Vice President Dr. Mahamudu Bawumia says Ghana is the first country on the continent to introduce mobile money interoperability.

He said many African countries have failed to roll out the service because getting banks and the telcos to cooperate is a very difficult task however, the NPP government has been able to roll it out effectively.

Dr. Bawumia during the interview on Peace FM stated that banks are not willing to cooperate because they all are protecting their turf, however, government has been able to bring them together under the service.

Though he agreed that Kenya has been able to roll out a similar thing, he said Kenya has only been able to roll the interoperability between telco and telco but has not been able to roll out the bank to mobile wallet transactions, therefore making Ghana’s to be superior.

He also revealed that government was able to roll out the service at a cost of $4.5 million instead of $1.2 billion.

“When we assumed office, there was a contract to do the interoperability and that contract was to be done at $1.2 billion.

“But at the end of the day, we looked at it and… instead of spending $1.2 billion to do Mobile interoperability, we spent $4.5 million because it was value for money,” he added.

He further stated that Ghana has become the fastest growing mobile money market in Africa, with a total of 200 million transactions.

“Since 2018, when we introduced the mobile money interoperability, Ghana has become the fastest growing mobile money market in Africa and it is just very remarkable today Momo transactions as at 2019, was 200 million transactions.

“If you look at the bank transactions, for 2019 it was 599,000,” he added.