According to a report on the first month performance of mobile money interoperability, some 96,904 cross-network mobile money transactions valued at ¢8.3 million, took place in the first month after the launch of the system.
These stated figures are limited to transactions made from mobile money wallet to another, says the report which focused on the first-month performance of the mobile money interoperability, launched on May 10, this year.
Also, the report which was sourced from the Ghana Interbank Payment and Settlement System (GhIPSS), indicated that close to 40, 000 transfers valued at almost ¢4.2 million were made from mobile money wallets to bank accounts, bringing the total volume of transactions, which comprises transfers between mobile money wallets as well as those between mobile money wallets and bank accounts, to over 136,000, valued at about ¢12.5 million.
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Mobile Money Interoperability was implemented in order to make seamless transfer of funds from one mobile network to another possible, as well as enabling people to transfer funds from their mobile money wallet into their bank account without physically going to a banking hall or using the platform of a Fintech.
Considered as a major breakthrough, Mobile Money Interoperability is expected to deepen financial inclusion in Ghana.
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