I keep reading a lot of mischief on here that, if people die MTN, Vodafone and AirtelTigo keep their money and take the cash. I beg it is ignorance of the highest order and a shame to intellectual efficiency if you believe such nonsense
THE PROCESS!
When you register your mobile money today you are asked to provide details for your next of Kin. That next of Kin is not there for fun so should in case you end up incapacitated or deceased the Next of Kin will walk to any of our offices;
1. To show proof of your death with valid and verifiable certifications to enable us allow you access to the accounts.
2. Remember! You just have to be able to prove you are the next of kin, you do not need pin or anything extraordinary.
However!
If there is no next of kin, or the next of kin too Is dead or just refuses to show up for the momo account, the account will enter into DORMANCY after 12months. The MoMo Service Provider will ensure working with the partner banks (remember Telcos don’t hold money, so they undertake mobile money with their partner banks) that the money is moved into an escrow account and the money is allowed to stay there for another 12months.
That makes it 24months of no action.
Following that, the funds are pushed to Bank of Ghana’s account. What happens there is not my business or your business but state related business.
Even this week, the Central Bank is undergoing audits on the movement of similar funds across various providers to ensure coordination and sanctity of the financial system.
This is the same process that happens with Commercial Banks too. No provider is stealing or enriching themselves at the expenses of their customers. They apply the rules that are inherent within the markets they operate.
If you do not believe me, remember the emergence of these new payment streams such as fintech, mobile money and co have necessitated the enactment of the Payments Systems and Services Act, 2019 (Act 987).
What I am saying is summarizing a law.
