On Thursday, 10th May, 2018 , The Vice President of the Republic of Ghana launched the first Mobile Money Interoperability System in Ghana. In 2017 , The government challenged the Bank of Ghana, GhIPPS, the Telcos and Financial Institutions in Ghana to ensure that mobile money platforms were Inter-operable.
It has been made possible by hard working Ghanaians.
Customers will be able to move freely monies from mobile money to mobile money accounts across different networks. This means that customers who have mobile money accounts with say, MTN can easily transfer or receive money from other netwoks such as Airtel-Tigo or Vodafone, etc.
Furthermore, Mobile customers can move money from their mobile money accounts to bank accounts without any hassle.
Thirdly, From the bank side customers can move money from their bank account to mobile money accounts. This will make Ghana one of the global leaders in the interoperability payments space.
This is the Phase One of two phases of the interoperability payments system. Under the Phase One, customers will be able to move monies freely from mobile money accounts across different networks and from their mobile money accounts to bank accounts without any hassle.
The second phase, which will be completed in the next two months, will allow the movement of monies between and among telecommunication operators, banks and e-zwitch accounts in a seamless manner –and the flow is vice versa, to complete the Financial Inclusion Triangle.
The current government of Ghana at least is working to ensure a Cash-Lite Economy to bring about efficiency and also save Ghana a lot of money spent on maintaining currency notes in Ghana.