Thursday
April 30
2020

Mobile Money Interoperability in Ghana Goes up by Over 350% in the First Quarter of 2020

By Magdalene Teiko Larnyoh

According to the figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS), a subsidiary of the Bank of Ghana, this is an increase compared to the same period last year where they recorded GHC1.11million.

This year, the volume went up to over GHC5.12 million transactions.

Before the MMI was introduced one could only send money to another of a different telecommunications network only through the token system which was somehow complicated.

Since the MMI was introduced, it has become easier to transfer funds across wallets of different networks. This possibility has also led many organisations to set up their systems to accept mobile money payments.

Photo courtesy of John O’Bryan.

Source: Business Insider (link opens in a new window)

Categories
Finance
Tags
digital payments, emerging markets, fintech, mobile money