Selorm Adadevoh, the outgoing Chief Executive of MTN Ghana, has emphasized that the company currently has no immediate plans to establish a bank through its mobile money business.

He further stated that MTN's focus is on collaborating with commercial banks to provide financial services to its subscribers.

“I get this question a lot, but as at today, I want to assure you that this is not on the table. MTN is committed to working with the commercial banks to expand the fintech eco system,” he said on JoyNews' PM EXPRESS BUSINESS EDITION on February 15, 2024.

When asked about the possibility of MTN establishing a bank upon assuming his new role as Chief Commercial Officer of the group, Mr. Adadevoh stated that he did not have an answer to that question.

Speculation about MTN Ghana's intention to become a bank has circulated for some time. The telecom operator was observed by some to be installing machines resembling ATMs in strategic locations, but these were later removed.

MTN's dominance in the mobile money sector has seen significant growth. The Bank of Ghana, in regulating the mobile money sector, mandated telecom operators to separate mobile money operations from their core telecommunications activities. This led to the establishment of MTN Mobile Money Limited to oversee its operations.

Bank of Ghana data indicates that the total value of mobile money transactions in 2023 exceeded GH¢1 trillion, with the MTN platform accounting for more than half of these transactions. The total number of registered mobile money accounts reached 817,000 by the end of 2023.

These developments have fueled speculation that MTN is laying the groundwork to become a fully-fledged financial institution. However, Mr. Adadevoh reiterated that MTN remains committed to collaborating with banks to expand financial services to the public.

Regarding concerns about the potential impact of Artificial Intelligence (AI) on jobs at MTN, Mr. Adadevoh argued against this notion, suggesting that the situation would be different in Ghana's case. He emphasized the importance of considering the benefits of AI in improving service quality and expanding network coverage.

“We all have a responsibility to work hard to adapt to the situation to ensure that we stay in business and not lose out and that is what it is” He added

Mr. Adadevoh added that even though AI will affect some kinds of jobs, the point must be made that it will equally create more jobs.

“Artificial Intelligence will affect some types of Jobs, but it will also create some kinds of jobs”.