 onwards. The coalition, comprising approximately 3,000 individual bondholders, is demanding payment of their bonds and resolution of their grievances. Government’s failure to honor … Read more
Shareholders of GCB Bank have voted overwhelmingly to allow the bank to raise up to GH¢1 billion in additional equity capital. This injection of funds will primarily be used to meet regulatory capital adequacy ratio requirements, enhance deal-making capacity, and take advantage of market opportunities. The bank’s Managing Director, Kofi Adomako, expressed gratitude for the … Read more
In a recent report by Bloomberg, Ghana’s local currency, the Cedi, has been classified among African currencies with the ‘worst spot returns.’ The World Currency Ranker placed the Cedi’s performance at 17th, showing a depreciation of 11.21 percent. The Cedis Against the US Dollar Although the Cedi experienced a loss of about 11.21% against the … Read more
The Bank of Ghana (BoG) has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. “By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer … Read more
In an SMS circular to customers, MTN MobileMoney Limited said, “Y’ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below Ghc2,000 will attract a fee of 1%. Cash-out transactions from Ghc2,000 and above will attract a flat fee of Ghc 20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just Momo it”.
Inflation can occur in nearly any product or service including need based expenses such as housing, food ,medical care and utilities as well as want expenses like cosmetics and jewelry, once inflation becomes prevalent throughout an economy , the expectation of further inflation becomes an overriding concern in the consciousness of consumers and business alike. … Read more
Being financially savvy or intentional about your money and saving is a key trait of a successful person. Most people also waste money on clubbing partying and a lot of times find themselves wanting within the middle of the month. But here are some popular ways to save money within this hard economy.
The mobile money platform has solidified its position as the most widely used and accepted payment system in the country, as data from the Bank of Ghana shows its transactional value is bigger than all the others combined. According to the Summary of Economic and Financial report (July 2021), the mobile money payment platform has hit a … Read more