Total value of transactions through interoperability platform in Ghana hit GH¢95.4 billion, according to Bank of Ghana data

According to the central bank, the completion of the mobile money interoperability project has supported the financial inclusion drive.

The Governor of the Bank of Ghana, Dr Ernest Addison said this while speaking at a press conference on Monday, November 25, 2019.

He noted that the increased innovation and technological changes in the payment ecosystem have supported the Bank’s objective of promoting inclusive finance.

He said, “access to finance, especially among the unbanked segment of the population, has improved on account of financial institutions and financial technology companies’ joint deployment of mobile-based products and services.”

Mobile money accounts

The total mobile money accounts in existence stood at almost 32 million as of September 2019, the Bank of Ghana (BoG) has said.

According to the BoG, this has provided an opportunity for financial institutions to expand on the delivery of services to economic agents.

Dr Addison said, “Financial institutions are currently delivering digital credit and savings as well as providing alternative digital channels for their customers with the view to making payment convenient and accessible.”

Fintechs

According to the Governor, currently, sixteen fintechs have partnered with financial institutions in the provision of mobile-based products.

“As a further boost to the development of the e-payments ecosystem, the Bank of Ghana, in line with Section 10 of the Payment Systems and Services Act 2019 (Act 987), has granted GCB Bank (Ghana) Limited authorization to issue electronic money similar to what is popularly known as “mobile money”.

In its issuance of electronic money, GCB Bank would create electronic value backed by equivalent cash to provide customers with access to electronic wallets through Unstructured Supplementary Service Data channel (USSD), the bank’s Application (APP), Quick Respond Code (QR code) and Automated Teller Machines (ATMs). GCB Bank plans to leverage on its 189-branch network to offer its own agency banking services,” he noted