The use of mobile money has witnessed exponential growth over the past 9 years; with a year on year increase in the number of mobile money accounts as well as the volumes and value of mobile money transactions.
According to statistics from the Bank of Ghana, the total number of active mobile money accounts increased from 8.3million in 2016 to 11.11 million in 2017.
This places Ghana on the global stage as one of the countries making headway in mobile money acceptability and usage.
To further create convenience and rope in mobile money users into the financial ecosystem, the government initiated a move to create interoperability among the various mobile money operators.
Considering the enormous growth in the mobile money sector, the move to create interoperability was a step in the right direction.
GhIPSS in partnership with the three mobile Money Operators: MTN, Vodafone & Airtel/Tigo and the financial institutions, have worked together to make the interoperability a reality.
Under the auspice of the Vice President of the Republic of Ghana, Dr. Alhaji Mahamoud Bawumia, the project will be launched on the 10th of May, 2018.
With the launch of the mobile money interoperability, customers, will be able to transfer funds from one mobile money wallet to another wallet across networks.
It will eliminate the complexities and inconveniences associated with transfers across the various mobile money networks in the country.
The interoperability will also reduce the cost of initiating transactions across networks; as customers will no longer need the services of a third party payment provider to initiate transfers across networks. Customers will be able to send and receive money directly to and from each other irrespective of the network they are on; allowing them more convenience and security.
The interoperability will further deepen financial inclusion and also promote the cashless Ghana Agenda. It will also serve as a viable vehicle for financial intermediation. Businesses and individuals can accept mobile money from other network users seamlessly.
GhIPSS is grateful to the government of Ghana, the Central Bank and to all the project partners and institutions who supported this initiative and continue to support the Cashless Ghana Agenda.
It is our wish that individuals and businesses will explore the opportunities that this interoperability provides. Mobile money interoperability has come to stay, and we entreat all Ghanaians to experience it, enjoy and use it.