Cross-network mobile money transactions continue to rise month in month out after they were was introduced in May this year, reaching almost 800,000 (798,999) at the end of August. In the first month of operations less than 100,000 transactions took place, but that figure went up to a little over 190,000 in the month of June.
The rise in transactions persisted, recording over 280,000 in the mouth of August. This is contained in a report on the performance of mobile money interoperability by the Ghana Interbank Payment and Settlement Systems (GhIPSS).
The continuous rise in volume of cross-network mobile money transactions shows the relevance of mobile money interoperability to the public. Before mobile money interoperability was introduced, transactions from one network to another through what was called the token system were about 90,000 transactions per month on average. This shows that cross-network transactions have gone up by over 200 percent compared to what prevailed through the token system, when there was no mobile money interoperability.
The launch of mobile money interoperability made seamless transfer of funds from one mobile network to another possible. It means you can send money to another person on a different mobile network from your own phone. It also became possible for people to transfer funds from their mobile money wallet to their bank account without physically going to a banking hall or using the platform of a Fintech. Mobile money interoperability is a major breakthrough that is expected to deepen financial inclusion in Ghana.
Mr. Archie Hesse, Chief Executive of GhIPSS, said the continuous growth in volume of transactions shows that the absence of mobile money interoperability was adversely affecting financial transactions in the country. He said over GH¢72million worth of transactions were recorded between May and August for cross-network mobile money transactions.
He anticipates that the growth in volume will continue over subsequent months.
The mobile money interoperability also opens the way for fintechs and other financial institutions to come out with various products that will run on the system and create convenience for customers. Micro-credit and deposit schemes can be offered to the public since people can now pay to any mobile money wallet regardless of their network. Mr Hesse is therefore urging fintechs to be innovative and exploit the wide range of opportunities mobile money interoperability offers.