In September this year, mobile money interoperability reached one million transactions. This is the highest number of transactions recorded in a single month since the service was introduced in 2018. This is an increase of over 250% as compared to September 2018 where the transaction recorded 312,000.
This update was contained in the Third Quarter Industry Transaction report published by the Ghana Interbank Payment and Settlement Systems (GhIPSS) .
The mobile money interoperability service was introduced in May 2018 recording about 100,000 transactions in its first few weeks.
The volume of the service grew steadily recording a monthly average of 280,000 transactions last year.
This year the service began with about 400,000 transactions in January. This rose to about 750,000 transactions in July and now to over one million in September.
The total volume of the cross-network transactions from January to September this year stood at 5.1 million.
The Chief Executive of GhIPSS, Archie Hesse was optimistic that the volume of transactions would continue to increase. He added that GhIPSS is working with telcosto increase awareness about the existence of mobile money interoperability.
Mobile money interoperability allows customers to be able to transfer funds from one mobile money wallet to another wallet across networks.
This reduces or removes the difficulties involved with transfers across the various networks in the country, which was only possible through the token system.