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Mon, Dec

MOBILE MONEY INTEROPERABILITY PHASE II KICKS OFF TOMORROW

Business & Economy

The Minister of Information, Kojo Oppong Nkrumah, has announced the completion of the second phase of Mobile Money Interoperability (MMI), which will be rolled out tomorrow.

The Minister of Information, Kojo Oppong Nkrumah, has announced the completion of the second phase of Mobile Money Interoperability (MMI), which will be rolled out tomorrow.

The second phase, he said, involves completion of the interconnection between the mobile money systems popularly referred to as MoMo and e-zwich.

He said this means Ghana is one of the few countries to achieve universal interoperability.

“Phase II completes the financial inclusion triangle that connects bank accounts, MoMo wallet and e-zwich,” the Minister said at a press briefing on Sunday.

MMI project

The interoperability platform, commissioned in March 2017, was necessary to allow for a seamless flow of transactions across mobile money, bank and other payment systems to create further convenience and rope mobile money users into the core financial ecosystem.

Ghana Interbank Payment and Settlement Systems (GhIPSS) was tasked to lead the project together with the three mobile money operators ‒ MTN, Airtel/Tigo and Vodafone ‒ as well as financial institutions under the concept of the financial inclusion triangle.

The first phase, which was launched in May this year, saw the interconnection of the mobile platforms and the Ghana National Switch (gh-link system), on which over 1.3 million transactions valued at about GHC134 million were recorded.

Operations

The Minister said following the second phase, which comes at no extra charge, Mobile Money subscribers and e-zwich cardholders wishing to move money across these payment platforms can do so seamlessly from their phones or any e-zwich device such as a POS (point of sale) at a bank or agent location.

Similarly, with the interconnection of mobile money and e-zwich platforms to the gh-link platform, customers can conveniently move funds across all three platforms: bank accounts, Mobile Money wallets and e-zwich cards.

“With the successful roll-out of Phase II, customers can send and receive money directly from each other, irrespective of the payment platform they are on, allowing them more accessibility and convenience.

“Achieving this level of Interoperability contributes to digitising cash in the Ghanaian economy, increasing efficiency of payments, and improving financial inclusion by bridging the gap between the banked and unbanked,” he also said.

It will enable free flow of funds between and among all three platforms, allowing the banked and the unbanked to interact at the same level.

Mr Oppong Nkrumah said the interconnection of the three platforms creates a world of opportunities for fintech companies to develop a plethora of services and payment solutions for the public.

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