The launch of the Mobile Money Interoperability platform is set to eliminate third party payment platforms like Slydepay and Hubtel among others.
Until launch of the platform Thursday, these third party payment providers facilitated mobile money transfers across networks and banks accounts.
Governor of the Bank of Ghana, Dr. Ernest Y. Addison said with the coming into force the mobile money interoperability, the third parties platforms will be removed.
“This system has a number of advantages, which include reduction in the cost of initiating transactions across networks, the removal of third party payment providers to initiate transfers across networks and allow for convenience and security in sending and receiving money irrespective of the network,” he said.
He described the new platform a new dawn in the banking sector, indicating the system will allow for a seamless transfer of mobile money across mobile money networks.“Just as you can call people on any network seamlessly, you can now send money across mobile money networks seamlessly to the full modernization of the payment and settlement systems”
Mr. Addison also noted the development of the financial sector in Ghana is on a right track and the mobile money interoperability system is an addition to the banking technology which will work together to strengthen the economy.
“All these systems have been working smoothly over the years and today, we are adding another layer to harness the advantages of technology and bring most economic activities into the financial system”, he noted.
He also observed that the growing numbers of mobile money transactions over the years especially among the previously unbanked population, “presents a huge opportunity to bring most of these economically active people into the formal economy”.
While commending the collaborative efforts among banks, mobile money operators, Ghana Interbank Payment and Settlement Systems (GhIPSS) and the Bank of Ghana, he called for a strengthened coalition of stakeholders in the mobile money ecosystem to realize the full potentials of this initiative.
Meanwhile, Vice President Dr. Mahamudu Bawumia has directed GhIPSS to within two months ensure that monies can be transferred from the mobile money accounts to the E-zwitch platform.