Business and Economics

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 GHC72 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.