General News of Sunday, 25 November 2018
Minister of Information, Kojo Oppong Nkrumah has hinted that the completion of the second phase of the Mobile Money Interoperability which will be rolled out on Wednesday, November 28.
According to the Minister, the phase two has completed the interconnection between Mobile Money (MoMo) and ezwich users, which makes Ghana one of the few countries to achieve this Universal Interoperability.
“Phase two completes the Financial Inclusion Triangle that connects bank accounts, MoMo wallet and ezwich” he said.
He added that, the interoperability platform was necessitated to allow seamless flow of transactions across mobile money, bank and other payment systems.
“To further create convenience and rope in mobile money users into the core financial ecosystem, the government initiated a move to create interoperability among the various payment platforms in the Country” he explained.
Addressing the press in Accra on Sunday, the Minister said, the phase 2 will be rolled out completely on Wednesday 28th November 2018.
How it works
Mobile Money subscribers and e-zwich cardholders wishing to move money across these payment platforms can now do so seamlessly from their phones or any e-zwich device such as POSes(Point of Sales) at the banks and agent locations.
Similarly, the interconnection of mobile money and e-zwich platforms, to the gh-link platform means customers can conveniently move funds across all three platforms: bank accounts, Mobile Money wallets and e-zwich cards.
With the successful roll out of phase II, Customers will be able to send and receive money directly from each other irrespective of the payment platform they are on; allowing them more accessibility and convenience. Achieving this level of Interoperability, contributes to digitizing cash in the Ghanaian economy, increasing efficiency of payments, and improving financial inclusion by bridging the gap between the banked and unbanked.
It will also enable free flow of funds between and among all the three platforms; allowing the banked and the unbanked to interact at the same level. The interconnection of the 3 platforms creates a world of opportunities for Fintechs to develop a plethora of services/payment solutions for the public.