Mobile money interoperability hits 800,000 transactions

Accra, Sept. 13, GNA – Cross network mobile
money transactions continue to rise month in month out after it was introduced
in May this year, reaching almost 800,000 at the end of August.

In its first month of operation, less than
100,000 transactions took place but that figure went up to a little of 190,000
in the month of June.

The rise in transactions persisted, recording
over 280,000 in the mouth of August.

This is contained in a report on the
performance of mobile money interoperability by the Ghana Interbank Payment and
Settlement Systems (GhIPSS).

Mr. Archie Hesse, Chief Executive of GhIPSS
said the continuous growth in the volume of transactions shows that the absence
of mobile money interoperability was adversely affecting financial transaction
in the country.

He said over GH¢72 million worth of cross
network mobile money transactions were recorded between May and August.

He expressed the hope that the growth in
volume will continue in subsequent months.

“The continuous rise in the volume of cross
network mobile money transactions show the relevance of mobile money
interoperability to the public,” Mr Hesse said.

Before mobile money interoperability was
introduced, transactions from one network to another through what was called
the token system, was about 90,000 transactions per month on the average.

This shows that cross network transactions has
gone up by over 200 per cent compared to what prevailed through the token
system, when there was no mobile money interoperability.

The launch of mobile money interoperability
made seamless transfer of funds from one mobile network to another possible.

     It
means you can send money to another person on a different mobile network from
your own phone. It also became possible for people to transfer funds from their
mobile money wallet to their bank account without physically going to a banking
hall or using the platform of a Fintech.

Mobile money interoperability is a major
breakthrough, which is expected to deepen financial inclusion in Ghana. 

The mobile money interoperability also opens
way for Fintechs and other financial institutions to come out with various
products that will run on the system and create convenience for customers.

Micro credit and deposits schemes can be
offered to the public since people can now pay to any mobile money wallet
regardless of their network.

Mr Hesse is, therefore, urging Fintechs to be
innovative and exploit the wide range of opportunities that mobile money
interoperability offers.

GNA

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