Here’s how much the Ghanaian economy made from 2.2 million mobile money transactions in 2018

A report has revealed that the Ghanaian economy recorded about 2.2 million transactions from the cross-network mobile money dealings.

Here’s how much the Ghanaian economy made from 2.2 million mobile money transactions in 2018

These transactions were done between May and December 2018.

The Ghana Interbank Payment and Settlement Systems (GhIPSS) who revealed the figure describe the revelation as incredible because the figure was seen as a continuous increase in the patronage of the service.

Before the introduction of mobile money interoperability in May 2018, such cross-network transfers were done through the ‘token’ system.

The monthly average transactions using the ‘token’ system was about 93,000. 

Since the introduction of mobile money interoperability, the average transaction per month for last year was pegged at about 280, 000 transactions. This indicates that there was a difference of over 200 per cent.

According to the report, in the first month of introduction, less than 100,000 transactions took place but it rose steadily to over 400,000 transactions in the month of December 2018 alone.

The Chief Executive of GhIPSS, Mr Archie Hesse who spoke to reporters about the report revealed that the convenience organisations stand to benefit if they accept mobile money transactions from their customers will be massive. He, therefore, urged them to take advantage of the system.

He then asked accountants to devise ways of accepting mobile money as an official channel for paying and receiving funds, in line with the changing times.

Mr Hesse further said that the network mobile money transactions will continue to rise in the coming months.

About the mobile money interoperability

The mobile money interoperability is a service which allows the direct and seamless transfer of funds from one mobile money wallet to another.

It eliminates the hitherto complexities and inconveniences associated with transfers across the various networks in the country.

The Phase I of the project, launched on May 10th, 2018 and later in the year the Vice President of the country launched the Phase II. 

It concluded the Financial Inclusion Triangle and ensured universal interoperability, making Ghana one of the few countries in the world to attain this feat.

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