The Vice President, Dr Mahamudu Bawumia, on Wednesday launched the Phase-Two of the Mobile Money Interoperability Payment System and urged Ghanaians to adopt electronic payment as a way of life.
He said the nation had reached an era of electronic payment, therefore, there was no choice but to go with the tide in order to fast-track the transformation of the economy.
The launch of the Phase-Two of the Interoperability System has, therefore, completed the interconnection between mobile money and the e-switch Payment System to the Ghana National Link Switch.
This implies that customers could conveniently move funds seamlessly across all three platforms – bank accounts, mobile money and e-switch and vice versa.
The Phase-One of the Interoperability System was launched on May 10 this year, by Vice President Bawumia at the Accra Marriot Hotel, which saw the interconnection of the mobile money platforms and Ghana National Link Switch (gh-link system).
According to the Ghana Inter-Bank Payment and Settlement System, 1.4 million transactions have been recorded, valued at GHc140 million as at October this year.
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He, therefore, tasked the GhIPSS, telecommunication companies, Fintechs and other financial institutions to fix the challenge so that anybody who walked into an agent’s location could get service once there were electronic funds available.
“With the level of interoperability we have achieved, there is no reason why we cannot begin as a country to accept payments for statutory fees and taxes through mobile money and e-switch,” he said.
“We only need to create administrative systems and processes that will recognise the use of these two as the formal ways of making payments.”
Dr Bawumia was optimistic that by the second quarter of 2019, all payments to government agencies would be done electronically, and gave the assurance that government was leaving nothing to chance in ensuring the holistic transformation of the economy.
The interoperability payment system was designed and facilitated by the Ghana Inter-Bank Payment and Settlement System, telecommunication companies and financial institutions, which would ensure integrity of the transfer of funds.
The launch, which took place at the GhIPSS Headquarters in Accra, attracted key stakeholders in the electronic payment system including boards, managements and Chief Executive Officers of the Ghana inter-bank Payment and Settlement System, Ghana Telecommunications Chamber and telecommunication and financial institutions. t