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Saturday, May 25th

Ghana about to launch mobile money interoperability

Ghana about to launch mobile money interoperability

The Vice President of Ghana Dr. Mahamudu Bawumia, is scheduled to officially launch the country's mobile money interoperability system on 10 May.

The system will enable Ghanaians to send mobile money from one phone network to another seamlessly.

Archie Hesse, CEO of Ghana's Interbank Payment and Settlement Systems (GhIPSS) revealed that the VP will be launching the first phase of the system this week, while two additional phases will follow.

The bigger plan is to enable seamless movement of funds from bank accounts to mobile money wallet and to e-zwich cards.

e-zwich is the brand name for Ghana's National Switch and Smart card payment system.

Kenneth Ashigbey, CEO of Ghana Chamber of Telecoms, said expectations are high that bank accounts, mobile money and e-zwich will be linked.

"Seamless movement of funds across the various platforms should quicken business delivery," he said, noting that "increased government-to-people and people-to-government payments should be pushed further as the next frontier in the digitisation and economy formalisation agenda."

Mobile money interoperability represents the latest attempt to modernise Ghana's finance sector which already has several operational electronic payments channels and an automated clearing house that offers direct credit and direct debit services.

In February 2018, Ghana's central bank revealed that the value of deposits and withdrawals by Ghanaians using mobile phones for banking almost doubled in 2017. The report added that the value of mobile transactions rose to 155.8 billion cedis (US$34.6 billion) last year from 78.5 billion cedis in 2016.

According to a 2017 GSMA Intelligence report, over 40% of the adult population in Ghana use mobile money regularly.

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