MTN Ghana announces disbursement of funds to victims of SBI 'ponzi' scheme

MTN Ghana has announced that it has finalized modalities for the disbursement of funds to victims of the Savannah Brokerage Investment Limited “Ponzi scheme”.

The decision for the payment was taken after the management of MobileMoney Limited met with representatives of the victims of Savannah Brokerage Investment Limited “Ponzi” scheme, the Ghana Police CID and the Regulator. In line with this, the police CID has initiated the process to secure a court order to unfreeze the wallets to facilitate the disbursement.

MTN uncovered the suspected Ponzi scheme a few months ago and took steps to safeguard the interest of its customers by reporting the case to the Regulator and the Police. MTN was authorized to freeze the wallet for investigations to be conducted.

The total amount to be disbursed is GHS 12.288 million, which comprises GHS 12.096 million being the actual amount frozen by MobileMoney Limited and GHS192, 297 being the interest generated over the period.

Following the said meeting, the under listed modalities and actions were agreed by the stakeholders to guide the disbursement of the funds:

1. Only those who invested and have not received any payments qualify for refund

2. Those who invested and got part of their principal paid to them also qualify

3. All those who invested and got their contributions back in full along with those who got their contributions and more do not qualify for the refund.

4. The refund will be disbursed proportionally based on each person’s contribution made as against the total investment.

5. Contributors who have received part of their investments before the freeze will have that amount deducted from their total expected and the difference paid to them. This is to ensure equitable distribution of funds.

6. Those who invested from their own mobile money wallets will not be required to provide any information because all related information are available.

7. However, those who visited various MTN Mobile Money Agent/Merchant points requesting for investments to be made on their behalf must provide at least the Three mandatory items below for identification before refund would be made:

• Name of Agent/Bank Branch (Mandatory) • Reference Number /Username (Mandatory) • Amount (mandatory) • Transaction ID • Date

8. The modalities shall be made public for 5 working days after which the disbursements will commence, barring any development within the 5 working days and upon receipt of the court order to proceed with the disbursements.

9. MobileMoney Limited will send an activity report to the Regulator upon completion of the disbursement exercise.

MTN Ghana wishes to assure its customers that it will continue to work closely with the Regulator and other relevant stakeholders to keep the business of Mobile Money safe and secure.