The Mobile Money Interoperability (MMI) recorded 216.45 percent growth in volume from almost 27 million to about 85.3 million transactions from January to September 2021, according to the latest data from the Ghana Interbank Payment & Settlement Systems (GhIPSS).
It processed a total of 43.9 million transactions in 2020, representing a 367% increase from the 9 million transactions processed in 2019.
According to the report, the MMI performance was driven by three use cases namely: transfers between wallets across Mobile Money Operators (MMOs); transfers from mobile wallets to bank accounts, and transfers from mobile wallets to e-zwich card wallets.
According to the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report in 2020, MMI transactions from January to June stood at 13.8 million compared to 2.5 million recorded in the same period last year.
Since its introduction, many organizations have set their systems to accept mobile money payments, since their customers can pay them regardless of the network they subscribe to.
In May 2018, Ghana joined Tanzania and Kenya in East Africa to unveil a Mobile Money Interoperability (MMI) service that allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks.
Launching the service in Accra, the Vice President, Dr. Mahamudu Bawumia, entreated public sector institutions to prepare themselves to accept electronic payments using mobile money to give true meaning to the ongoing e-governance projects of the government.
Source: Mybrytfmonline.com/Kofi Atakora
