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Ghana deepens e-transactions one week after launch of mobile money interoperability

Barely one week after the launch of mobile money interoperability (MMI) platform in Ghana, details from the Ghana Interbank Payment and Settlement Systems (GHiPSS), has revealed massive rise in transaction which translates to boom in financial inclusion.

The agency said about 23,000 transactions worth GH¢1.8 million have been done via MMI platform since the launch on May 10.

According to the General Manager, Technology and Operations Kwadwo Ntim at GhIPSS, the figures represent customers who successfully sent out money to other mobile money users on other networks via the switch between May 10 and May 15.

He added that the volumes will rise further with time for users to derive the strategic benefits of the platform in driving seamless financial transactions in Ghana.

Business Hilights Ghana Bureau chief gathered that the phase one of the interoperability allows mobile customers to move money from their mobile money wallet to another mobile money wallet across networks.

Other additional services to be delivered in the next few months include transfer of money from a mobile money wallet to a bank account and transfer of money from a bank account to a mobile wallet.

Ntim averred that another service will be the transfer of mobile money to an e-zwich card and vice-versa, noting that the MMI service would create convenience for mobile money users, drive financial inclusion and lower cost of transactions.

In an interview, the Chief Executive Officer of GHiPSS, Mr Archie Hesse, said the quest to drive financial inclusion and reduce reliance on cash was at the centre of its businesses.

It would be recalled that the Vice President, Dr Mahamudu Bawumia launched the first phase of the mobile money interoperability system on the 10 of this month.

The platform is designed to enhance financial inclusion as the country’s payment system is formalised to make electronic payments easier.

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