Latest data from Ghana interbank Payment and Settlement System has seen Mobile money interoperability record over 1.1 million volume of transactions, five months after its inception.
According to the latest data, over 1.1 million transactions were recorded at the end of September.
The total value of cross-network transactions amounted to about 99.3 million Ghana cedis
In its first month of operations, only 96 thousand transactions took place but that figure has risen steadily over the period to over 312 thousand transactions in the month of September alone.
Chief Executive of GhIPSS Archie Hesse believes the continuous growth in the volume of transactions clearly shows that the mobile money interoperability came to fulfil a need.
Vice President Dr Mahamudu Bawumia launched the first mobile money payments interoperability system in Ghana in May this year.
The system allows for customers to transfer money between two accounts at different mobile money companies or to transfer money between mobile money accounts and bank accounts.
Interoperability eliminates the problems related to traditional banking services, especially challenges in opening bank accounts, high costs of maintaining a bank account relative to customers’ income levels, basic literacy, administration, proper record keeping among others.
Since its introduction, customers are able to move monies freely from mobile money to mobile money accounts across different networks. Again, mobile customers can transfer money from their mobile money accounts to bank accounts with ease.
Have your say
More Business Headlines
- Ghana finds no cocoa buyers in first offer since $400 premium
- Ghana, Cote d'Ivoire resume sale of cocoa beans
- UBA unveils marketing platform for entrepreneurs
- BoG keeps policy rate at 16%
- Electric car models to triple in Europe by 2021
- Boeing to take $4.9bn hit in second quarter on 737 Max grounding
- Ghana's debt now GHS200 billion
- Gov’t urged to formulate new tax compliance rules for increased revenue
- Vodafone talks private sector relevance in SDGs at UN Forum
- Nelson Mandela Day: Barclays, ALU scholars pay courtesy call on SA High Commissioner
- Insurance industry could wield more money than banks – Rev Okosun
- Engage NIC to avoid casualties - CIIG
- Kingdom Exim Ghana, CEO awarded at Ghana Shippers Award 2019
- Enforce laws barring foreigners from retail trade - Majority Leader to agencies
- GTBank, Ria partner Zeepay to launch Ria2Mobile money transfer service