Mobile Money Interoperability Records GH¢32M
Fund transfers from one mobile network to another has witnessed consistent growth in the value and volume of transactions since the phase 1 of the mobile money interoperability was launched.
In September this year, mobile money interoperability recorded a total of 136,469 transfers valued at GH¢32.6 million.
This was announced by Mr. Ernest Addison, Governor of the Bank of Ghana (BoG), on Wednesday at the launch of the Phase 2 of the Mobile Money Interoperability.
He asserted that the growth trend is expected to increase when second phase becomes fully operational and other innovative products and services become available.”
The launch of Phase two of the Interoperability platform concludes the Financial Inclusion Triangle, and ensures universal interoperability, making Ghana one of the few countries in the world to attain this feat.
This follows after the Phase One of the project, launched on May 10, which saw the interconnection of the mobile money platforms and the Ghana National Switch (gh-link system), but not the E-zwich Payment Systems.
It allowed users to make payments from Mobile Money wallets to bank accounts, and vice versa. It also allowed the transfer of funds between the various mobile money services provided by the telecom companies.
However, with the completion of the second phase of the interoperability project, the country has now achieved its objective of establishing an integrated and interoperable payments ecosystem.
This according to Mr. Addison indicates that all three key payment circuits; mobile money, e-zwich and gh-link are now interoperable, enabling seamless movement of funds across these systems.
He asserted that the idea to develop an electronic market became necessary due to the less attention credit products were receiving.
The country, according to him, has swept several awards including the technology award in recognition of the interoperability project.
“As a result of these laudable achievements, we have hosted a number of visitors from central banks on the African continent to understudy the project design and implementation, with more visits scheduled for next year,” he stressed.
Vice President Bawumia on his part commended the board and management of the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), BoG, Financial technology (Fintech) companies, the telecommunication companies, and all the partners for their cooperation and contribution towards the attainment of Mobile Money Interoperability in Ghana.
With the conclusion of phase two, he said it was time to work on the Phase Three.
By: Emmanuel Yeboah Britwum