September 2019 records highest MOMO interoperability since 2018

According to the Third Quarter Industry Transaction report published by the Ghana Interbank Payment and Settlement Systems (GhIPSS), total transactions for September 2019 is 1 million as compared to 312,000 in September 2018. This represents an increase of over 250 per cent.

The MoMo interoperability was introduced in May 2018. It recorded about 100,000 transactions in its first few weeks.

2019 began with about 400,000 transactions in the month of January rising to about 750,000 transactions in July and the over million recorded last month.

Total volume of the cross-network transactions from January to September this year stood at 5.1 million.

Commenting on the report, the Chief Executive of GhIPSS, Mr Archie Hesse said the volume of transactions could go up further.

He stated that GhIPSS is working with telcos to increase awareness about the existence of mobile money interoperability.

With the mobile money interoperability, customers can now transfer funds from one mobile money wallet to another wallet across networks.

Meanwhile, Figures released by the Ghana Interbank Payment and Settlement Systems (GhIPSS) indicate that cross-network mobile money transactions was in the region of 2.2 million between May and December 2018.

ALSO READ: Interoperability and financial inclusion in Africa

This shows a continuous increase in the patronage of the service. Before the introduction of mobile money interoperability in May 2018, such cross-network transactions were processed through the ‘token’ system.

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

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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