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Mobile Money Interoperability (MMI) recorded more than 4.4 million transactions in its first year of operation. Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year.

MMI or seamless cross mobile money network transactions became possible in May last year, following a challenge thrown to the Ghana Interbank Payment and Settlement System (GhIPSS), the Telcos and financial institutions by the Vice President, Dr. Mahamudu Bawumia.

The Chief Executive Officer of GhIPSS, Archie Hesse in an interview described the MMI initiative as successful. He said it has provided a very efficient way of funds transfer for many people, opening up the mobile money payment platform, enabling people and businesses to use it in different ways.

Before MMI came into being, cross network transactions through the ‘token’ system was hovering around 90,000 transactions per month. This shows that the MMI is serving a need.

Individuals therefore could not directly transfer funds to another wallet of a different network. But that cumbersome process and the inconvenience ended a year ago.

Besides individual transactions on the MMI platform, many Fintech companies have found it very useful to support new products as payment can now be made easily across networks.

Mr Hesse said the increased acceptance of mobile money by shop owners and service providers was largely because payments could now be made seamlessly across networks. He added that the linkage of the MMI platform to the e-zwich and bank accounts had further opened up the payment system and encouraged many more initiatives.

Mr. Hesse expressed the hope that with the passage of the Payment Systems and Services bill into an Act, a lot of products and services will be developed, which would further boost the usage of the MMI platform. He said GhIPSS was equally working on some initiatives that would make the use of mobile money for payments easier and quicker.

Mr. Archie Hesse, the Chief Executive Officer (CEO) of the Ghana Interbank Payment and Settlement Systems (GhIPSS), was adjudged the Man of the Year- Technology, at the 4th EMY awards held over the weekend. The award was in recognition of his contribution to Ghana's payment system industry.

The EMY Africa Awards is an annual event that celebrates personalities who have contributed their quota to change progress and continue to be symbols of stability and role models in the community. Since 2016, EMY Africa has celebrated the best in men's achievements across the local industry, community, culture and public service.

Mr Hesse joins the dozens of men and personalities from all ages and walks of life that have been honoured for their abilities, initiatives, and contributions to society.

Mr Hesse started at GhIPSS as General Manager in charge of Project and Business Development at its formative stages. He later became CEO after succeeding Rev Fred France, the first CEO of GhIPSS.

Mr Hesse has worked with passion, dedication and superintended various initiatives that have led to the rollout of many electronic payment channels and corresponding deepening of financial inclusion in Ghana.

Commenting on the awards, Mr. Hesse said he was humbled by the recognition given him and would continue work passionately to ensure the advancement of the country's payment system. He dedicated the awards to the staff of GhIPSS and institutions that partnered it in the performance of its functions.

GhIPSS, a wholly owned subsidiary of the Bank of Ghana, since 2007, has rolled out a number of electronic payment channels.

They include e-zwich, electronic clearing of cheques, Automated Clearing House –Direct Credit and Direct Debit. The rest are gh-link, GhIPSS Instant Pay with the latest being Mobile Money Interoperability.