Business Hilights
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Ghana sees surge in financial inclusion, e-transactions after launch of interoperability

Latest figures obtained from the Ghana Interbank Payment and Settlement Systems (GhIPSS) on Wednesday by Business Hilights Ghana Bureau chief have shown that electronic transactions and transfers from one mobile network to another have gone haywire in terms of growth when compared with figures before the launch of mobile money interoperability.

Globally, mobile money interoperability-driven transactions serve as effective vehicle in growing financial inclusion because it enables people who do not have bank accounts to be roped into the banking system, as any money kept in a mobile money wallet is actually held at a bank.

It would be recalled that Vice President of Ghana had on May 10, unveiled the nation’s mobile money interoperability to deepen seamless transfers using mobile phones as part of drive to push digital transactions, cashless policy and financial inclusion.

According to GhIPSS, “In the first month of operation, mobile money interoperability recorded a total of 136,469 transfers valued at about GH¢12.458 million on the back of wallet to wallet and wallet to bank transfers”.

Already, total wallet to wallet transactions reached 96,904 with a value of GH¢8.310 million while that of wallet to bank was 39,665, amounting to GH¢4.148 million.

Otherwise, there had been a gallop in ease of digital transfers from one mobile money wallet to another wallet across networks and in the process neutralize the hitherto complexities and inconveniences associated with transfers across the various networks in the country.