How mobile money interoperability changed the game of financial inclusion in Ghana
Since the Ghanaian government flagged off mobile money interoperability (MMI) in May, narrative in the financial inclusion space has changed for the better as every mobile phone owner now sends and receives money with ease across the networks.
According to observers, the success story of MMI is further deepened by leap in mobile phone penetration which now stands in excess of 119 per cent.
The progress is more significant as analysts say the launch of MMI in Ghana opened the door for seamless mobile money transactions without limitations of intra network transactions.
Nigerian experts in financial inclusion are upbeat that with the recent allowance of main network operators to join or even lead mobile money, the telecoms regulator may move to early launch of interoperability so as to grow digital transactions and in the process have most Nigerians connected.
Only recently, the Central Bank of Nigeria (CBN), gave the indication that it has opened the way for MNOs to begin mobile money transactions via access to operating licence at a fee.
Already, all the networks have given their nod to the development as MTN Nigeria recently announced readiness to go for the licence as soon as possible.
Though the NCC is yet to make any form of official comment on the CBN announcement, industry watchers fear that the silence may mean a lot.
Before the launch of MMI, sending money across networks was cumbersome and discouraged due to network restrictions, but since May this year, transactions on mobile money have become seamless and rosy thus encouraging more Ghanaians who had not been connected to go for new phones.
In an interview with Business Hilights Ghana Bureau chief, the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Mr Archie Hesse, averred that MMI is enabling free flow of funds and allowing the banked and the unbanked to interact at the same level.
“The MMI has served many well, including businesses, social groups, political parties and individuals who have to send money across the length and breadth of the country in real time, regardless of the network of the recipient.
“Microfinance and savings schemes have also been developed on the mobile money platform serving largely the under banked population,” Hesse disclosed.
