Ghana: Bawumia Launches Phase One Of Mobile Money Interoperability

11 May 2018

Money Transfer

Vice President Mahamudu Bawumia has launched the first phase of mobile money interoperability system.

Dr Bawumia said this first step “would make Ghana one of the global leaders in the interoperability payments space.”

It is hoped that the mobile money interoperability, which will be managed by the Ghana Interbank Payment and Settlement Systems (GhIPSS), will enhance financial inclusion as the country’s payment system is formalised to make electronic payments easier.

This interoperability will eliminate the complexities associated with transfers across the various mobile money networks in Ghana and also reduce the cost of initiating transactions across networks as customers will no longer need the services of a third-party payment provider.

This phase of the interoperability will also allow mobile customers to move money from their mobile money accounts to bank accounts without and vice versa. Read the full article on Daily Guide Africa here.