MTN Ghana hit back at viral social media posts claiming the company was set to close down its mobile money service, as media reported customers were making panic withdrawals.

In a statement, the operator said it had noted “with grave concern” the message widely distributed on social media advising clients on what to do in the event of a shutdown of its service, and categorically denied the rumours.

It added it had “no intention whatsoever to shut down its services” adding it was also “incapable of doing so as per its regulatory and contractual agreements.”

MTN also addressed other issues raised in social media posts, clarifying customer funds were lodged with 18 partner banks within Ghana, and the mobile money service was operated locally and not at the MTN Group level.

It reiterated its commitment to providing the service, adding its track record proved this.

MTN’s comments follow widespread messages on social media speculating on the future of the service and reports in a number of media outlets, including Pulse Ghana reporting consumers were making panic withdrawals.