Business

Mobile Money Interoperability Hits 800,000 Transactions

Cross network mobile money transactions continue to rise on a monthly basis after mobile money interoperability 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 increased to a little over 190,000 in June.

There were 280,000 transactions in the month of August.

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

The continuous rise in the volume of cross network mobile money transactions shows the relevance of the mobile money interoperability to the public.

Before mobile money interoperability was introduced, transaction 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 have gone up by over 200 percent compared to the token system.

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

People can now send money to another person on a different mobile network from their own phones.

It has also become possible for people to transfer funds from their mobile money wallets to their bank accounts without physically going to a banking hall or using the platform of a Fintech.

Archie Hesse, Chief Executive Officer (CEO) of GhIPSS, said mobile money interoperability had deepened financial inclusion in Ghana.

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

Mr Hesse was optimistic the growth in volume would continue in subsequent months.

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

Also, micro credit and deposits schemes can be offered to the public since people can now make payments to mobile money wallets regardless of their networks.

Mr Hesse urged Fintechs to be innovative and take advantage of opportunities that mobile money interoperability offers.

A business desk report

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