With the implementation of Mobile Money interoperability, banks can leverage on the existing 143,418 mobile money agents to reach out to the unbanked, Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said.
Speaking at the launch of the Mobile Money Interoperability, he indicated that there are enormous opportunities for banks to leverage on the over 25 million existing mobile money accounts to expand the scope and appeal of electronic payments, to offer more innovative payment products that provide convenience, simplicity, speed at minimal transaction costs as well as offer efficient means of delivering financial services even in the remote areas.
Some of the benefits of interoperability according to him are, reduction in the cost of initiating transactions across networks, the removal of third party payment providers to initiate transfers across networks and convenience and security in sending and receiving money irrespective of the network.
“Banks and mobile money operators must work together to develop new, innovative and efficient mobile-based products,” he added.
Business World Ghana