Mobile money interoperability records over 1 million transactions in Sep

Mobile money transactions across networks referred to as Mobile Money Interoperability (MMI) in the month of September, recorded the highest volume of transactions since it was introduced.

There were a little over one million transactions during the month compared to about 312,000 transactions in September last year, representing an increase of over 250 per cent.

The volume for the September transactions is contained in the Ghana Interbank Payment and Settlement Systems (GhIPSS) Third Quarter Industry Transaction report.

Mobile money interoperability was introduced in May last year and close to about 100 thousand transactions were recorded in its first month.

The volume rose steadily and recorded a monthly average of 280,000 transaction last year.

This year began with about 400,000 transactions in the month of January rising to about 750,000 transactions in July and the over million recorded last month.

Total volume of the cross network transactions from January to September this year stood at 5.1 million.

The Chief Executive of GhIPSS, Archie Hesse in an interview said the volume of transactions could go up further.

 He said GhIPSS had been working with the telcos to increase awareness about the existence of mobile money interoperability.

He added that GhIPSS was in the process of introducing other initiatives that would make paying with mobile money a lot more easy and convenient, adding that the new initiative should significantly drive the mobile money transactions up by an even higher margin.

“With the mobile money interoperability, customers are now able to transfer funds from one mobile money wallet to another wallet across networks. This eliminates the hitherto complexities and inconveniences associated with transfers across the various networks in the country, which was only possible through the token system,” he said.

He said the mobile money interoperability had also been seen as an important vehicle to deepen financial inclusion because it enables people who did not have bank accounts to be roped into the banking system, as any money kept on a mobile money wallet is actually held at a bank.


Show More
Back to top button