Vice President, Mahamudu Bawumia, has charged financial sector players to take advantage of the Mobile Money Interoperability (MMI) system to rope in the sixty percent (60%) of Ghanaians who are not part of the banking system of the country.
In his address at the launch of the Mobile Money Interoperability (MMI) at the Marriott Hotel, Vice President Mahamudu Bawumia said, “Currently, there are about 37 million registered mobile phones in the country even though our population is lower than that. Clearly, some people are using two or more mobile phones. Mobile phones are the modern way of transacting business and the financial sector ought to take advantage of it and increase the number of the citizenry who are banking.”
Vice President Mahamudu Bawumia announced that Ghana will soon be transmitted to the pay pal global system after nearly 20 years of being blacklisted. This reacceptance the Vice President said is expected to be completed between the first half of 2019 and the first half of 2020.
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CEO of GHIPSS
The Chief Executive Officer of the Ghana Inter Payment and Settlement System Limited (GHIPSS), Archie Hesse, in his welcome address indicated that the milestone introduced in the financial sector by way of the MMI is a fully integrated system that would allow financial transactions between mobile money wallets as well as bank accounts to mobile money and vice versa. The system he says is a unique one and Ghana is the first country in the world who has achieved such a fully integrated system.
Ghana Chamber of Telecommunications
Kenneth Ashigbey, Chief Executive Officer of the Ghana Chamber of Telecommunications, pledged the Chamber’s commitment to the vision of developing integration between banks and mobile telecom operators. He observed that with the birth of the mobile money interoperability system in Ghana, the Ghana Inter Payment and Settlement System Limited as an organization must consider adding the mobile telecommunications sector into its name as their recipe of work now transcends the banking sector.
Governor of Bank of Ghana
Governor of Bank of Ghana, Dr. Ernest Addison in a brief address assured that the banking regulator will continue to offer leadership in securing proper corporate governance in the banking sector. He emphasized that adequate measures have been put in place to make the new MMI platform a risk free one.
Mobile Money Interoperability (MMI)
Interoperability essentially represents the ability to carry out a transaction between two or more networks. Mobile Money Interoperability (MMI) thus is a service which would allow direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks.
Prior to the introduction of MMI, mobile money operators largely operated as closed platforms. Users of one network were unable to directly transfer money to users of other networks resulting in mobile money users having to join multiple mobile money networks to be able to carry out transactions.
With the introduction of MMI, customers can now enjoy the convenience created by the interconnectivity, financial inclusion, lower cost of transactions, increased service reach, reduced reliance on cash, 24/7 access to funds between wallets and bank accounts, and ease of receiving and making payments for goods and services. – Wilberforce Asare