MTN Group looks to support growing demand driven by mobile banking
WASHINGTON – In an effort to support skyrocketing demand, South African telecom player MTN Group on March 20 announced plans to invest $123 million in upgrading and expanding its mobile data network in Ghana.
Subsidiary MTN Ghana CEO Serame Taukobong told the press and investors at an event in Accra that the company’s capital expenditures will cover development of new products and services as well as continued expansion of current services, according to Biztech Africa.
Ghana, a state of about 27 million people, has had a stable democratic government since 2000, and a nominal GDP of $70 billion.
MTN Group currently provides a financial transaction service, similar to the popular Kenya M-Pesa system, via its MTN Mobile Money Wallet, which allows users to make regular financial transactions via their mobile devices.
Taukobong was quick to point out that the Mobile Money Wallet is a popular service for both consumers and businesses.
As part of MTN Group’s investment, it will add 112 new 3G sites in order to keep up with the proliferation of smartphones and mobile Internet use.
A large portion of the funds allocated will also go to infrastructure support systems. Ghana is currently unable to produce enough electrical power to meet all of its needs.
MTN Group, launched in 1994, operates in 22 countries around Africa and the Middle East and provides voice and data service to some 208 million customers.
