Mobile Money Interoperability: Value Hits GH¢217m for First Half of 2019

The value of transactions done on mobile money inter-operability for half year witnessed some significant increase. It reached GH¢217 million ending July this year.

This was based on data from the Ghana Interbank Payment and Settlements Systems.

This represents about 756% increase from what was recorded for last year.

In terms of volumes, more than 2.5 million transactions were completed for the first half of this year.

Mobile number interoperability

Introduced in May last year, the Mobile Money Interoperability (MMI) allows subscribers to undertake mobile money transactions across the various network at a small fee.

The service, which was launched by the Vice President Dr Mahamudu Bawumia, is part of the first phase to interoperate all the various mobile platform.

The MMI platform recorded more than 4.4 million transactions in its first year of operation.

Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year.

Ghana Interbank Payment and Settlement System on revised targets

Chief Executive of the Ghana Interbank Payment and Settlements System, Archie Hesse, said the numbers show that the system has helped to improve mobile Money usage in the country.

Mr Hesse added that the system is committed to finding ways to encourage users of the platform to use it for purchases.

Performance of other products

Other products like the Gh-Link posted GH¢176 million in terms of the value of transactions carried out on the platform.

This, however, represents a decrease of 291 million for the same period for last year.

e-Zwich recorded GH¢2.5 billion in terms of the value of transactions by persons and institutions using this card. Compared to the same period last year, that represented a 7% decrease.

The value of transactions under the Automated Clearing House was 15 million for June 2019, representing about GH¢3.4 million increase.