Over 1.3 million transactions have been recorded so far under Phase I of the Mobile Money Interoperability (MMI) platform, and Phase II of the MMI Project is expected to be rolled out this Wednesday, November 28, 2018.
The MMI project was authorized in March 2017 by the Vice-President, Dr Mahamudu Bawumia to allow seamless flow of transactions across mobile money, bank and other payment systems.
The interoperability platform was required to allow a seamless flow of transactions across mobile money, bank and other payment systems.
Also, to create convenience and rope in mobile money users into the core financial ecosystem, the government initiated a move to create interoperability among the various payment platforms in the country.
The Ghana Interbank Payment and Settlement Systems (GhIPSS) was tasked to lead the project together with the three mobile Money Operators: MTN, Vodafone and AirtelTigo.
The project was executed in 2 phases and phase one saw the interconnection of the mobile money platforms and the Ghana National Switch (gh-link system).
Minister of Information Kojo Oppong Nkrumah, yesterday said the second phase rollout yesterday, he indicated that with the successful rollout of phase II, customers will be able to send and receive money directly from each other irrespective of the payment platform they are on, thus allowing them more accessibility and convenience.
kojo Oppong Nkrumah,Information Minister
According to him, achieving a high level of exchanging and using information contributes to digitizing cash in the Ghanaian economy, increasing efficiency of payments, and improving financial inclusion by bridging the gap between the banked and unbanked.
“It will also enable free flow of funds between and among all the three platforms; allowing the banked and the unbanked to interact at the same level” he added.
He said that phase two has completed the interconnection between MoMo and ezwich (Ghana’s biometric smart card system) and this makes Ghana one of the few countries to achieve this Universal Interoperability.
“Mobile Money subscribers and e-zwich cardholders wishing to move money across these payment platforms can now do so seamlessly from their phones or any e-zwich device,” he added.
He explained that the interconnection of mobile money and e-zwich platforms, to the gh-link platform means customers can conveniently move funds across all three platforms: bank accounts, Mobile Money wallets, and e-zwich cards.
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