Ghanaian Banks Petition NCA to Ban MTN Money, Tigo Money, Vodafone Cash & Others As These Services Are Affecting Their Profits

MTN Money

The Ghana Banks Union have petitioned the National Communication Authority, requesting that the NCA bans all the various money transfer services the telecommunication companies are operating in Ghana—because, those services have greatly affected their profits.

Following MTN and others’s  proposal to the NCA to ban the various Over-the-Top services such as WhatsApp, Viber, Skype and others on the grounds that these free calling and messaging applications are affecting their huge profit margins—the banks have also realized they need to act quickly to safeguard their profits being encroached on by the telecos in Ghana.

According the Secretary of the Ghana Banks Union, the primarily function as accorded to banks in Ghana is the provision of financial services, while that of telecommunication companies is the provision of telecommunication services. However, the last few years have seen many of telecos ditching their main functions to engage in the business of money transfers, which financial institutions are those solely mandated to do.

Mr. Oppong Nketiah said; “if the telecos are upset and have engaged the NCA to ban the usage of free messaging and calling applications because of how these services are affecting their profits, then it is only reasonable we act too—and we’ve therefore asked the NCA to ban the telecos from performing our functions which undeniably affect our profits too.”

He added; “instead of telecommunication companies concentrating on providing the best service within their sector, they’ve rushed into ours and thereby giving Ghanaians poor services—because they are concentrating on money transfers which is not really their businesses at all.”

The NCA has stated that, it’s considering the request of the banks union seriously and will soon let the telecoomunication companies know of its final decision.