Kwadwo Ntim
The Ghana Interbank Payments and Settlement Systems (GhIPSS) has called on customers of mobile money interoperability services not to be perturbed by the cost of transfers in the initial stages.
It said competition and other market forces would soon drive down prices.
Kwadwo Ntim, General Manager for Technology and Operations at GhIPSS, who spoke to journalists Thursday in Accra, explained: “As transaction volumes grow, those who are charging above 1.5 percent now will move towards 1.5 percent, which is the maximum beyond which no telco is allowed to move.”
The parties that worked on fixing the cost of transfer of mobile money across networks capped the cost at 1.5 percent of the amount transferred.
He also said that although industry players had set the cap at 1.5 percent, telcos could look at reworking the mechanisms to beat down the prices.
Since the launch of the mobile money interoperability on May 10, this year, up to Wednesday, close to 23,000 transactions had been recorded, with value recording a little over GH¢1.8 million.
Explaining further, Mr Ntim said the phase one of the interoperability accorded mobile money customers the opportunity to transfer money from their mobile money wallet to another mobile money wallet across networks.
In the next few months, he said other additional services would be delivered which would include the transfer of money from a mobile money wallet to a bank account and vice-versa, adding that another service would be the transfer of mobile money to an e-Zwich Card and from an e-Zwich card to mobile money wallet.
The MMI Service is expected to create convenience for mobile money users, drive financial inclusion and lower cost of transactions.
Archie Hesse, Chief Executive Officer (CEO) of the Ghana Interbank Payment and Settlement Systems (GhIPSS), said GhIPSS’s quest to drive financial inclusion and reduce reliance on cash was at the centre of its business.
The mobile money interoperability is being managed by the Ghana Interbank Payment and Settlement Systems (GhIPSS).
It would enhance financial inclusion, as the country’s payment system is formalised to make electronic payments easier.
By Samuel Boadi