Tag: mobile money interoperability
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Real time payments such as GIP and Mobile Money interoperability becoming the favourite of many
Customers’ preference for real time payment channels is becoming abundantly clear, as such products continue to register impressive growth in patronage. The GhIPSS Instant Pay (GIP) platform which enables payments made across different banks to be effected instantly, has been recording impressive growth in volume year on year. Total volume of GIP transactions from January…
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Mobile Money Interoperability transactions went up by 367% in 2020
Latest data from the Ghana Interbank Payment & Settlement Systems (GhIPSS), indicate that a total of 43.9 million transactions were processed under the Mobile Money Interoperability (MMI) system in 2020, representing a 367% increase from the 9 million transactions processed in 2019. According to the report, the MMI performance was driven by three use cases…
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Mobile Money Interoperability volume jumps by over 400% in 2020 1st half
The volume of Mobile Money Interoperability transactions has shot up by over 444 percent in the first half of this year compared to the same period last year. This is contained in the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report. According to the report, transactions from January to June 2020, stood…
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Use of electronic payment channels records 81% growth in 2020 1st half – GhIPSS
Latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) show that patronage of electronic payment channels that go through the GhIPSS platform, increased by 81 percent in the first half of this year compared to the same period last year. According to GhIPSS, the total volume of transactions spanning January to June 2020,…
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Review decision to re-introduce fees on electronic transactions – Bankers Assoc. to GhIPSS
The Ghana Association of Bankers is pushing for a meeting between the Ghana Interbank Payment and Settlement Systems, GhIPSS, and the Governor of the Bank of Ghana over the former’s decision to re-introduce fees charged on electronic transactions. GhIPSS, has in a statement to banks and other partner agencies, announced that it will from May…
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Containing COVID-19: BoG removes charges for some momo transfers, adjusts limits
The Bank of Ghana has announced that electronic transfer of money of up to GH¢100 will not attract any charge from March 20, 2020. In a statement, the Central bank said the decision however excludes cash out transactions on the same network or to different networks. According to the Bank of Ghana, the move is…
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BoG fires staff for collecting bribe in GH¢4.6 billion mobile money interoperability contract
The Bank of Ghana has today dismissed an Official, Mr Gilbert Addy, for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG). A release issued by the central…
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Mobile money records growth as cheques witness drop in patronage – BoG report
The total value of mobile money transactions for the first six months of this year reached 140.2 billion cedis, up from the 104.6 billion cedis recorded in the same period in 2018. Data released by the Bank of Ghana shows that this represents a 34 percent rise in the value of transactions recorded for the…
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Mobile Money interoperability records more than 4.4 million transactions
Mobile Money Interoperability (MMI) recorded more than 4.4 million transactions in its first year of operation. Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year. MMI or seamless cross mobile money network…
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Develop single cash transfer platform for vendors – Bawumia to telcos
The Vice President, Dr. Mahamadu Bawumia has directed the rolling out of a third phase of the mobile money interoperability. It follows the successful launch of the second phase of the platform on Wednesday, November 28, 2018. According to Dr. Bawumia, the third phase should allow vendors and merchants to transfer money from one network…