Since the introduction of Mobile Money (MoMo) into the Ghanaian market in 2009 by telecom giant MTN, the industry has seen a study growth from its humble beginnings. As at the first half of 2019, there were 375,205     registered and 180,448 active mobile money agents nationwide and over 31 million registered mobile money accounts (Bank of Ghana, 2019). Total transaction valued as at June 2019 was over GH140 Billion.

The Ghanaian mobile money market is expected to reach a transaction value of US$ 204.3 Billion by 2024, growing at a CAGR of 32.5% during 2019-2024.

The Government of Ghana has sought to enhance this payment platform with the introduction of the Mobile Money Interoperability (MMI). This initiative was implemented in two phases, with the completion of phase one seeing mobile money users being able to send and receive money across different networks. A fete achieved through the ingenuity of the Ghana Interbank Payment and Settlement Systems (GhIPSS). So far, over 2,544,165 transactions worth over GH¢217 million have been recorded under Phase I of the MMI.

Phase two of the MMI was launched in November 2018. This phase sought to link mobile money wallets to the e-ZWICH platform; Africa’s first biometric electronic payment system. Some benefits derived from the MoMo platform are convenience in transacting business, reduction in cash payments, lower transaction cost and above all boosting the drive for financial inclusion.

Financial Inclusion is defined by the World Bank as a means by which individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.  To be continued……...