Mobile Money Interoperability Eases Business Transactions

mobile money


The launch of mobile money interoperability (MMI) in May this year has significantly enhanced the activities of businesses and individuals, market watchers have noted.




The leap in mobile phone penetration in excess of 119 per cent, created a huge potential for mobile money in Ghana but until six months ago, that potential could not be fully realised because mobile money transactions were largely limited to intra network transactions.

At the time, any attempt to send money across networks was cumbersome and discouraged many from doing so.

However that changed when MMI became operational, enabling people to now freely move funds from their mobile money wallet to that of different mobile network.

Mr Archie Hesse, Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), explained that MMI is enabling free flow of funds and allowing the banked and the unbanked to interact at the same level.

The MMI has served many well, including businesses, social groups, political parties and individuals who have to send money across the length and breadth of the country in real time, regardless of the network of the recipient.




Microfinance and savings schemes have also been developed on the mobile money platform serving largely the underbanked population.

However the MMI as it exists, is only the first phase of the project. The second phase, which is expected soon, will link another important payment platform, the e-zwich to mobile money wallet.

This phase when it becomes operational, is expected to further enhance free flow of funds in the country.

Mr Hesse advised the public to take advantage of these technological changes to payments in the country and tag their business and personal lives along in order to derive the full benefits.

He also urged Fintechs to be innovative in developing new offerings and solutions that create more convenience for the public and earn them additional revenue.


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