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0 Mobile money, T-Cash and Airtel Money/Tigo Cash have revolutionized financial transactions in Ghana. But did you know mobile money can also be a powerful tool for saving and investing?
This guide unlocks the potential of your mobile money for a brighter financial future.
Why Save with Mobile Money?
Why save on mobile money?
It’s easily accessible on your phone, reducing the need for bank trips or carrying cash. Once your SIM card is registered, Mobile Money is linked to your phone number. Transactions are PIN-protected and typically include fraud protection features, making them secure to use. You have a clear digital record of your savings history, whilst some money wallets provide interest on your savings balance, even if the amount is little.
Mobile Money Savings Strategies:
Tips on how to save with mobile money
First, identify your savings objectives (e.g., emergency fund, vacation) and tailor your savings strategy. Mobile money services provide yellow save and sika save categories where you can select an option and deposit. You also have the option to automate savings, which allows you to schedule automatic transfers from your main account to your savings wallet. This eliminates temptation and promotes continuous savings.
Embrace “Susu”: Use the susu functions provided by mobile money. These allow you to set up daily, weekly, or monthly automated donations to a certain objective.
How can I do MTN Susu?
MTN Susu can be done in Ghana using MTN MoMo by phoning *170# and following the directions. Choose “Susu” and then “Join Susu” to choose your contribution frequency (daily, weekly, or monthly) and amount. Confirm the information and submit it with your MTN mobile money PIN.
What is a mobile money account?
Mobile money shop
A mobile money account is essentially an electronic wallet linked to your mobile phone number. It lets you store money, transmit and receive payments, and even pay bills right from your phone. This makes it a convenient and secure alternative to carrying cash or using traditional bank accounts. Consider it like having a bank account on your phone!
Research and compare mobile money services to locate the one with the best savings features and interest rates. Begin with a realistic savings amount and progressively increase as you get more comfortable. Consistency is essential. Be cautious about unlawful transactions. Protect your PIN and avoid using public Wi-Fi to conduct mobile money transactions.
By following these guidelines and investigating the options available on your mobile money platform, you may turn your phone into a powerful instrument for financial security and a better future!
The post The Ultimate Guide to Mobile Money Savings in Ghana first appeared on 3News.
