Mobile money interoperability records GH¢12.458 million within a month

Fund transfers from one mobile network to another have witnessed consistent growth in the value and volume of transactions since mobile money interoperability was launched on May 10, this year.

In the first month of operation, mobile money interoperability recorded a total of 136,469 transfers, valued at about GH¢12.458 million, according to data from Ghana Interbank Payment and Settlement Systems (GhIPSS).

This was achieved on the back of wallet-to-wallet and wallet-to-bank transfers.

Total wallet-to-wallet transactions reached 96,904, with a value of GH¢8.310 million, while that of wallet-to-bank was 39,665, amounting to GH¢4.148 million.

With the launch of mobile money interoperability, customers are now able to transfer funds from one mobile money wallet to another wallet across networks.

This eliminates the hitherto complexities and inconveniences associated with transfers across the various networks in the country.

The mobile money interoperability has also been seen as an important vehicle to deepen financial inclusion because it enables people who do not have bank accounts to be roped into the banking system, as any money kept in a mobile money wallet is actually held at a bank.