Ghana: Mobile Money Interoperability Ended Last Year With 2.2 Million Transactions

Jan 19, 2019 | Ghanaian Times: All Africa

Cross network mobile money transfers were done about 2.2 million times between May and December last year, according to figures released by the Ghana Interbank Payment and Settlement Systems (GhIPSS).

Cross network mobile money transfers were done about 2.2 million times between May and December last year, according to figures released by the Ghana Interbank Payment and Settlement Systems (GhIPSS). This shows a continuous increase in the patronage of the service.

Before the introduction of mobile money interoperability in May last year, such cross-network transfers were done through the 'token' system. The monthly average transactions using the 'token' system was about 93,000. However, the average transaction per month with the introduction of mobile money interoperability for last year is pegged at about 280,000 transactions, a difference of over 200 per cent.

In its first month of introduction, less than 100,000 transactions took place but this has risen steadily to over 400,000 transactions in the month of December 2018 alone. 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, Mr Archie Hesse, the Chief Executive of GhIPSS, said in an interview with the GNA that with the seamless transfer of funds across different mobile networks, more organisations should accept mobile money as a payment option. Read more from All Africa.

 

Source: All Africa