Bank of Ghana to Make Mobile Money Platforms Interoperable
Ghana , September, 01 2016 -
The Bank of Ghana has initiated a project to implement a mobile money payment infrastructure that will enable the seamless transfer of funds from one network provider to another (interoperability).
Currently, a subscriber on MTN cannot send money to another individual on Tigo, Airtel or Vodafone and vice versa but the new infrastructure, when completed, would allow for such transfers. The BoG has, therefore, begun stakeholder consultations towards the implementation of this infrastructure and has urged the banking industry to be actively engaged in this regard.This was disclosed by the Deputy Governor of BoG, Dr Johnson Asiama, at the 15th Ghana Banking Awards in Accra. Currently, there is interoperability within the payment cards subsector, evidenced by the GH-Link switch on one hand and interoperability among international card schemes such as Visa and Master card on another.
However, the mobile money subsector, which has experienced phenomenal growth in recent years, is not interoperable, a situation the Deputy Governor believes poses a serious challenge to the country’s quest for an efficient and inclusive national payments system.