Mobile money interoperability hits 800,000 transactions

CROSS network mobile money transactions, by the end of August, has hit 798,999 since the Mobile Money Interoperability was introduced in May, the Ghana Interbank Payment and Settlement Systems (GhIPSS) has said.

In its first month of introduction, less than 100,000 transactions took place on the platform and inched up to a little over 190,000 in the month of June.

“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, transactions from one network to another through what was called the token system, was about 90,000 transactions per month on the average,” the GhIPSS said in a statement copied to the Ghanaian Times in Accra on Friday.

According to the GhIPSS, the quantum jump in the utilisation of the interoperability platform is over 200 per cent compared to the days of the token system.

Mr. Archie Hesse, Chief Executive of the GhIPSS said the continuous growth in the volume of transactions shows that the absence of mobile money interoperability had adversely affected financial transaction in the country.

Over GHȻ72 million worth of transactions, Mr. Hesse said, has been recorded between May and August for cross network mobile money transactions and anticipates that the growth in volume will continue in subsequent months.

The mobile money interoperability platform ensures seamless transfer of funds from one mobile network to another possible.

It also supports money transfers from mobile money wallets to bank accounts without physically going to a banking hall and vice versa.

 By Times Reporter

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