Telecommunication company MTN has denied rumours it may shut down its Mobile Money (MoMo) service in Ghana.

MTN said it is incapable of doing so per its regulatory and contractual agreements.

“MTN MoMo is not a centralised service being operated at the MTN Group level. Customers’ funds are safely lodged with our 18 partner banks in Ghana,” a statement from the company said.

The statement comes on the back of concerns shared on social media by some Ghanaians about what clients would do in the event of a shutdown of the MoMo service due to the festering xenophobic attacks in South Africa.

With MTN being a South African company, there are fears of reprisal attacks on the company in other parts of Africa including Ghana.

MTN-Nigeria has closed down its offices due to reprisal attacks on the company.