Dr Mahamudu Bawumia, the Vice President of Ghana is set to launch the mobile money interoperability system next week.
This will make it possible for individuals to send money from one mobile network to another.
The initiative marks the first phase of a bigger project which will ensure that the public can also transfer funds from their bank accounts to mobile money networks, as well as to e-zwich cards and vice versa in what is being termed the Financial Inclusion Triangle.
The move by the Ghana Interbank Payment and Settlement Systems (GhIPSS), Telcos and Banks, is in response to a challenge thrown by the Vice President Dr Bawumia last year.
Chief Executive Officer of GhIPSS Archie Hesse, said the first phase which is the mobile money interoperability will go live on 10th of May.
He mentioned that in a short while, the other two phases of the financial inclusion triangle will follow.
However, the launch of the mobile money interoperability which is a collaboration among GhIPSS, Telcos and financial institutions is expected to excite the financial sector.
Chief Executive Officer of Ghana Chamber of Telecoms, Ing. Kenneth Ashigbey indicated that the seamless movement of funds across the various platforms should quicken business delivery.
He urged businesses and government institutions to realign their systems such that the public will be able to make payments using the various channels instead of cash.
He further noted, that “increased Government-To-People and People-To-Government payments should be pushed further as the next frontier in the digitization and economy formalization agenda”.
Report by: Stephanie Horsu