Introduction of mobile money transfer interoperability system
The advancement and use of technology in the modern world has helped to address the numerous challenges and rising demands facing mankind in society. Technology has solved many problems and made life easy on a number of issues in various sectors across globe, leading to high productivity, rapid economic growth and development. The use of automated teller machines by banks, for example, has facilitated and speeded up the rendering of improved customer service in respect of withdrawals and deposits in the banking halls. It is in the same vein that the mobile money interoperability launched by the Vice President last week is seen as an appropriate technology-oriented move to see to the transfer of money across networks of telecoms, banking institutions and business entities to promote business and economic growth.
The economy of Ghana is made up of formal and informal sectors. While cash flow in the formal sector is made available to and controlled by banks, this is not the case with the informal sector, especially with small business entities and individuals. Substantial amount of cash in circulation are found outside the banking sector, a situation which denies the banks access to more cash flow to enhance transactions in the economy. The success of mobile money interoperability will, therefore, encourage cash flow in the form of deposits and withdrawals among the telecom networks, the banks and individual business organisations throughout the country as far as Phase One of the project is concerned.
Under Phase Two of the project which will come into operation soon, cash flow for business transactions will go across borders or become international at least within the West African sub-region and also with other parts of the world. Thus, Mobile Money Payment Interoperability will enhance and boost business operations within and outside the country. The end result of all this is that it will place business operators in Ghana above their counterparts in nearby and other countries that do not operate this payment system. In addition, the system will help reduce the cost of business transactions in terms of cash deposits and withdrawals.
This also means that, as was pointed out by the Vice President, Dr Mahamadu Bawumia at the launch of the technology, it will make Ghana one of the global leaders in the interoperability payment scale. It is also important to note that e-Zwich integration into the interoperability payment space is ongoing. Already, the bank of Ghana has instructed all banks in the country to complete the integration process to allow customers to transfer money from bank accounts to their mobile money accounts by the middle of July 2018. This shows that the interoperability payment space is real and has become part of the economy of Ghana to promote business transactions in and out of the country.
If for nothing at all, it will help to overcome high costs associated with traditional banking and also make it easy for mobile money customers in the country to go about their businesses. Above all, it will help to enhance business operations in both the public and private sectors by injecting greater efficiency and also save time in transacting business across the economy. The world of business today thrives on a speedy delivery system, efficiency and customer satisfaction and this is what the Mobile Money Payment Interoperability seeks to achieve. It is our prayer that the system works to the satisfaction of all and to help stimulate socio-economic development.
BY DR. KOFI AMPONSAH-BEDIAKO, DIRECTOR OF CORPORATE COMMUNICATIONS, GHANA STANDARDS AUTHORITY
The economy of Ghana is made up of formal and informal sectors. While cash flow in the formal sector is made available to and controlled by banks, this is not the case with the informal sector, especially with small business entities and individuals. Substantial amount of cash in circulation are found outside the banking sector, a situation which denies the banks access to more cash flow to enhance transactions in the economy. The success of mobile money interoperability will, therefore, encourage cash flow in the form of deposits and withdrawals among the telecom networks, the banks and individual business organisations throughout the country as far as Phase One of the project is concerned.
Under Phase Two of the project which will come into operation soon, cash flow for business transactions will go across borders or become international at least within the West African sub-region and also with other parts of the world. Thus, Mobile Money Payment Interoperability will enhance and boost business operations within and outside the country. The end result of all this is that it will place business operators in Ghana above their counterparts in nearby and other countries that do not operate this payment system. In addition, the system will help reduce the cost of business transactions in terms of cash deposits and withdrawals.
This also means that, as was pointed out by the Vice President, Dr Mahamadu Bawumia at the launch of the technology, it will make Ghana one of the global leaders in the interoperability payment scale. It is also important to note that e-Zwich integration into the interoperability payment space is ongoing. Already, the bank of Ghana has instructed all banks in the country to complete the integration process to allow customers to transfer money from bank accounts to their mobile money accounts by the middle of July 2018. This shows that the interoperability payment space is real and has become part of the economy of Ghana to promote business transactions in and out of the country.
If for nothing at all, it will help to overcome high costs associated with traditional banking and also make it easy for mobile money customers in the country to go about their businesses. Above all, it will help to enhance business operations in both the public and private sectors by injecting greater efficiency and also save time in transacting business across the economy. The world of business today thrives on a speedy delivery system, efficiency and customer satisfaction and this is what the Mobile Money Payment Interoperability seeks to achieve. It is our prayer that the system works to the satisfaction of all and to help stimulate socio-economic development.
BY DR. KOFI AMPONSAH-BEDIAKO, DIRECTOR OF CORPORATE COMMUNICATIONS, GHANA STANDARDS AUTHORITY
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