The country’s Vice President, Dr. Mahamudu Bawumia officially launched the mobile money interoperability system this week. This means users of different mobile networks, Vodafone, AirtelTigo and MTN can easily send money across networks hitch and restriction free.
Ghana Interbank Payment and Settlement Systems (GhIPSS), in collaboration with Telcos and Banks, following the government’s bid to encourage a cashless Ghana, drive financial inclusion and in the process reduce the number of the unbanked in Ghana, put this structure in place.
A report earlier this year claimed that this contract was first awarded to Sibton Switch, which had quoted 4.6 billion cedis to carry out the mandate. The criticism by industry watchers, amongst others, led to the cancellation of the contract by the government and the subsequent handing over to GhIPSS, who is carrying out the same mandate at a reduced cost of 4 million cedis.
According to the CEO of GhIPSS, Mr. Archie Hesse, the Mobile Money Interoperability, being the first of the Financial Inclusion Triangle project (this project will ensure that the Ghanaian public can transfer funds from their bank accounts, to mobile money networks as well as to e-zwich cards and vice versa), goes live this Thursday, 10th May, 2018.
This will be followed by the next legs of the financial inclusion triangle, which will feature movement of funds from bank accounts, to mobile money wallet, and to e-zwich cards. Literally, a “triangular relationship’’.
The system was expected to be fully operational by March after missing the initial November deadline. However, measures have been put in place to ensure that the system goes live as scheduled this time around.