Vice President Bawumia Launches Phase II of Mobile Money Interoperability
The Vice President, Dr Mahamudu Bawumia, has launched Phase II of the Mobile Money Interoperability platform in Accra.
The launch of Phase II of the Interoperability platform concludes the Financial Inclusion Triangle, and ensures universal interoperability, making Ghana one of the few countries in the world to attain this feat. Phase I of the project, launched on May 10th, 2018 saw the interconnection of the mobile money platforms and the Ghana National Switch (gh-link system), but not the E-zwich Payment Systems.
This allowed users to make payments from Mobile Money wallets to bank accounts, and vice versa. It also allowed the transfer of funds between the various mobile money services provided by the telecom companies. The second phase has completed the interconnection between Mobile Money and the e-zwich Payment Systems. Thus, the interconnection of mobile money and e-zwich platforms, to the gh-link platform means customers can conveniently move funds across all three platforms: bank accounts, Mobile Money wallets and the e-zwich payment systems.
Speaking at the launch on Wednesday 28th November, 2018, Vice President Bawumia said this universal interoperability -- known by players in the fintech and banking circles as the Financial Inclusion Triangle, because it interconnects three payment platforms; mobile money, bank account and e-zwich -- is expected to remove the constraints faced in trying to move funds around in real time. "This should make us more efficient and enable us to accomplish more within the same time available to us.
All of these important initiatives are in sync with other programmes by President Nana Addo Dankwa Akufo-Addo's government to quicken the digitization of the economy. "Importantly, it will improve financial inclusion by bridging the gap between the banked and unbanked. It will also enable free flow of funds between and among all the three platforms; allowing the banked and the unbanked to interact at the same level."
The benefits to business and ordinary Ghanaians will be enormous, with endless possibilities on the horizon, Vice President Bawumia indicated. "The quick flow of funds enabled by the universal interoperability, should also translate into quick turnaround for businesses, because producers, wholesalers and retailers can receive funds in real time in order to deliver the goods to customers, regardless of which part of the country, they find themselves. Read more from All Africa.
Source: All Africa