Vice President Dr Mahamudu Bawumia has observed that the introduction of mobile money interoperability has led to over fifteen (15) million Ghanaians owning bank accounts.
“I can say without any fear of contradiction that as a result of mobile money interoperability over 15 million Ghanaians, many of whom are unbanked in the traditional sense, have a bank account. This is a remarkable achievement and shows the power of digitization,” he said.
The Vice President was speaking at a forum organized by the NPP Youth Wing to mark the International Youth Day.
He said the interoperability platform makes the transfer of funds from mobile money accounts to bank accounts and has allowed Ghanaians to do banking from the comfort of their homes, while enjoying all the benefits of branch banking.
“Mobile Money interoperability allows, not only transfers between wallets on different mobile networks, but also from mobile wallet to bank account and from bank account to a mobile wallet,” he noted.
Since its introduction in May 2018, the MoMo interoperability platform had made banking easier and also made it easy for users of different mobile networks to transfer money across to each other.
According to Dr Bawumia, the digitization agenda of the Akufo-Addo administration has made it possible for anyone with a mobile account to have a bank account, explaining that “they can make payments with the mobile wallets, make interest on their balance, take a lone and even invest in various financial instruments using the mobile wallet.”
The Vice President noted that many people did not and still do not quite understand what he meant when he said every eligible Ghanaian will be able to get a bank account, at the onset of the Digital Ghana agenda, but now the fruits are obvious to all.
Indeed, MTN Mobile Money Limited General Manager, Eli Hini recently noted that the mobile money platform alone has transacted a whopping GHS4 billion over the last ten years and it is poised to even do more with the various innovative products it is offering Ghanaians.
MTN Mobile Money insurance wing, aYo Ghana has, for instance, raked in some 3.5 million customers in just two years and has so far paid out some GHC2 million to over 8,000 customers. This has no doubt boosted insurance penetration, obviously triggers by mobile technology.